141 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information BOARD SUSTAINABILITY COMMITTEE (ix) consider and determine the Group’s position on relevant emerging sustainability issues, and consider and recommend proposals, targets and commitments in connection thereto; (x) oversee and assess the Group’s contribution to, impact on and role in environmental, climate change and society in countries where it operates; (xi) facilitate the necessary sustainability reporting and disclosures as required by the relevant regulatory and government authorities including the Annual Report of the Company; and (xii) perform any other duties relating to sustainability as may be required or authorised by the Board. 4. SUMMARY OF ACTIVITIES During the financial year under review, the following activities were carried out by the BSC in line with the terms of reference: - 4.1 Risk Management and Internal Control a. On 6 February 2024, 24 May 2024, 26 August 2024 and 22 November 2024 respectively, the BSC reviewed and deliberated on the key and significant risks presented and discussed at the respective Risk Management Committee meetings held quarterly taking into consideration the Group risks profile and risk appetite/tolerance. b. The BSC had been progressively reviewing the financial obligation and banking facility limits to monitor the Group’s financial position and borrowings. c. The BSC enhanced the Group’s risk assessment model to align with the latest method of addressing risk management and ensuring resilience in business. 4.2 Sustainability a. On 6 February 2024, 24 May 2024, 26 August 2024 and 22 November 2024 respectively, the BSC reviewed the Sustainability Reports prepared by the Group Sustainability Unit to ensure the formulated sustainability strategies, objectives and action plans were implemented in accordance with the following identified United Nations Sustainable Development Goals (“UNSDGs”) adopted by the Group: • UNSDG No. 3: Good Health and Well-Being • UNSDG No. 5: Gender Equality • UNSDG No. 8: Decent Work and Economic Growth • UNSDG No. 13: Climate Action b. The BSC recommended the Wasco Sustainable & Transition Finance Framework (“the Framework”) for adoption and implementation by the Board of Directors on 26 August 2024. The Framework is the first of its kind in Asean with the first sustainability-linked loan amounted to USD25 million being obtained for the Group. Maybank Investment Bank Berhad acted as the sole sustainability adviser while Maybank’s Singapore branch was the sole lender. This notable comprehensive Framework is the first to outline eligible transition projects guided by the Technical Screening Criteria of the latest Asean Taxonomy for Sustainable Finance (Version 3). The Framework comprised of both the “Use of Proceeds” and “Sustainable-linked” formats which enable the Group to undertake different types of sustainable finance transactions and financing instruments and in various currencies. The Framework will ring-fence proceeds to exclusively fund green, social, sustainability and transition expenditures and refinancing needs and the financing instruments are linked to the Group’s achievement of pre-determined sustainability performance targets.
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