Wah Seong Corporation Berhad Annual Report 2021 11 FRAMEWORK AND STANDARDS This Sustainability Statement follows the Global Reporting Initiative (“GRI”) Standards: Core Option. It is also closely aligned with the recommendations of other sustainability disclosure guidelines, including Bursa Malaysia’s Sustainability Reporting Guide, FTSE4Good Bursa Malaysia ESG Index, the United Nations Sustainable Development Goals (UNSDGs) and the International Organization for Standardisation (ISO) 26000:2010 Guidance on Social Responsibility. SUSTAINABILITY GOVERNANCE Wasco has included Environmental, Social and Governance (ESG) factors as a strategic consideration in the decisionmaking process. Department heads are responsible for identifying, assessing and mitigating current and potential ESG risks. The Board of Directors has the overall responsibility for sustainability and considers ESG matters in the Company’s strategy development. ESG matters that affect value creation are included in the balanced scorecard, which helps set objectives, drive behaviours, measure performance and determine remuneration. The Group CEO heads the Company Sustainability Committee with support from the Investor Relations, Corporate Communications and Sustainability Department (“IRCSD”) and oversees the execution of Wasco’s sustainability strategy in day-to-day operations. The Head of the IRCSD also sits on the Risk Management Committee. Sustainability is on the agenda for these quarterly meetings. The Risk Management Committee regularly updates the Board on the Company’s sustainability performance. REPORTING SCOPE AND BOUNDARIES The committee presented and obtained the Board’s approval for scoping Wah Seong Corporation Berhad (“WSC”) Sustainability Reporting for FY2021 to its oil and gas division “WASCO”, being the single largest business segment of the Company. The scope of the Sustainability Report will cover the entire organisation and its subsidiaries from FY2022 onwards. Wasco reports on an ‘operational control’ basis, focusing on assets, offices and activities where Wasco is the operator and has management control over policies and practices. REPORTING APPROACH This statement summarises the sustainability performance of Wasco’s strategic businesses. In defining the content, Wasco: l Applied the GRI reporting principles of stakeholder inclusiveness, sustainability context, materiality and completeness; and l Considered accuracy, balance, clarity, comparability, reliability and timeliness. Wasco developed the content according to defined material topics following a review of the overall sustainability risks and opportunities determined by macroeconomic analysis, sustainability trends and senior management input. Stakeholders’ views, concerns and key expectations also shaped the materiality assessment. This assessment helped the Board realign the Group’s sustainability strategy while ensuring the transparent coverage of critical topics. Guided by the Malaysian Green Technology and Climate Change Corporation (MGTC), the GHG emission calculations and inventory framework include a boundary review, setting the baseline inventory and reviewing the GHG mitigation plan. SUSTAINABILITY DATA AND DISCLOSURE Wasco has not externally assured the contents of this statement. However, the management and dedicated internal resources reviewed the completeness and accuracy of the data and information. The senior leadership team oversaw the statement’s preparation, assembly and drafting, complementing the significant internal and data-collection resources to ensure accuracy. REPORT FEEDBACK Wasco welcomes your feedback on this report and how to improve its sustainability performance. Please send your comments or questions to Teoh Chuen Seng, Senior Manager ESG at chuenseng.teoh@wascoenergy.com SUSTAINABILITY STATEMENT
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