Sustainability Report 2023 10 Governance and Controls over Tax Geo Energy’s CFO oversees the Group’s compliance with its tax strategy and the tax functions of the Group, with the support of the Group’s Tax and Finance departments. The Senior Tax Manager manages the tax functions of the Indonesian operations, while the Group Assistant Finance Controller manages the tax functions of the Singapore operations. Our Tax function is a vital element of the broader Finance function, and both the Finance and Tax functions strive to improve function effectiveness and tax efficiency. Our finance staff undergo training that covers tax issues, including the impact of tax policies on the Group’s overall business strategy and how the Finance and Tax departments can work together to align the Group’s tax strategy with its business strategy. Regular meetings are also held between the Finance and Tax departments to discuss the Group’s financial performance and potential risks. Tax risks are monitored by our Legal and Tax departments. They actively review new government regulations and assess the impact on the Group’s tax strategy and computation. We also seek the views of our legal and tax consultants on the evaluation of potential impacts. The findings and proposed action plan will be shared with the Board of Directors for discussion and approval. In addition, the Group’s tax liabilities and deferred taxes are audited annually by external auditors. Please refer to our Annual Report 2023 from page 37 to 99. The Group has a whistleblowing policy which provides an avenue for employees and external parties to raise any concerns and misconduct concerning tax-related matters. Please refer to our Annual Report 2023 on page 31 for further details regarding our whistleblowing policy. Stakeholder Engagement on Tax Matters We work actively with our external tax consultants to review our compliance of corporate tax and transfer pricing policies. We also engage with the tax authorities on tax regulations and tax uncertainties. When there are tax matters affecting the decisions of other stakeholders, we engage these stakeholders through meetings, forums, interviews and tools such as presentations to educate them on how tax matters may impact the Group. Our stakeholders are encouraged to provide feedback through our communication channels to ensure that the feedback is handled correctly. Country-by-Country Reporting Tax resident entities in Singapore and Indonesia are included in the Group’s consolidated financial statements. Please refer to our Annual Report 2023 from page 37 to 99. Due to confidentiality constraints, we do not provide countryby-country reporting.
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