MASTEEL SUSTAINABILITY
Material Sustainability Matters
In FY2024, we conducted a comprehensive reassessment of our material sustainability matters (“MSM”) through an online stakeholder survey, refining our sustainability focus in alignment with Bursa Malaysia’s Sustainability Toolkit: Materiality Assessment (3rd Edition) and Global Reporting Initiative (“GRI”) Standards. This reassessment aimed to reclassify and redefine the significance of various sustainability issues to Masteel, ensuring that our strategy remains responsive to stakeholder expectations, regulatory requirements, and industry advancements. As a result, we identified 15 key MSMs that are strategically important to our business resilience, governance, and environmental impact.
Understanding the evolving business landscape is essential for Masteel to capitalise on emerging opportunities while proactively mitigating risks that may affect long-term value creation. A robust materiality assessment is integral to this process, helping us identify, evaluate, and prioritise sustainability issues that hold the greatest significance for our stakeholders and business operations. The reclassification of MSMs in FY2024 was based on a thorough analysis of stakeholder perspectives, market trends, and regulatory shifts, considering their relevance to Masteel’s operational, financial, and sustainability performance. This process provided valuable insights into emerging risks, business impacts, and growth opportunities, reinforcing our commitment to embedding sustainability into our corporate strategy.
Our reassessment placed a stronger emphasis on climate action, resource efficiency, supply chain resilience, ethical governance, workforce well-being, and technological innovation, ensuring that our sustainability efforts align with both business imperatives and stakeholder priorities. This report details the four key stages of our materiality assessment and review process: identification, evaluation, prioritisation, and validation. It also outlines our structured approach to comprehensively understanding sustainability challenges and integrating these insights into strategic decision-making. By continuously refining our materiality framework, Masteel strengthens its ability to navigate sustainability-related risks and seize opportunities, fostering long-term resilience and value creation.
