Annual Report 2019
FAR EAST CONSORTIUM INTERNATIONAL LIMITED 60 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT SUSTAINABILITY GOVERNANCE Governance Structure Sound corporate governance and operation practices are fundamental to the Group’s sustainability governance and long-term development. The Board has ultimate responsibility for the oversight of the Group’s policies, initiatives and performance on ESG. The Board oversees and formulates ESG strategies of the Group, with the support of the ESG Committee. Led by Ms. Wing Kwan Winnie CHIU, Executive Director of the Company, the ESG Committee is dedicated to supporting ESG work, such as implementing ESG policies, monitoring ESG performance, stakeholder engagement and ESG performance disclosure. It reports to the Board on ESG matters whenever appropriate. To effectively embed sustainability into day-to-day operations in different regions, the Group plans to strengthen the sustainability governance structure in the future by establishing working groups under the ESG Committee. This allows for in-depth insights into developing more actionable and relevant ESG policies and initiatives. As a responsible player in the market, we dedicate ourselves to creating and maintaining economic, environmental and social value for our stakeholders. We have been reviewing and updating our ESG policies which underpin our commitment and approach to sustainability. Energy Health and safety of products and services Customer data privacy Customer satisfaction Anti-corruption Occupational health and safety Child and forced labour Equal opportunities Training and development Impact on the environment and natural resources Community investment ESG Group-level policies Operating practices Community Environmental Operating practices Sustainability Risk Management The Group values risk management by continuously maintaining and enhancing the effectiveness of the internal control systems. The Board has the responsibility for maintaining a sound and effective risk management and internal control system through the Audit Committee. It is the priority of the Audit Committee to review and monitor risks that endanger the achievement of business objectives. During FY2019, the Group has conducted an annual review on the risk management and internal control systems, and considered the systems in place effective and adequate with no significant areas of concern that could affect the Group being identified. For details of risk management and internal control systems, please refer to pages 139 to 142 of this Annual Report. Looking ahead, the Group will continue to enforce risk management as an on-going process to evaluate imminent environmental and social risks and enable formulation of timely responses to those risks.
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