A MESSAGE FROM OUR CEO
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DATO’ SRI TAI HEAN LENG
@ TEK HEAN LENG
Managing Director/ Chief Executive Officer
As an environmentally conscious company, we understand the importance of protecting our environment. Therefore, we are proud to outline our continued commitment to strengthening the Environmental, Social and Governance (ESG) aspects outlined by Bursa Malaysia. In the face of recent unprecedented global challenges such as the COVID19 pandemic, Masteel has stepped up to address sustainability issues head-on and we remain steadfast in our commitment to ensure sustainability and environmental protection.
We have conducted a comprehensive Gap Analysis each year to identify and prioritize areas of improvement in our ESG performance with reference to the GRI standards and the Responsible Steel standards. This is to ensure that Masteel is fully compliant with international standards, as Responsible Steel is known to be the industry’s first international, multi-stakeholder standard and certification initiative, designed to enable leading manufacturers to meet their customers’ sustainability requirements and to provide a platform for manufacturers and stakeholders to discuss ESG issues. The annual gap analysis allows us to establish a series of action plans to guide our reporting initiatives for each fiscal year. We are proud to be a leader in the fight against climate change. Pressing ahead, in 2022, Masteel had already committed and was ready to disclose the entire Common Sustainability Matters together with the Task Force on Climate-related Financial Disclosures (TCFD) set by Bursa Malaysia in 2022 ahead of the required 2024 dateline. This demonstrates our seriousness and commitment to the fight against climate change.
We have conducted a comprehensive Gap Analysis each year to identify and prioritize areas of improvement in our ESG performance with reference to the GRI standards and the Responsible Steel standards. This is to ensure that Masteel is fully compliant with international standards, as Responsible Steel is known to be the industry’s first international, multi-stakeholder standard and certification initiative, designed to enable leading manufacturers to meet their customers’ sustainability requirements and to provide a platform for manufacturers and stakeholders to discuss ESG issues. The annual gap analysis allows us to establish a series of action plans to guide our reporting initiatives for each fiscal year. We are proud to be a leader in the fight against climate change. Pressing ahead, in 2022, Masteel had already committed and was ready to disclose the entire Common Sustainability Matters together with the Task Force on Climate-related Financial Disclosures (TCFD) set by Bursa Malaysia in 2022 ahead of the required 2024 dateline. This demonstrates our seriousness and commitment to the fight against climate change.
Environment – Achieving Net Zero
Masteel is fully committed and works toward achieving net zero emissions with a comprehensive sustainability roadmap of short and long-term emission reduction targets, with a further 10% reduction by 2026, and 15% by 2031. We have already started this emission reduction initiative in 2018 with our production line, where we used the new induction furnace technology to replace the conventional electric arc furnace. Furthermore, Masteel is again taking a step ahead by disclosing all Scope 1, 2 and 3 in greenhouse gas emissions in our latest sustainability roadmap. In addition, we continue to implement good practices to ensure Masteel is on track such as installing solar panels to save energy, implementing a rainwater harvesting system and water conservation policy with the goal of reducing water consumption, and a printing policy that enables Masteel to minimize paper consumption.
Moreover, Masteel’s production plant is certified to ISO 14001: 2015 (Environmental Management Systems). We continue to focus on minimizing other air pollutants. At the Bukit Raja plant, we have installed a continuous emissions monitoring system that allows us to track our particulate matter, NO2 and SO2 emissions in real time to ensure that Masteel always complies with all regulations and standards.
Social – The working environment
Masteel has implemented a number of new policies designed to protect our employees and everyone in our supply chain. The policies: Human Rights Policy, Prevention of Child Labour Policy, and Prevention of Forced Labour Policy, are comprehensive and focused and apply to both Masteel employees and third parties with whom we work. The policies address a wide range of issues such as non-discrimination, equal opportunity, and workers’ rights, which include freedom of association and the prevention of excessive working hours, as well as the general welfare of workers’, including the provision of a safe, clean, and conducive working environment. In addition, the policies are published on our website in multiple languages so that they can be easily understood by all members of our diverse workforce.
Governance – Good corporate governance
Masteel’s commitment to Sustainability is driven by senior leadership, with the Board of Directors having primary oversight and responsibility for our sustainability strategy, risks and opportunities, and initiatives. The Board is also ultimately responsible for our management and response to climate-related risks and opportunities. We conduct a comprehensive materiality review each year to identify, prioritize, and validate the key sustainability issues of importance to our business and our stakeholders. Both the Sustainability Committee and the Board of Directors were involved in this process, with the Board of Directors endorsing the materiality matrix that emerged from the annual assessment.
Moving forward together
In conclusion, I would like to thank all Masteel employees, partners, and stakeholders throughout our supply chain for their commitment and support in achieving sustainability goals to address climate change. Together, we will meet all challenges head on and are confident that we will maintain this positive momentum as we continue our sustainability journey to improve our ESG performance and create a sustainable future for all.
Masteel is fully committed and works toward achieving net zero emissions with a comprehensive sustainability roadmap of short and long-term emission reduction targets, with a further 10% reduction by 2026, and 15% by 2031. We have already started this emission reduction initiative in 2018 with our production line, where we used the new induction furnace technology to replace the conventional electric arc furnace. Furthermore, Masteel is again taking a step ahead by disclosing all Scope 1, 2 and 3 in greenhouse gas emissions in our latest sustainability roadmap. In addition, we continue to implement good practices to ensure Masteel is on track such as installing solar panels to save energy, implementing a rainwater harvesting system and water conservation policy with the goal of reducing water consumption, and a printing policy that enables Masteel to minimize paper consumption.
Moreover, Masteel’s production plant is certified to ISO 14001: 2015 (Environmental Management Systems). We continue to focus on minimizing other air pollutants. At the Bukit Raja plant, we have installed a continuous emissions monitoring system that allows us to track our particulate matter, NO2 and SO2 emissions in real time to ensure that Masteel always complies with all regulations and standards.
Social – The working environment
Masteel has implemented a number of new policies designed to protect our employees and everyone in our supply chain. The policies: Human Rights Policy, Prevention of Child Labour Policy, and Prevention of Forced Labour Policy, are comprehensive and focused and apply to both Masteel employees and third parties with whom we work. The policies address a wide range of issues such as non-discrimination, equal opportunity, and workers’ rights, which include freedom of association and the prevention of excessive working hours, as well as the general welfare of workers’, including the provision of a safe, clean, and conducive working environment. In addition, the policies are published on our website in multiple languages so that they can be easily understood by all members of our diverse workforce.
Governance – Good corporate governance
Masteel’s commitment to Sustainability is driven by senior leadership, with the Board of Directors having primary oversight and responsibility for our sustainability strategy, risks and opportunities, and initiatives. The Board is also ultimately responsible for our management and response to climate-related risks and opportunities. We conduct a comprehensive materiality review each year to identify, prioritize, and validate the key sustainability issues of importance to our business and our stakeholders. Both the Sustainability Committee and the Board of Directors were involved in this process, with the Board of Directors endorsing the materiality matrix that emerged from the annual assessment.
Moving forward together
In conclusion, I would like to thank all Masteel employees, partners, and stakeholders throughout our supply chain for their commitment and support in achieving sustainability goals to address climate change. Together, we will meet all challenges head on and are confident that we will maintain this positive momentum as we continue our sustainability journey to improve our ESG performance and create a sustainable future for all.
Sustainability Report
Sustainability Report 2022
Sustainability Report 2021
