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SOCIAL

EMPLOYMENT PRACTICES AND LABOUR STANDARDS

At Masteel, we prioritise cultivating a thriving workplace rooted in our core principles and ensuring equitable treatment and well-being for all employees through consistent implementation of our top five best practices.

Furthermore, we maintain unwavering commitment to upholding the Prevention of Child Labour Policy, Prevention of Forced Labour Policy, and Human Rights Policy, initially introduced in 2021. These policies are thoroughly communicated to our workforce and are accessible in various languages, including English, Nepali, Thai, Bengali, Burmese, Filipino, and Chinese. In FY2023, a total of 53 employees were introduced to the Human Rights Policy during their induction training session. All other employees received information on the policy through monthly meetings and brochure distribution. Our dedication to full compliance underscores our proactive approach to fostering a workplace environment that respects and safeguards the rights and well-being of every individual within our organisation.

Masteel remains steadfast in its commitment to fostering a workplace free from any form of discrimination during the hiring process. We adhere to the labour standards that promote inclusivity, ensuring that factors such as race, religion, gender, age, sexual orientation, disabilities, and nationality are not considered as barriers to employment. Our emphasis lies in recognising and valuing the unique contributions each individual brings to the table, emphasising merit and capabilities. This approach not only cultivates a diverse and vibrant workforce but also reflects our dedication to creating an environment where everyone has the opportunity to contribute to the ongoing development and success of Masteel.

We are pleased to announce that for FY2023, there have been no instances of discrimination or breaches of child labor and forced labour within our operations. Similarly, we received zero human rights-related grievances in 2023.

Respecting Human Rights

Masteel remains steadfast in its commitment to upholding human rights by adhering to globally recognised standards like the International Bill of Human Rights and the UN Guiding Principles on Business and Human Rights. Our adherence to this policy is grounded in the principles outlined in the International Bill of Human Rights, which includes the Universal Declaration of Human Rights, the International Covenant on Civil and Political Rights, and the International Covenant on Economic, Social and Cultural Rights. Furthermore, we find guidance in the fundamental rights principles outlined in the International Labour Organisation’s Declaration on Fundamental Principles and Rights at Work. Ms. Zueraini Ahmad Basri, the Independent Non-Executive Director and a member of the Board of Directors, has the oversight responsibility and resources to ensure that human rights are upheld across the Group.

We consistently conduct comprehensive assessments of risks inherent in our operations, with a focus on social and human rights risks, to address both positive and negative impacts from our business activities and those of our suppliers and contractors. Our assessment framework is constructed in alignment with the principles and standards outlined in the UN Guiding Principles on Business and Human Rights. Moreover, these evaluations are fully aligned with Masteel’s Human Rights Policy, which is centered on upholding local labor laws, ensuring conducive working conditions, prioritising employee health and safety, promoting community welfare, and effectively managing our supply chain.

Masteel has instituted formal reporting channels as outlined in the Human Rights Policy and the Grievance Procedures within the Employee Handbook. Additionally, we places significant emphasis on transparency by openly communicating action plans aimed at addressing human rights issues and the subsequent progress achieved.

These initiatives encompass the establishment of robust protocols for identifying and managing potential human rights risks and their impacts across our value chain. Masteel’s Human Rights Policy prioritises the implementation of an anonymous grievance mechanism, guaranteeing that any reports or complaints filed through such channels are handled confidentially and with the highest level of sensitivity. In the “Safeguard” section of our Human Rights Policy, Masteel is deeply committed to addressing any instances where we are found to be accountable for or have played a role in human rights impacts. The grievance management process comprises four main steps as outline below.

We have delineated four primary guiding principles on human rights to ensure adherence to the policy and respect for international human rights standards.

In FY2023, Masteel continued its commitment to fostering meaningful engagement with both internal and external stakeholders regarding our Human Rights Policy. A comprehensive assessment was conducted, involving a total of 132 respondents, consisting of 84 internal stakeholders and 48 external parties. Specifically, assessment rates for prohibiting child and forced labour policies stood at 84% for internal stakeholders and 88% for external stakeholders. Compliance with local employment legislation was similarly high, at 93% internally and 98% externally.

The results of this assessment were illuminating. They revealed that an impressive 84% of respondents demonstrated a clear understanding and awareness of the content outlined in our Human Rights Policy. This outcome is a testament to the efficacy of our ongoing engagement efforts with stakeholders. It underscores the value of the sessions and initiatives we have implemented to communicate and reinforce our commitment to upholding human rights standards within our operations.

These findings not only validate the effectiveness of our current engagement strategies but also serve as a catalyst for further enhancements. Encouraged by positive stakeholder response, we are committed to refining our approach to uphold understanding and respect for our Human Rights Policy among all involved with Masteel.

Prevention of Child Labour Policy

Ensuring strict adherence to local labour laws, Masteel prioritises the prevention of child labour as a top priority. This policy delineates fundamental practices aimed at preventing all forms of child labor. These practices are explicitly outlined alongside our employment terms and conditions detailed in the Employee Handbook. Our commitment to zero employment of children and young persons is maintained through rigorous procedures in our hiring process. The Human Resources department will consistently conduct verification and inspections to uphold strict compliance with this policy, ensuring zero violations. Any instances of child labor violations can be reported directly to our Chief Sustainability Officer, Group Human Resource Manager, or Head of Internal Audit using the whistleblowing platform outlined in our Whistleblowing Policy. The practices include the following:

Prevention of Forced Labour Policy

Similarly, at Masteel, we uphold a zero-tolerance policy towards forced or compulsory labour as part of our commitment to safeguarding our employees and associated workers. Consequently, our prevention of forced labour policy explicitly articulates the following four guiding principles to mitigate any instances of forced labour.