BUSINESS CONTINUITY Why it matters Palm oil production plays a vital role in the economies of its production regions and the adoption of sustainable practices enhances the year-round livelihoods of smallholders and producers, thus promoting economic growth as well as rural development. Towards this end, business continuity which helps safeguard profitability and sustainability is crucial to ensure economic resilience. BPlant’s Approach BPlant aims to sustain economic growth through various initiatives, including the 25-Year Replanting Programme (RP25), which is designed to secure the Group’s continued advancement in the palm oil industry. The RP25 initiative involves strategically replanting 4% to 7% of our total cultivated area annually until 2045 to counteract the challenges posed by the ageing oil palm profile across our plantations. To achieve this, we will implement a three-year mechanisation plan, focusing on optimising harvesting operations, in-field crop evacuation, and external crop transportation. These concerted efforts aim to boost productivity and yield while also mitigating the growing labour scarcity in the sector. BPlant’s Progress Land Area of Replanted Oil Palm Trees hectare (ha) g 2021 g 2022 g 2023 Total 5,444 2,043 4,966 Peninsular 974 1,107 1,138 Sabah 4,470 936 3,828 BPlant’s total land area of replanted oil palm trees have seen a steady increase over the past 3 years. CORPORATE GOVERNANCE AND ANTI-CORRUPTION Why it matters Responsible corporate governance and robust anti-corruption protocols are indispensable across all industries, including the palm oil sector. Implementing sound practices in these areas ensures adherence to legal standards, mitigates risks, promotes fair competition, and contributes to the industry’s sustainability. By emphasising transparency and maintaining a rigorous anti-corruption policy, it reinforces our credibility and integrity in fostering public trust. BPlant’s Approach Corporate Governance BPlant places a strong emphasis on corporate governance to ensure accountability, transparency and ethical conduct across all our operations. The following policies have been put in place to uphold these principles: Sustainability Policy • To outline our commitment to conducting business in a manner that promotes environmental responsibility, social well-being, and economic viability Code of Ethics and Conduct • To outline our guidelines and principles that ensure professionalism and integrity throughout any and all business conducts Remuneration Policy and Procedure • To outline the framework and guidelines governing the compensation and benefits within the Group to ensure transparency, fair compensation and fairness for all employees Furthermore, to support the identification, evaluation and management of risk, we have established an Enterprise Risk Management Policy and Framework. Integrated Report 2023 149
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