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Boustead Plantations Berhad | Integrated Report 2023

COVER A
INSIDE THIS REPORT 1
OVERVIEW 4
Vision | Mission | Values 6
Who We Are 7
Key Highlights 8
Our Achievements 10
What We Do 12
Group Structure 14
Where We Operate 16
Indices Representation | Our Certifications | Our Collaborations 18
Our Competitive Advantage 19
Integrated Value Chain 20
Corporate Milestones 22
KEY MESSAGES 24
Chairman’s Statement 26
Chief Executive Officer’s Statement 28
Chief Financial Officer’s Statement 32
VALUE CREATION 34
Our Key Capitals 36
Our Value Creating Business Model 38
Stakeholder Engagement 40
MANAGEMENT DISCUSSION AND ANALYSIS 44
STRATEGIC REVIEW 46
Key Market Trends Shaping Our Business 46
Material Matters 49
Risks and Mitigation 57
Five-Year Strategic Roadmap 60
BUSINESS REVIEW 61
Plantation 61
Research and Development 65
PERFORMANCE REVIEW 68
Five-Year Group Financial Summary 68
Five-Year Group Financial Highlights 69
Key Focus 2024 70
Financial Calendar 71
LEADERSHIP 72
Corporate Information 74
Board at a Glance 75
Board of Directors 76
Profile of Directors 78
Our Appreciation to Former Directors 86
Senior Management Team 88
Profile of Senior Management Team 90
GOVERNANCE 96
Corporate Governance Overview Statement 98
Risk Committee Report 115
Statement on Risk Management and Internal Control 117
Audit Committee Report 123
Directors’ Responsibility Statement 128
Statement of Directors’ and CEO’s Interests 128
Calendar of Significant Events 2023 129
SUSTAINABILITY STATEMENT 132
An Overview of Boustead Plantations’ Statement 134
Our Journey to a Sustainable Future 136
Reflecting on Key 2023 Achievement 137
Outlining the Blueprint of Our Sustainability Approach 138
Focusing on the Material 142
Our Journey to Climate Action 145
Achieving Sustainable Growth 148
Safeguarding the Environment 155
Caring for Our People 165
Performance Data Table 175
Global Reporting Initiative Content Index 178
FINANCIAL STATEMENTS 181
Directors’ Report 182
Statement by Directors 186
Statutory Declaration 186
Independent Auditors’ Report 187
Income Statements 190
Statements of Comprehensive Income 191
Statements of Financial Position 192
Statements of Changes in Equity 194
Statements of Cash Flows 196
Accounting Policies 198
Notes to the Financial Statements 214

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