Stakeholder Capital and Engagements
The Group understands that effective stakeholder engagements allows the gaining of valuable insights of material concerns and expectations of our stakeholders. Our stakeholder engagement strategy is integrated with our risk and business development management. We consider the dialogue with our stakeholders as a critical function in our business value chain. Our stakeholders who include our employees, customers, suppliers, regulators, society, shareholders and investors are regarded as business partners. Engaging with stakeholders builds an important capital, crucial for the sustainable success of the Group and products.
The Group places the responsibility of stakeholder engagement upon all management and employees. Ultimately, the Board is responsible for stakeholder engagement and management through various committees and business unit management. The Group’s approach to stakeholder engagement is such that business units are responsible for managing operational stakeholders while the corporate stakeholders are managed at Group level. Engaging with stakeholders allows the Group to identify and verify material issues impacting our business and stakeholders. Material issues identified at the business unit are evaluated at that level before being consolidated at Group level to inform corporate strategy and responses.
The Group’s stakeholder engagement framework is to categorise material issues raised by stakeholders into those relating to economic, environmental or social impacts and opportunities. The framework allows the Group to consider material issues with significant impacts on the Group and stakeholders to be disclosed for accountability and response strategy formulation.
ENGAGING WITH OUR STAKEHOLDERS
During 2018, the Group engaged with stakeholders and identified material issues presented below.
|Material Issues Raised or Stakeholder Concern||Mitigation Measures||Communication Channels|