PERFORMANCE REVIEW During the financial year, the Board evaluated the BSC’s performance and the extent to which the BSC met the requirements of its ToR, including the term of office and the performance of the BSC and each of its members. This performance assessment formed part of the annual BEE, relating to the assessment of Board Committees. FORMALISED ETHICAL STANDARDS Our Group ethical standards are firmly rooted in our PRIDE values. The Board, in fulfilling its responsibilities, adheres to the ethical guidelines outlined in the Directors’ Code of Ethics and Conduct (CoEC) and the Directors’ Code of Business Practice (CoBP). These documents set forth the expected standards of behaviour and conduct for all Directors within the FGV Group. Employees are guided by the Code of Business Conduct and Ethics (COBCE). This comprehensive framework encourages stakeholders to embrace the Group’s values, while ensuring compliance with applicable laws and regulations through transparent, honest, and ethical business practices. The Board and employees consistently strive to uphold the highest standards of integrity and behaviour, adhering to best practices in corporate governance. This commitment extends to interactions with customers, suppliers, employees, business partners, and the broader community and environment where FGV operates. The COBCE is easily accessible through the Compliance Management System (internal hub), which facilitates employees in adopting ethical practices. Periodic awareness campaigns, conducted through roadshows and forum events, contribute to fostering a culture of integrity. To reaffirm their commitment, employees acknowledge the COBCE every two years, with the next renewal in 2024. Additionally, the Group has implemented a Whistleblowing Policy, that provides a platform for the FGV community to report any form of improper conduct. This policy assures individuals that they can disclose information without fear of punishment or unfair treatment, reinforcing our commitment to a culture of accountability and transparency. SIGNIFICANT MATTERS CONSIDERED BY THE COMMITTEE The Chairman of the BSC provided the Board with updates on critical issues discussed during BSC meetings and the recommendations made therein. Additionally, confirmed minutes from each BSC meeting were distributed to the Board for review at the earliest possible opportunity. Significant matters reported by the BSC to the Board included: Further information on the application of the relevant practices of the MCCG 2021 relating to sustainability can be found in the CG Report 2024, which is available on our website at www.fgvholdings.com. KEY FOCUS AREAS AND PRIORITIES FOR FY2025 The BSC has identified the following key focus areas and priorities for 2025:- GHG reduction roadmap Human rights due diligence in all operations and the supply chain Empowering smallholders in sustainable agricultural practices BOARD LEADERSHIP AND EFFECTIVENESS SIGNIFICANT MATTERS WRO by the U.S CBP against palm oil and palm oil products made by FGV, its subsidiaries and joint ventures Deliberated on FGV’s remediation actions to address the WRO issued by the U.S CBP. RSPO, MSPO and International Sustainability and Carbon Certification (ISCC) Monitored the progress of all FGV’s sustainability certifications and ensured compliance with relevant regulations and standards. Climate action Provided inputs on FGV integrated Group wide Climate Action plan and FGV commitment to developing a science-based target aligned with the SBTi criteria. Plantation Transformation Plan Enhance productivity, sustainability, and profitability while focusing on innovation, and operational excellence. 211 Sec 07 SUSTAINING VALUE THROUGH GOOD GOVERNANCE (CORPORATE GOVERNANCE OVERVIEW STATEMENT)
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