Our governance philosophy is based on integrity and values that apply to all our employees. Maintaining high standards of ethics and behaviour set our business to operate in a responsible manner.
We recognise the importance of having a clear statement of principles and commitments. As a testament to Press Metal's pledge towards sound corporate governance, we established Group-level policies, each with a different scope and purpose.
The Group's codes and policies are incorporated in Employee Handbooks, posters and newsletters. When a new policy is implemented, or an existing policy is updated, employees are notified by email or through memorandums to ensure all individuals involved are well communicated. New hires are informed of these codes and policies during orientation.
Sustainability & Environmental Policies
• Baseline Recalculation PolicyEthics & Transparency Policies
• Anti-Bribery and Anti-Corruption PolicyCompliance Policies
• Insider Dealing PolicySocial Policies
• Diversity PolicyHealth & Safety Policies
• Occupational Health & Safety Policy
Our governance philosophy is based on integrity and values that applies to all our employees. Maintaining high standards of ethics and behaviour allows our business to operate in a responsible manner. Our expectations of ethical conduct extend to business associates, requiring our business associates to be familiar with Press Metal's codes and policies.
Press Metal's Code of Conduct (“CoC”) and the Code of Ethics (“CoE”) outlined the standards and principles of ethical behaviour that are expected from our Directors, Management, and employees, when executing their responsibilities or addressing ethical dilemmas. The CoC promotes a corporate culture centred on accountability, integrity, fairness, high performance, and non-discrimination as well as provides specific guidelines for handling conflicts of interest, employee interactions, and communication with superiors. The CoE is established to offer guidance in identifying and resolving ethical concerns, create channels for reporting unethical behaviour, and promote a culture of integrity and responsibility.
Press Metal’s zero tolerance stance towards any instances of bribery or corruption is stipulated in our Anti-Bribery and Anti-Corruption Policy (referred to as “ABAC Policy”). The ABAC Policy outlined activities that may constitute bribery and corruption, including but not limited to the offering, promising, giving, accepting or soliciting of an advantage as an inducement for an action, which is illegal, unethical, or a breach of trust or to refrain from acting. Bribery may take the form of financial or in-kind undue advantage that can be paid directly or through intermediaries. This includes the giving or receiving of any gratification or reward in the form of cash or in-kind of high value for performing a task in relation to his/ her job description.
The ABAC Policy is clearly communicated to all personnel, from Directors to employees, through various channels and they are expected to uphold it at all times. Press Metal also organises training and awareness-raising initiatives to ensure employees are equipped with necessary knowledge and tools to identify and report any instances of bribery or corruption. This approach is essential to create a culture of integrity within the Group, encouraging everyone to think critically about the impact of their actions and make choices that align with our values and principles.
Press Metal has institutionalised a Whistle-Blowing Policy to provide a formal and confidential channel for internal and external stakeholders to report in good faith of any misconduct or illegal acts, including acts that violate the CoC and CoE, corruption or bribery, and endangerment of our employees' health and safety.
Whistle-blowers can report allegations or suspected improper activities via one of these three (3) channels:
• Verbally to the Audit Committee Chairman and subsequently submitting the Whistle-Blower Form
• Emailing the Whistle-Blower Form to whistleblowing@pressmetal.com
• Forwarding the Whistle-Blower Form to the Audit Committee Chairman via sealed envelope
Tax Governance
Press Metal is committed to upholding the required standards of tax governance and compliance. The Board has oversight and responsibility over the implementation of Audit & Tax Policy and management of tax risks of the Group. The Chairman of the Audit Committee ("AC") who is also an Independent Non-Executive Director, is responsible for tax oversight matters.
Our Audit & Tax Policy forms the guiding principle for the Group to conduct tax affairs ethically and with integrity. Some of the matters covered in the policy include:
• Commitment to the required standards of tax governance and compliance
• Commitment to satisfy all income tax reporting and filling with adequate transparency and disclosures in accordance with laws and regulations
• Upholding principles of accountability, professionalism and transparency with tax authorities and regulators
• Ensuring tax payments are aligned with revenue generating from the same jurisdiction where we operate in accordance to laws and regulations
Framework For Rotation of Audit Firm and Audit Partner
Press Metal has adopted a Statutory Auditors, and Statutory Audit and Non-Audit Services (“Statutory Auditor Framework”) which ensures:
• Regular rotation of the lead audit partners, and to consider the necessity of a regular rotation of the audit firm
• AC to carry out an assessment on the performance, suitability and independence of the external auditors
Press Metal has set a condition that requires the lead partner and the quality control partner involved in the external audit to be rotated every seven (7) years and to observe a cooling-off period of five (5) years before being reappointed, aligned with the current professional standards by the Malaysian Institute of Accountants.
