Sustainability Report 2023 18 CORPORATE GOVERNANCE [GRI 2-12, 2-23, 2-24, 2-27, 3-3, 205-2, 205-3] At Geo Energy, we recognise our responsibility to maintain our sustainability stewardship. We have implemented established processes on risk identification and assessments to manage our impacts on the environment and social aspects. Conducting our business activities with integrity and fairness is a key priority for Geo Energy as we strive to maintain high levels of trust with our key stakeholders. We are committed to maintain robust governance practices by providing accountability and transparency in our operations which helps us maintain strict business integrity and is integral in creating long-term sustainable value. As such, we commit to the following strategic goals where we aim to: • Protect the interests of the Group’s stakeholder and create long-term sustainable value; • Uphold accountability and transparency throughout business operations; • Create and support an appropriate culture, values, and an ethical standard of conduct at all levels; • Establish a business operational culture with zero tolerance of fraud, bribery and corruption; • Implement a confidential channel for employees and external parties to raise concerns about business ethics and non-compliance; ensuring strong governance and responsible business ethics and integrity • Establish a clear and robust ERM Framework to safeguard Geo Energy against risks; and • Prevent and manage any conflicts of interest through our Conflict of Interest Policy. How we manage this Geo Energy complies with the Employment Act, Singapore’s main labour law. It provides for the basic terms and conditions at work for employees covered by the Act. Foreign employees holding a work pass are also covered by the Employment of Foreign Manpower Act, which outlines an employer’s responsibilities and obligations for employing foreigners. We are fully committed to ensure that human rights of all employees and our contractors, particularly the rights of indigenous people will be respected in line with international human rights conventions such as the International Labor Organisation (ILO) Convention and Singapore Employment Act. Policy documents are communicated to all employees on commencement of employment and Employment Act of Singapore’s main labour law and Employment of Foreign Manpower Act are available online. The development of the policies and standard operating procedures (SOPs) were done by the respective department in-charge, together with the Senior Management, to ensure stewardship by the department responsible for managing the policy implementation. The implementation of the policies and SOPs are overseen by the CFO of the organisation, with assistance from the respective department in-charge. We have our independent internal auditor to perform a yearly audit review and evaluation to ensure the compliance of the policies and SOPs by the Group (Singapore and Indonesia). The results/ findings will be reported to the Audit and Risk Committee and the Board. Our Code of Ethics and Conduct policy and Supplier Code of Conduct policy: • The Code of Ethics and Conduct policy is designed to provide guidance on legal, ethical and risk issues that may be encountered during the course of work which would enable employees to consider the impact that their actions may have on the broader interests of stakeholders. Our code of conduct helps the organisation make ethical choices that are guided by integrity, honesty and compliance, and the organisation is committed to comply with all HSE policies, standards and practices.
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