COMPOSITION AND MEETINGS
The Committee comprised of the following Directors as at 31st December 2024.
The Board Environmental, Social and Governance Committee [Board ESG Committee] was established on 30th October 2024. The Company Secretary acts as the secretary to the Committee. The Deputy Chief Operating Officer, Subcommittee members representing ESG, Heads of Departments or any other person as the Committee thinks fit may be invited to the meetings of the Committee.
PURPOSE OF THE COMMITTEE
The purpose of the Committee is to assist the Board with the Company’s ongoing commitment to environmental stewardship, health and safety, corporate social responsibility, corporate governance and sustainability as relevant to the Company.
TERMS OF REFERENCE
The Terms of Reference of the Board ESG Committee outlines the composition, roles and responsibilities of the Committee. It also specifies the manner in which meetings are conducted. The Committee works closely with the Board Risk Management Committee and the Executive Risk Committees supervising broad risk categories. The matters discussed in the Committee are informed to the Board of Directors on a regular basis.
KEY RESPONSIBILITIES
(i) To consider sustainability/ESG risk and opportunities in the Company’s business model, operations, short- and medium-term planning and in its long-term strategy to ensure that the Company remains resilient and able to deliver durable and sustainable value over the short, medium and long term in order to maintain the confidence and continued engagement of shareholders and all significant stakeholders.
(ii) To continuously engage with and consider the views of its stakeholders to better understand and manage the Company’s sustainability/ESG risk and opportunities, as stakeholder expectations are heightening across various sustainability/ESG issues relating to the protection of environment and other ESG issues.
(iii) To establish a governance framework and structure which includes conformance, performance and sustainability/ESG factors and such factors to be addressed through a process of environmental governance and social governance.
(iv) To establish a governance structure to support sustainability/ESG factors including its ability to create value and manage risks in the short, medium and long term, recognizing, managing and measuring on all pertinent aspects of sustainability using financial and non-financial measures.
(v) To provide sufficient information in the company’s annual report to enable investors and other stakeholders to assess how ESG risks and opportunities are recognized, managed, measured and reported.
ACTIVITIES PERFORMED AFTER THE ESTABLISHMENT OF THE COMMITTEE ON 30TH OCTOBER 2024
▶ Reviewed the Policy on Environmental, Social and Governance Sustainability.
▶ Formed an Executive Committee to identify the ESG risks and opportunities and to report to the Board ESG Committee
▶ Reviewed the health camps conducted during the year 2024
▶ Reviewed the Green Initiatives planned for the year 2025
▶ Discussed the progress of carbon footprint calculation for the year 2024
▶ Voluntarily adopted SLFRS S1 and S2, ensuring enhanced accountability and readiness for evolving regulatory standards.
PROFESSIONAL ADVICE
The Committee is authorized to obtain professional advice internally and/ or externally as and when it deems necessary, at the Company’s expense.
CONCLUSION
The Committee will continue to address the ESG Risks and Opportunities in the Company’s business model, operations, short- and medium-term planning and in its long-term strategy to ensure that the Company remains resilient and able to deliver durable and sustainable value over the short, medium and long term in order to maintain the confidence and continued engagement of shareholders and all significant stakeholders.
R Renganathan
Chairman – Board Environmental, Social and Governance Committee
20th February 2025