Sustainability
Governance
Management Governance
The Company believes that strong governance is the foundation of sustainable business operations. By integrating environmental, social, and governance (ESG) strategies into every level of decision-making and management, we aim to drive long-term responsible growth.
To lead this effort, the Company has established a “Sustainability Committee”, a strategic group chaired by the CEO and comprised of senior executives and business unit heads from all countries where we operate. In addition, 3 sub-committees: Climate Change Committee, Human Rights Committee, and Supply Chain Committee, have been established to drive ESG transformation across the organization, ensuring that sustainability is not only a goal but a core part of how we operate.
Sustainability Committee
Chairperson: Chief Executive Officer (CEO)
Members: CEO, Senior Executives, Business Unit Heads
Meeting Frequency: Quarterly
Reporting Line: ESG Committee (Board Level)
Roles and Responsibilities
• Govern the implementation of sustainability-related policies, strategies, and initiatives across the organization.
• Monitor ESG risks, opportunities, and practices that may impact the Company’s operations, financial performance, and stakeholders.
• Oversee stakeholder engagement and materiality assessment to ensure that the process informs ESG target setting and strategic priorities.
• Review ESG performance to ensure alignment with long-term goals, annual targets, industry best practices, and international standards.
• Ensure accuracy and transparency of publicly disclosed ESG data with correspondence to stakeholder expectations and regulatory requirements.
Climate Change Committee
Chairperson: Head of Global Corporate Sustainability
Members: Key functional heads (e.g., Corporate Strategy, Enterprise Risk Management) and representatives from all business units
Meeting Frequency: Quarterly
Reporting Line: Sustainability Committee
Roles and Responsibilities
• Oversee climate-related risks & opportunities in line with global frameworks and corporate strategy.
• Ensure achievement of decarbonization targets across short, medium, and long-term horizons.
• Oversee the implementation of Climate Change Policy, internal carbon pricing, and related initiatives.
Human Rights Committee
Chairperson: Head of Global Corporate Sustainability
Members: Key functional heads (e.g., Human Resources, Health & Safety, Compliance) and representatives from all business units
Meeting Frequency: Quarterly
Reporting Line: Sustainability Committee
Roles and Responsibilities
• Ensure effective governance and oversight of human rights risk management.
• Oversee the implementation of Human Rights Policy, due diligence processes, grievance mechanisms, and remediation efforts across the organization.
• Foster a culture of respect and awareness for human rights at all levels.
Supply Chain Committee
Chairperson: Head of Corporate Services
Members: Key functional heads (e.g., Procurement, Contractor Management) and representatives from all business units
Meeting Frequency: Quarterly
Reporting Line: Sustainability Committee
Roles and Responsibilities
• Oversee the enforcement of Sustainable Supply Chain Policy and Supplier Code of Conduct.
• Oversee the implementation of initiatives and action plans to improve suppliers’ ESG performance.
• Ensure cross-functional alignment and promote collaboration with suppliers and business partners.
CEO Performance Evaluation and Variable Compensation
The CEO’s Key Performance Indicators (KPIs) are established under the oversight of the Board of Directors, with the Compensation Committee playing a vital role in reviewing and recommending these metrics. These KPIs guide the evaluation of the CEO’s annual performance and are directly linked to variable compensation, ensuring alignment with the Company’s strategic goals and long-term shareholder value. These indicators are assessed annually and benchmarked against industry peers to ensure competitive and responsible financial stewardship. Performance outcomes are reviewed by the Compensation Committee and approved by the Board.
The CEO’s performance scorecard is divided into 6 key areas: Group Strategy, Funding Strategy, Financial Performance, People & Culture, Stakeholder Relationships, and Commitment to ESG. Each category contributes to the CEO’s overall performance with specific weightings. For example, financial performance metrics account for 20%, and ESG-related KPIs contribute 15%. The financial metrics used to evaluate the CEO’s performance are focused on capital efficiency and return-based indicators, such as Total Shareholder Return (TSR), Average Internal Rate of Return (IRR) Spread, and Net Debt to Equity Ratio (Net D/E).
The ESG component of the CEO’s KPIs includes a focused set of performance indicators across environmental, social, and governance dimensions. These KPIs are selected based on materiality assessments and their alignment with sustainability objectives. Key ESG indicators include measurable outcomes in environmental impact (e.g., GHG emissions reduction), social performance (e.g., workplace safety), and governance (e.g., cybersecurity breach).
The variable compensation of senior executives, such as Chief Operating Officer (COO) and Chief Financial Officer (CFO), is directly tied to performance outcomes against the KPIs. This pay-for-performance approach ensures that remuneration and incentives are performance-driven and aligned with long-term business objectives.
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