Press Metal Aluminium Holdings Bhd

The Board delegates the day-to-day management of the Group to the Group Chief Executive Officer ("Group CEO"), Executive Directors and Management but reserves for its consideration pertinent significant matters. In discharging its stewardship role effectively, the Board delegates certain responsibilities to the following Board Committees and Management Committees. [...] Management Committees (a) Sustainability Committee ("SC") (b) Investment Committee ("InvC") [...] Pursuant to the Sustainability Governance Structure, the SC, which is a Management Committee, supports the Board in overseeing the sustainability development of the Group, under the oversight of the RMC. The Corporate Sustainability Development Team ("CSD Team") provides support and input to the SC on the Group's strategies, priorities and targets on matters related to sustainability as well as provides advisory support to the Division Sustainability Working Group ("SWG") in the areas of sustainability, where necessary. The SWG is responsible for the implementation, monitoring and reporting of sustainability management action across respective business activities. The Board is also supported by the RMC for the review and assessment of the Group's risk management and internal controls systems, covering the sustainability risks that the Group is or may be exposed to. [...] The SC presented updates to the Board on the sustainability performance review of the Group related to GHG Emissions Intensity, Water Withdrawal Intensity, Waste Diversion Rate, Safety and Health, and Gender Diversity at the quarterly Board meetings and keeps the Board updated on any latest ESG developments and initiatives of the Group. The Board had undertaken relevant trainings to stay abreast and understand the latest sustainability issues. The relevant training and programmes in relation to Sustainability are shown in the following: (a) Climate governance – a standing item in board agendas (b) Update Brief on climate risk and ESG initiatives (c) Exercising Sustainability Governance and Oversight – What is next for Press Metal (d) ESG Frameworks: Understanding the Alphabet Soup (e) Understanding Task Force on Climate-Related Financial Disclosures ("TCFD") (f) Materiality: Determining ESG Topics That Matter (g) JC3 Upskilling Sustainability Training (JUST) Series 3 – A Passion for Purpose, Delivering a Just Transition to Net Zero (h) TCFD 101 – Climate Disclosure Training (i) Climate Risk Management and Scenario Analysis (j) Developing Malaysia's Roadmap to Net Zero (k) Understanding the Requirements in Bursa Malaysia's Enhanced Sustainability Reporting Framework [...] During the financial year under review, the Board adopted the ESG-Linked Executive Incentive Remuneration Framework for Key Senior Management personnel (covering C-Suite members and Heads of Divisions/ Departments) of the Group. The framework defines how remuneration components should be linked to the ESG metrics, particularly the material matters that are considered most important to the Group's business and stakeholders as well as approaches on how ESG metrics may be incorporated into various incentive plans. Malus and Clawback procedures are part of the ESG-Linked Executive Incentive Remuneration Framework.

Robust governance ensures successful incorporation of sustainability measures across our operations. At Press Metal, our sustainability governance is helmed by the Board of Directors ("Board") and the Sustainability Committee ("SC"), responsible for the formulation of the Group's overall sustainability strategy.

In FY2020, we restructured our sustainability governance to streamline sustainability initiatives and enhance sustainability management across the Group. We have expanded our sustainability governance to include Sustainability Working Group ("SWG") at every subsidiary.

The Board is the main decision-making body for group-wide matters and policies, including those pertaining to sustainability. They are accountable for scrutinising and approving the overall strategic plan, with attention given to managing sustainability impacts of the Group's business operations. The SC, chaired by the Group Chief Executive Officer ("GCEO"), formulates and oversees the implementation of strategies and plans approved by the Board.

The SC is supported by the Sustainability Management Committee ("SMC") which is tasked with implementing, monitoring and reporting sustainability management efforts across its business divisions.

The subsidiary-level SWGs support the SMC. Each SWG is responsible for implementing, monitoring and reporting the performance of approved sustainability initiatives at their respective subsidiaries. The Chairman of each SWG manages the implementation of sustainability initiatives and the Secretariat collects and reports its progress to the SMC.

In this reporting period, the reassessment of Press Metal's material sustainability matters involved the participation of each SWG.

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