As the largest integrated aluminium producer in Southeast Asia, we recognise our role in promoting responsible procurement practices and reinforcing a sustainable value chain. Our procurement practices reflects our sustainability standards and expectations, are cascaded to our suppliers, contractors, service providers, and consultants. Our dedication to sustainability is reflected not only in our own operations but also in our interactions with suppliers, as we believe that sustainability must be a shared responsibility.
Having a robust risk management framework is critical as it allow us to anticipate, identify and prepare risk mitigation plan. These risks can arise in various forms, including economic, social, environmental, and operational. If exposed risks are not managed effectively, it may lead to significant financial losses, reputational damage, or other adverse consequences. Hence, in Press Metal we integrated our enterprise risk management framework into fundamental business functions, projects, and procedures, after taking into account relevant risks throughout our operations. This approach keeps the identified risks under surveillance with mitigation actions either in place or underway.
External certification provides reliable assurance to our stakeholders that validate Press Metal's ability to operate sustainably and ethically, with the necessary measures to mitigate risks.
ISO 9001:2015 (Quality Management Systems)
The Quality Policy forms the basis of our commitment to reliable and consistent requirements for all our production facilities. Press Metal's Quality Department has developed and continues to maintain a Quality Management Systems as part of our quality inspection practices, in compliance with the ISO 9001:2015 Standards. All our manufacturing operations are ISO 9001:2015 certified.
ISO 14001:2015 (Environmental Management Systems)
As an environmentally conscious organisation, we understand the importance of reducing our environmental footprint. Currently, approximately 78% of our manufacturing facilities are ISO 14001:2015 certified. Facilities yet to be certified implement management practices aligned with ISO 14001:2015 principles, supporting a consistent approach to environmental control, regulatory compliance, and continuous improvement.
ISO 45001:2018 (Occupational Health and Safety Management Systems)
Our Occupational Health and Safety Management System is guided by regulatory commitments and requirements, which include the Occupational Safety and Health (Amendment) Act 2022, enforced by the Department of Occupational Safety and Health of Malaysia, and the Law of the People's Republic of China on Work Safety. Currently, seven (7) out of nine (9) manufacturing entities, representing about 78%, have achieved ISO 45001:2018 Occupational Health and Safety Management Systems certification. The Group will continue to progressively expand certification coverage to the remaining manufacturing entities in line with operational readiness and strategic implementation priorities.
ISO 50001:2018 (Energy Management Systems)
With the adoption of ISO 50001:2018 Energy Management Systems (“EnMs”) enables Press Metal to systematically manage our energy use, leading to improved energy efficiency and cost savings. The EnMS framework reinforces our commitment to environmental responsibility and energy conservation by driving continuous energy efficiency improvements that contributes to a more sustainable and cost-effective aluminium producer. Our smelting operations, PMBTU and PMS, have been certified with ISO 50001:2018 in 2023, joining PMI, which was accredited with the certification in 2019.
IATF 16949:2016 on Automotive Quality Management Systems
The IATF 16949:2016 focuses on quality management system focused on processes, aiming to achieve ongoing enhancement, prevention of defects, and the minimisation of variations and inefficiencies within the supply chain. Our PMI, PMIT, and PMBA Nilai 1 subsidiaries have obtained IATF 16949:2016, which is a testament to our ability to meet customer requirements efficiently and effectively.
Aluminium Stewardship Initiative (ASI) Certifications
The ASI Performance Standard outlines comprehensive environmental, social, and governance (“ESG”) principles, addressing a wide range of sustainability issues. Our smelting facilities PMBTU, PMS, and extrusion facility, PMI have successfully achieved certification under this standard, reflecting our dedication to responsible production and continuous improvement.
Complementing this, the ASI Chain of Custody Standard supports responsible sourcing by tracing the aluminium products through each stage of the value chain, from mining or recycling to final production. Our PMBTU and PMS smelting facilities have attained certification to this standard, further enhancing transparency, accountability, and trust within our supply chain.