FGV HOLDINGS BERHAD | ANNUAL INTEGRATED REPORT 2023 143 SUSTAINABILITY ISSUES Issues impacting value generation Our response to these issues • Uncertainties surrounding the WRO imposed by the US CBP • Pressure on compliance and sustainability matters At FGV, sustainability is at the core of everything we do. This means we are committed to conserving the environment and protecting human rights to ensure fair labour. We actively involve stakeholders in a range of initiatives and focus on ESG efforts. This means we are committed to conserving the environment, human rights, ensuring fair labour practices and strengthening our governance and risk management system. • During the year, FGV invested RM392.6 million in key activities such as improving worker accommodations. • The Group had also been involved in impactful programmes like the Child Protection Programme, Sun Bear Conservation Programme, International ESG Conferences, and Sustainability Week. • To ensure we meet the highest sustainability standards, we had taken proactive steps. For example, FGV has reimbursed RM72.2 million in recruitment costs to 20,153 active migrant workers through three payments which were made in March, June, and September 2023. These payments were being verified by LRQA (formerly known as ELEVATE) to ensure compliance with our remediation plan. • The Group established the Sustainability Steering Committee and the WRO Task Force to address sustainability concerns, including efforts to lift the WRO imposed by the US CBP. COMPLIANCE WITH THE LISTING REQUIREMENTS ON PUBLIC SHAREHOLDING SPREAD Issues impacting value generation Our response to these issues • Non-compliance with the PSS requirement • Bursa Securities has granted FGV another six-month extension until 2 September 2024 to meet the PSS requirement. To fulfils this obligation, the Group has devised a rectification plan involving the issuance of new shares (Proposed Bonus Issue), which is expected to be implemented in 2024. • Bursa Securities has also granted FGV a further extension of time until 13 August 2024 to issue the circular in relation to the Proposed Bonus Issue to comply with Paragraph 9.33(1)(b) of the Listing Requirements. • FGV will continue to make quarterly announcements on its efforts to comply with the PSS requirement in compliance with the Listing Requirements. PRINCIPLE C: INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS
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