Fraser and Neave : Introduction to Economic Pillar

Introduction to Economic Pillar

RESPONSIBLE BUSINESS FUNDAMENTALS

Working

T	GETHER

F&N recognises the significant impact our business has on the societies and environments in which we operate. It is our responsibility as a prominent food and beverage organisation in Southeast Asia, to make informed decisions by carefully weighing the social, environmental, and financial implications of our activities.

We strive to be a regional leader by incorporating Responsible Business Fundamentals into the fabric of our operations, which includes the way we do business, including:

Responsible Business Practice

• Governance and Ethics
• Policy and Regulation
• Economic Performance

Responsible Product Stewardship

• Product Quality and Safety
• Product and Service Labelling
• Innovation

Responsible Supply Chain

• Supply Chain Stewardship

2025 SUSTAINABILITY TARGETS AND FOCUS AREAS

PRODUCT QUALITY AND SAFETY

FSSC 22000 and Halal Standard (or equivalent) certification for all plants by 2025

INNOVATION

10% product innovation for commercialised F&N products by 2025

SUPPLY CHAIN STEWARDSHIP

100% of active key suppliers accept and comply with F&N's SCOP by 2025

Contributing to SDGs

Primary

Secondary

46 SUSTAINABLE TOGETHER

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Sustainability Report 2023

RESPONSIBLE BUSINESS PRACTICE

Our business is built on the foundation of upholding responsible business practices. We communicate our robust governance policies and standards of ethical behaviour transparently, to maintain trust with our stakeholders. These practices flow into every part of F&N, including our financial performance, risk management, and our interactions with suppliers and customers.

In this chapter, we elaborate on how we support responsible business practices in the organisation:

• Governance and Ethics
• Policy and Regulation
• Economic Performance

GOVERNANCE AND ETHICS	SDG
GRI Index:
GRI 2-9, GRI 2-12, GRI 2-13,
GRI 2-14, GRI 2-15, GRI 2-16,
GRI 205-3

ESG issues are incorporated in the formulation of F&N's business strategy. As part of the Board's Conduct of Affairs, the Board "considers sustainability issues such as environmental and social factors as part of its strategic formulation". F&N's long- term business direction is ensured by the Board to be guided by sustainability principles. They have an ultimate oversight of all sustainability issues.

As a Board level committee, the F&N SRMC is responsible for steering the Group's on-going sustainability efforts. This committee ensures sustainability risks and opportunities are considered at the highest level of F&N by providing strong support to the management team. The SRMC has the responsibility to approve all strategic initiatives and policies related to sustainability in F&N.

The F&N SDC supports the overall direction of the SRMC by monitoring and reporting the progress of F&N's sustainability projects. The SDC is supported by the Sustainability Development Working Team which consists of cross- functional representatives who take on various roles. They monitor the performance of designated goals, drive initiatives at an operational level, and gather data for reporting. For further information on the Sustainability Development &

Risk Management Governance Structure, refer to "TCFD and Climate Risk Management" summary on page 35 of this Report. In FY2023, the SRMC and SDC convened on sustainability matters three times each.

As part of the Board's Conduct of Affairs, the Board "considers sustainability issues such as environmental and social factors as part of its strategic formulation"

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F&N Board

Sustainability and

Risk Management Committee

Sustainability Development Committee

Sustainability Development

Working Team

Sustainability Reporting Secretariat

Pillar Heads and

Sustainability Initiatives Champions

Sustainability Data Owners

Sustainability Development

Committee (SDC) Composition

Hui Choon Kit (Chairman)

Chief Executive Officer

Lim Yew Hoe

Chief Executive Officer, F&NHB

Siew Peng Yim

Chief Executive Officer, Times Publishing Group

Christopher Leong

Senior Director, Group Finance

Josephine Woo*

Senior Director, Group Human Capital

Lai Kah Shen

Director, Group Finance

Dr Yap Peng Kang*

Senior Director, Group R&D and Projects

Jennifer See

Managing Director, Singapore and YFI Malaysia, FNFS

Waradej Patpitak*

Director, Manufacturing & Supply Chain, F&NDT

Celine Tan*

Director, Regional Marketing (Beverages)

* Pillar Heads in the Sustainability Development Working Team

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02 - RESPONSIBLE BUSINESS FUNDAMENTALS

RESPONSIBLE BUSINESS PRACTICE

Approach

Risk Management

Risk appetite and risk tolerance statements are reviewed by the SRMC and approved by the Board annually. Each business division has a dedicated risk coordinator to conduct risk analysis with management. The risk coordinators will be responsible to compile and submit the report to the division heads as well as to conduct briefings on risk policies and practices.

Management identifies risks through the Enterprise Risk Management ("ERM") process by assessing the likelihood of the risks' occurrences and their potential impact on business. The outcomes of identified risks are consolidated in a Corporate Risk Scorecard as a reference for the rest of the Group. At the end of the FY, the Board receives assurance from the CEO of the company, Senior Director, Group Finance, Business Unit CEOs, Chief Financial Officer, and other key management who are responsible for each of the Group's business divisions, that the risk management and internal control systems are adequate and effective in addressing the risks, including key climate-related risks and opportunities, identified by the Group. Through our internal and external mechanisms, the Board would be informed of concerns around potential or identified negative ESG impacts raised by stakeholders.

