At Masteel, we uphold a resilient risk management framework that comprehensively addresses potential risks across economic, environmental, social and operational domains within the Group. Our commitment to proactive risk mitigation is reflected in the regular convening of the Risk Management Committee (“RMC”), tasked with the ongoing monitoring and management of risks in accordance with the Masteel Risk Management Framework (“RMF”). By adhering to our Risk Management Policy, which follows an Enterprise Risk Management approach, we ensure a robust foundation for identifying and mitigating risks, thus safeguarding against financial losses, reputational harm, and other adverse outcomes.

Notably, starting from FY2022, Masteel has expanded its risk management scope to include ESG risks, incorporating corresponding mitigation measures, underscoring our dedication to sustainability and responsible corporate citizenship. The RMC assumes a pivotal role in systematically identifying, assessing, monitoring, and prioritising ESG and climate-related risks and opportunities, while implementing practical management strategies to address them effectively. Through this integrated approach, we align our strategic objectives with risk management practices, ensuring that risks are appropriately considered in critical business decisions. Quarterly, the RMC delivers comprehensive risk updates to the Board of Directors, fostering transparency and accountability in our risk management processes.

For more details on our risk management initiatives, please refer to the corresponding sections in both the TCFD & ISSB report on page 109 and our Annual Report.