SUSTAINABILITY STATEMENT 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 Wah Seong Corporation Berhad (“WSC”) has included Environmental, Social and Governance (ESG) factors as a strategic consideration in the decision-making 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 Group’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 Deputy Managing Director heads the Group’s Sustainability Steering Committee with support from the Group Strategy Department and oversees the execution of WSC’s sustainability strategy in day-to-day operations. The Chief Strategy Officer also sits on the Sustainability Steering Committee. Sustainability is on the agenda for these quarterly meetings. REPORTING SCOPE AND BOUNDARIES The scope of the Sustainability Statement for FY2022 covers the entire WSC organization and its subsidiaries. WSC reports on an ‘operational control’ basis, focusing on subsidiaries, assets, offices and activities where WSC is the operator and has management control over policies and practices. REPORTING APPROACH This statement summarises the sustainability performance of WSC Group. In defining the content, WSC: • Applied the GRI reporting principles of stakeholder inclusiveness, sustainability context, materiality and completeness; and • Considered accuracy, balance, clarity, comparability, reliability and timeliness. WSC 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 Group realign its 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 WSC 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 data-collection resources to ensure accuracy. SUSTAINABILITY STATEMENT FEEDBACK WSC welcomes your feedback on this statement and how to improve our sustainability performance. Please send your comments or questions to Teoh Chuen Seng, Senior Manager ESG at chuenseng.teoh@wascoenergy.com. Annual Report 2022 Wah Seong Corporation Berhad 11
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