Wah Seong Corporation Berhad Annual Report 2021 17 SUSTAINABILITY STATEMENT Economic As a global leading integrated energy group, we take responsibility to power global and local economies seriously. We are a critical part of the world’s energy infrastructure and we believe in lowering barriers to clean, affordable energy for everyone, everywhere. In 2021, our Company generated a direct economic value of RM 870.5 Million in revenue. Our economic impact also extends to our role as a global employer. At the end of 2021, we employed approximately 2,364 employees and offered fair and competitive wages and benefits. Developing a diverse global workforce helps bring innovative and sustainable solutions to the market, which is the future of the energy sector. Supporting Sustainable Economic Growth and Development through Our Operations Wasco has been a leading integrated energy group that operates globally, providing comprehensive technical services primarily to the oil and gas sectors worldwide. Our operations also contribute to the advancement of other industries such as oil and gas, petrochemicals, power generations and marine construction. Pipeline Services l Wasco is a global operator providing a full range of pre-commissioning, commissioning, maintenance and decommissioning services for both onshore and offshore facilities. Our capabilities in pipe manufacturing, pipe coating and offshore corrosion control stems from a collective expertise of our extensive global facilities spanning Asia, West Africa, the Middle East, Europe and the United States. Engineering and Fabrication Services l Wasco provides an all-encompassing solution covering engineering design, procurement, packaging, general fabrication, installation, commissioning as well as operation and maintenance (O&M) services. Participating in Industry Organisations Wasco proactively engages with other leading companies and organisations to help advance standards, share best practices, activate stakeholder and create a sustainable economy. Wasco continues to work with leading organisations, namely the Malaysian Oil & Gas Services Council (MOGSC), the largest national-level independent industry association promoted and driven by the services sector of the Malaysian Oil & Gas Industry. Responsible Procurement Our supply chain includes the supply of goods and services. It encompasses nearly 845 direct suppliers with which we spend around RM298 million per annum. Our direct suppliers are mainly locals, with only 27% being foreign. We strive to improve our supply chain’s social and ethical footprint and work with suppliers that share our values. We expect our suppliers to comply with all applicable laws and demonstrate that they have the attributes set out in our Supplier Code. We recognise the opportunity to positively impact communities by making balanced choices about sourcing the required goods and services for business operations. Our responsible procurement plan focuses on four key areas: l Upholding the ethical treatment of workers l Supporting local businesses l Encouraging participation l Assessing supply chain risk management
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