To drive our strategic decisions for the FY, we have identified the key priorities for sustainability issues, including the related risks and opportunities, and integrated it into our overall risk management framework.

Three perspectives were considered in assessing the sustainability risks:

• Review risks from external sources. For example, environmental trends, consumer trends, stakeholders' expectations, and legal and regulatory developments;
• Review potential impact which F&N products might have on the environment; and
• Review new and emerging risks from external sources as well as within the organisation

Some of the examples of key sustainability-related risks F&N had identified were:

• Increasing awareness of sugar consumption among consumers
• Plastic usage and its impact on health and the environment
• Supply chain management
• Talent management
• Product quality and safety
• Human Rights
• Climate Change

Start

Identify potential risks

Corporate

of strategies and

Risk Scorecard

objectives chosen

enables

subsidiaries

within the Group

to adopt the

same benchmark

and report on

a common

platform with

ERM

Set this year's

The risk likelihood

Risk assessment

business strategies

and risk impact is

and objectives

outcomes are

determined for

consolidated into

each risk

Corporate Risk

Scorecard

Risks are

Review previous

assessed based

year's business

on likelihood of

strategies

occurrence (risk

and objectives

likelihood) and

the potential

impact on

the relevant

business

(risk impact)

End

48 SUSTAINABLE TOGETHER	Fraser and Neave, Limited & Subsidiary Companies
	Sustainability Report 2023

CORPORATE GOVERNANCE

F&N's governance system is supported by policies and frameworks to ensure relevant controls and processes are in place. The Group supports the UN Guiding Principles on Business and Human Rights, International Labour Organisation ("ILO") guidelines, Thailand's Labour Protection Act and Malaysia Employment Act 1955, and has covered these guidelines and legal requirements in our internal policies.

List of policies

• Anti-BriberyPolicy
• Human Rights Policy
• Supplier Code of Practice
• Code of Business Conduct
• Personal Data Protection Policy
• Whistle-BlowingPolicy
• Workplace Safety, Health & Security Policy

POLICY AND REGULATION

GRI Index:

GRI 2-23, GRI 2-24, GRI 2-26, GRI 2-27

Violations of any codes can be reported through any of these mechanisms:

1. Email to [e-mail]
2. Contact us at [phone]
3. Any reporting mechanism provided in existing F&N policies

The F&N Code of Business Conduct states the principles upheld by F&N, which are related to integrity, respect, and excellence. This Code is communicated to our employees and is made available on our intranet. To disclose possible conflicts of interest with F&N, an annual acknowledgement and declaration by employees is required.

F&N Executives went through training on risk management, ESG, anti-bribery, whistleblowing, and business ethics.

The Board sets good principles of ethics and values for the Group, ensures proper accountability within the Group, and seeks to ensure that obligations to shareholders and other stakeholders are understood and met. In FY2023, 100% of our operations were assessed for corruption, and there were no known substantiated bribery and corruption cases.

SDG

F&N places high importance on regulatory compliance across our operations and engages with policymakers in a responsible and transparent manner.

Ensuring halal compliance and maintaining halal integrity is of utmost importance in Malaysia, a pre-dominantly Muslim country. It is F&N's imperative to ensure strict adherence and implementation of halal standards throughout our operations, and even the supply chain, to provide confidence to our Muslim consumers.

Approach

Halal Policy

Halal integrity is maintained throughout F&N's supply chain, including our distributors and retailers, to meet the needs and provide confidence to our local and global Muslim consumers. F&N scrutinises the handling process of our ingredients in our operations and supply chain to prevent mixing non-halal ingredients with the halal ingredients.

F&NHB has adopted a 2-tier halal management structure to drive halal development at the Group level:

• With support from the Halal Affairs Department, F&NHB established a Group Halal Council in 2016 to determine policies and strategies.
• Each of its manufacturing facilities has an internal Halal Committee which is responsible for all matters pertaining to Halal compliance in the supply chain; from the procurement of ingredients and raw materials, management of manufacturing facilities and personnel involved in production processes, to the storage, warehousing, and transportation of our products.

F&N is awarded with product halal certifications by complying with the halal audit requirements by regulatory authorities, such as the Department of Islamic Development Malaysia (JAKIM) and other relevant Islamic certification authorities, such as MUI, CICOT, MUIS, and adherence to the Good Halal Manufacturing Practices.

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02 - RESPONSIBLE BUSINESS FUNDAMENTALS

RESPONSIBLE BUSINESS PRACTICE

Halal Standards

F&NHB's products are halal certified by JAKIM and other relevant authorised Islamic certification bodies, in accordance with the Halalan Toyyiban standards and the Islamic Shariah Law requirements.

