Our Strong Leadership Paves The Way ANNUAL INTEGRATED REPORT 2022 21 Chairman’s Statement SETTING THE STAGE FOR SUSTAINABLE GROWTH In the year under review, the Group’s focus was on developing new strategies to support its aspiration of advancing responsibly and creating long-term sustainable value for our shareholders. Going forward, the Group’s Business Plan 2025 (BP25) contains specific initiatives that will enable us to expand beyond the traditional Upstream and Downstream spaces in which FGV operates, as well as in our Logistics and Sugar businesses. Broadly, the Plantation Sector remains committed to implement good labour and agricultural practices, innovate, and maximise production to mitigate any potential setbacks. Despite the ongoing challenge of high input costs in the Sugar Sector, we are determined to adopt a proactive approach to manage risk. We plan to employ strategic hedging practices for raw sugar, currency, and crude oil, while also prioritising efforts to increase production and enhance reliability. In the Logistics & Others Sector, our businesses will have greater opportunities for growth as economies continue to recover. However, beyond the products and services that we will bring to the market, what happens behind the scenes is equally important. In this context, we will need a mindset shift within FGV to one that embraces lifelong learning and an entrepreneurial culture to explore the potential capabilities of the Group. Here, employees should embrace continuous learning not only for the benefit of the Company, but also to uplift their professional and personal lives. This is why we continue to invest significantly in upskilling and training across all levels of our employees. As part of our ongoing efforts to foster a culture of innovation and inculcate PRIDE values among our employees, we launched the inaugural edition of the Chairman’s Innovation Award, which received an impressive total of 34 entries from our subsidiaries. These entries were evaluated based on a range of criteria, Celebrating our Chairman’s Innovation Award winners, inspiring us to innovate and grow towards a brighter future. including productivity, Environmental, Social and Governance (ESG) and safety, scalability, presentation and concept. After careful consideration, FGV Palm Industries Sdn Bhd stood out with its Rotary Drum Oil Skimmer (RODOS) and Automated Steriliser, which demonstrated significant potential to enhance our operations and drive sustainable growth. Meanwhile, FGV R&D Sdn Bhd introduced its innovative Fortified Organic Fertiliser, which has the potential to revolutionise our approach to sustainable agriculture. Their ideas and initiatives are a testament to the creativity and ingenuity that underpins our success, and we look forward to building on this momentum to drive further innovation and growth in the future. ADVANCING RESPONSIBLY At FGV, we remain fully committed to advance the business in a responsible, sustainable and ethical manner. This is where ESG considerations take centre stage, providing us with the tools and frameworks to take FGV and the palm oil industry forward sustainably. In the year under review, we continued to build on our ESG agenda, especially in the context of responsible labour practices and gained considerable recognition domestically and regionally for our sustainability practices. In recognition of our ESG efforts, FGV received two significant awards in 2022. These were the 2022 Malaysia Sustainable Palm Oil Development Market Leadership Award from Frost & Sullivan’s Best Practices Awards and the Corporate Excellence in the Commodities Sector for Sustainable Value Chain Award 2022 from International Business Review ASEAN Awards. These awards serve as a massive encouragement for us to continue strengthening our ESG efforts together with our stakeholders.
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