GOVERNANCE
Governance
At Masteel, we recognise that good corporate governance and ethical business practices are fundamental to cultivating a sustainable and reputable organisation. Our leadership and workforce remain steadfast in upholding our Code of Conduct and Code of Ethics, which outline the principles, standards, and behavioural expectations for all employees, including the Board of Directors and Management. In FY2024, we are proud to report that Masteel has maintained full compliance with these codes with zero case being reported, reinforcing our commitment to integrity and responsible business conduct.
We continue to maintain high transparency and accountability to serve as the cornerstone of stakeholder trust. We ensure that all employees receive comprehensive training on our Code of Conduct and Code of Ethics during onboarding, with easy access to these guidelines on our corporate website. We conduct bi-annual reviews of our Code of Conduct and Code of Ethics to ensure they remain effective, relevant, and aligned with current standards and expectations. This ongoing emphasis on ethical governance strengthens our internal culture and supports our long-term sustainability goals.
Masteel has taken significant strides in FY2024 to drive sustainability within our operations and the broader industry in building on our sustainability initiatives. Our Executive Vice Chairman has been continuously engaged in key sustainability forums and industry discussions, sharing insights on our progress in decarbonising steel production, implementing circular economy practices, and enhancing supply chain transparency. Building on our previous initiative, Masteel’s Corporate Green Award, these engagements have reinforced Masteel’s leadership in advancing supply chain sustainability. We continue to drive progress in low-carbon manufacturing, energy efficiency improvements, and responsible sourcing of raw materials, further solidifying our commitment to a greener and more sustainable industry.
Our commitment to sustainability has also been recognised through new partnerships and collaborations with stakeholders, reinforcing our role in advancing sustainability standards. We remain dedicated to integrating sustainable development into our corporate strategy, driving measurable impact, and contributing to a greener, more responsible industrial landscape.
HLB’s 11th Sustainability Roundtable: Greening the Supply Chain in Malaysia
26 July 2024
During Hong Leong Bank’s 11th Sustainability Roundtable, themed “Greening the Supply Chain: The Malaysian Corporate Sector and the Global Sustainability Revolution – A Win-Win Convergence”, our Executive Vice Chairman, Dato’ Sri Tai Hean Leng shared key insights on the urgent need for greener innovations in the steel industry. He highlighted that without decisive action to reduce carbon emissions, the sector risks losing its competitive edge in the global market, particularly as more countries impose stricter environmental regulations and carbon border tariffs. To address these challenges, Masteel has actively transitioned from electric arc furnaces (“EAF”) to induction furnaces (“IF”), a strategic move aimed at reducing emissions, minimising energy consumption, and lowering waste generation. This shift aligns with Masteel’s broader sustainability goals, reinforcing our commitment to responsible steel manufacturing and supply chain decarbonisation.
Dato’ Sri Tai emphasised that integrating sustainable practices throughout the supply chain is not just an environmental responsibility but also a business imperative. As global industries move towards more stringent ESG standards, companies that adopt low carbon technologies will be better positioned to secure international partnerships, meet regulatory requirements, and enhance their long-term profitability. His participation in the roundtable underscores Masteel’s role as an industry leader in sustainable steel production, setting a precedent for greener supply chain practices in Malaysia’s manufacturing sector.
