SUSTAINABILITY STATEMENT ECONOMIC At WSC, 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 2022, our Group generated a direct economic value of RM2.69 Billion in revenue. Our economic impact also extends to our role as a global employer. At the end of 2022, we employed approximately 3,865 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 The Group operates globally, providing comprehensive technical services primarily to the energy industry worldwide. Our operations also contribute to the advancement of other industries such as marine construction and agro industry. l WSC is a global operator providing a full range of coating services for both onshore and offshore pipelines. 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. l WSC provides an all-encompassing solution covering engineering design, procurement, packaging, general fabrication, installation, commissioning as well as operation and maintenance (O&M) services of offshore and onshore modules. l WSC is a leading process and power generation solution provider with a strong track record servicing various industries across the world. l WSC is a supplier and service provider to regional infrastructure and construction sectors. Our core activities are the distribution of building materials and industrial equipment in Malaysia primarily, while present also in fast growing regional economies such as Myanmar and Cambodia. Engineering and Fabrication Services Renewable Energy Industrial Trading & Services Pipeline Services Participating in Industry Organisations WSC proactively engages with other leading companies and organisations to help advance standards, share best practices, activate stakeholders, and create a sustainable economy. WSC 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 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 Principles of Business Conduct. 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: • Upholding ethical treatment of workers • Supporting local businesses • Encouraging participation • Assessing supply chain risk management We conduct quantitative and qualitative assessments of Suppliers Approved Vendor List. Our selection is based on Major and Minor Vendors categories. We examine their performance to mitigate risks and drive improvement during the review. We notify poor performing suppliers and provide corrective action or improvements. The vendor may be suspended or removed from the Approved Vendor List if they do not take the requested action or make the necessary improvements. Annual Report 2022 Wah Seong Corporation Berhad 17
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