VALZ HLDG Sustainability Report
FY2022
Contents | |
CEO MESSAGE ........................................................................................................................................... | 2 |
SUPPORT THE UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS (UN SDGs) ..... | 5 |
ABOUT THIS REPORT............................................................................................................................. | 6 |
Corporate Profile...................................................................................................................................... | 8 |
Our Business Location ............................................................................................................................. | 9 |
Our Core Business ................................................................................................................................... | 10 |
BUSINESS MEMBERSHIP..................................................................................................................... | 12 |
Membership Association ...................................................................................................................... | 12 |
Relevant Certifications .......................................................................................................................... | 12 |
OUR BRAND............................................................................................................................................. | 13 |
Corporate Social Responsibility ........................................................................................................ | 14 |
Our Reporting Approach ..................................................................................................................... | 15 |
Stakeholder Engagement..................................................................................................................... | 16 |
Material Topic Identification.............................................................................................................. | 18 |
ECONOMIC PERFORMANCE & GOVERNANCE.............................................................................. | 20 |
BUSINESS CONDUCT .............................................................................................................................. | 21 |
Governance Structure ............................................................................................................................ | 22 |
Regulatory and Legal Compliance..................................................................................................... | 23 |
Economic Performance............................................................................................................................. | 24 |
ENVIRONMENT ...................................................................................................................................... | 28 |
Environmental Protection.................................................................................................................... | 29 |
Developments in Energy Transitions .............................................................................................. | 30 |
SOCIAL....................................................................................................................................................... | 32 |
Occupational Health and Safety ......................................................................................................... | 33 |
Talent Management................................................................................................................................ | 35 |
Employee Relationship.......................................................................................................................... | 37 |
GLOBAL REPORTING INITIATIVE INDEX....................................................................................... | 39 |
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CEO MESSAGE
Dear Stakeholders,
Vallianz Holdings Limited ("Vallianz" or the "Company" and together with our subsidiaries, the "Group"), would like to present our Sustainability Report (the "Report") for the financial year ended 31 March 2022 ("FY2022").
This Report demonstrates to our stakeholders our commitment to creating a sustainable business model, where adopting the best sustainable practices in the economics, environment, social and governance ("EESG") areas are fundamental to our business.
Our Focus on Sustainability
The Board has been involved in the Group's sustainability efforts by actively overseeing Management's responsibilities of identifying, managing, and monitoring material EESG topics. As such, the Group will continue to address our challenges and drive long-term growth while mitigating the environmental and social risks that might have a negative financial impact on our business.
In 2021, the Group committed to support the 17 United Nations Sustainable Development Goals ("UN SDGs") and has linked these goals with our material sustainability activities. In 2022, we continue to support the UN SDGs and strive to commit to play our part in achieving these global goals.
In FY2022, the Company has continued to adopt the Global Reporting Initiative ("GRI") reporting framework.
While we have incorporated a sustainability philosophy and mindset within our business, we understand the additional need to articulate and convey our efforts in this area to our stakeholders and the public. We hope that this Report would achieve such an objective.
Global Challenges
The post-COVID-19 global pandemic and the Russia-Ukraine conflict have impacted our society and business in unprecedented ways. Although gradual recovery from the impact of the COVID-19 pandemic is underway, the Russia-Ukraine war brings more uncertainty at this time such as a surge in fuel prices, resource shortages and so on. This is coupled with other economic factors such as rising inflation rates and labour costs.
Despite the challenges, it has made us more aware that as a Group, we should pay more attention to sustainability, social well-being, environmental climate actions and to pursue long-term sustainable delivery in our businesses.
For companies operating in the global energy industry, the steep and sudden decline in global oil demand brought about by the pandemic had a devastating impact across the entire value chain. As crude oil prices plummeted, the Organization of Petroleum Exporting Countries ("OPEC") and its allies responded by cutting production to support the market and keeping a lid on crude oil inventories. This had a ripple effect across the
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global supply chain as it caused a slowdown in exploration activities, deferment of new projects and a general decline in the demand for oilfield support services.
We will continue to strengthen our network in the Middle East region during this challenging period to prepare the Group for a recovery in offshore activities when the time comes. Simultaneously, as we pursue our business development plans, we keep a close watch on operational costs and continually work to enhance the Group's operational efficiency.
Moving forward, the Board will continue to support the Group to create long-term value for our stakeholders through responsible business practices for a sustainable future. Ling Yong Wah
Chief Executive Officer
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BOARD STATEMENT
Vallianz, together with our subsidiaries, hold the highest standards of professional conduct, accountability and transparency. We continue to conduct our businesses responsibly and integrate sustainability into our operations to achieve the best possible outcomes for all our stakeholders. We strive to maintain a safe working environment good corporate governance practices with zero tolerance for corruption or fraud, and further our participation in environmental conservation activities.
This sustainability report details how Vallianz, as a group, manages our material EESG impacts to create a positive value for our stakeholders. The board has reviewed and endorsed this sustainability report.
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Disclaimer
Vallianz Holdings Limited published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2022 07:43:03 UTC.