F&NHB contributes to developing halal-related standards with the Federation of Malaysian Manufacturers ("FMM") and JAKIM through trade associations, such as the Sertu standards and Malaysian Standard 1514 Good Manufacturing Practice (GMP for food).

F&N commits to adhering to the halal standards and requirements by strengthening our employees' awareness and understanding through the following initiatives:

• Regular halal awareness training programme
• Auditing our distributors and training transporters to actively ensure the downstream of our supply chain is halal compliant
• Perform Sertu (ritual cleansing) on our second-hand machines brought into our factories
• Strictly prohibit non-halal food/drinks within factory premises, including the office and canteen.

Performance

F&N is an apolitical company and does not contribute in any way to any political party or activity.

We are an active member of various trade associations such as FMM, Thai Chamber of Commerce, Federation of Thai Industry and Thai Dairy Industry Association.

Policy and Regulatory Body Engagements

Nutrition

F&N has collaborated with authorities like Singapore's Health Promotion Board, Singapore Food Agency, Ministry of Health, and FMM to adhere to food safety regulations.

Employee Safety, Health and Well-being

Safety is integrated across our operations through the implementation of Environmental, Safety and Health ("ESH") systems and monitoring processes. Our alignment with international standards - ISO 14001 and ISO 45001 for our major sites - demonstrates our commitment to extend our safety practices beyond compliance with national regulations. All employees, workers and activities are covered by our ESH systems, and all workers receive adequate training and appropriate safety equipment, where applicable.

Environmental Compliance and Management

The F&B manufacturing process involves the generation of liquid (effluent) and solid wastes. We strive to improve our solid waste management by identifying key waste streams from which we can recycle and reduce waste.

Our ESH Policy and adherence to the circular economy principles provides waste management guidance to F&N

• e.g. the quality of our effluent discharges. We apply strict standards to our waste management and continuously explore alternative uses for 'waste' from our operations.

New SGX Sustainability Reporting guidelines

SGX had updated the Sustainability Reporting guidelines to also mandate listed companies to subject

• The sustainability reporting process to internal review by the Internal Audit ("IA") function; and

Product and Service Labelling

We ensure that our marketing and advertising activities do not violate any ethical standards. F&NHB adheres to the Malaysian Code of Advertising Practice in Malaysia and the Consumer Protection Act of B.E. 2522 (1979) in Thailand. In Malaysia, F&NHB is a signatory to the 'Responsible Advertising to Children' initiative and has pledged to restrict marketing to children under 12 years of age.

Quality Management

We adhere to all health and safety regulations applicable to the F&B industry for the markets in which we operate. All F&N products are manufactured under stringent international quality and food safety standards. Every stage of our production processes is subjected to rigorous quality control procedures.

• All Board directors to undergo sustainability training.

In line with the SGX Listing Rule 711B, the IA Department conducts an internal review of the Group's sustainability reporting process. Such a review focus on the design of the internal controls and compliance with policies and procedures; ensuring data accuracy and integrity of the sustainability reporting process for selected business units included in the approved internal audit plan. In FY2023, no material issues were identified through this review.

F&N had also ensured that the Board Directors had attended the recommended sustainability training courses. All of the Board Directors in office, as at the end of FY2023, had completed the required training on sustainability matters, as prescribed by SGX, during the course of FY2023.

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ECONOMIC PERFORMANCE

GRI Index:

GRI 201-1

F&N's business success is based upon long-term value creation for our stakeholders. This is achieved by maintaining leadership in our core markets, leveraging innovative technologies, engaging our employees' expertise to meet consumers' evolving demands, and to enter new markets. Our economic performance provides us with a firm foundation to continue delivering the products our customers love.

The F&N Business Model is explained in detail on pages 16 and 17 of this Report. F&N's economic performance depends upon six capitals - Financial, Manufactured, Intellectual, Human, Social and Relation, and Natural. Our sustainability initiatives support F&N's abilities to create financial value.

Our full economic performance can be found in our audited financial statements, as part of our FY2023 Annual Report:

• Group Financial Highlights, pages 14 to 15
• Group Financial Statements, pages 107 to 114

Performance

FY2021 Revenue		FY2022 Revenue		FY2023 Revenue
$1,879m		$2,003m		$2,099m
SINGAPORE	22%	SINGAPORE	22%	SINGAPORE	20%
MALAYSIA	35%	MALAYSIA	38%	MALAYSIA	40%
THAILAND	35%	THAILAND	33%	THAILAND	31%
OTHERS	8%	OTHERS	7%	OTHERS	9%

Dividend ($m)

73	73	80
FY	FY	FY
2021	2022	2023

Cost of Sales ($m)

1,296	1,429	1,476
FY	FY	FY
2021	2022	2023

Employee Benefit Expenses1 ($m)

255	255	270
FY	FY	FY
2021	2022	2023

Taxation ($m)

35
	25
		19
FY	FY	FY
2021	2022	2023

Profit After Tax ($m)

195	177	205
FY	FY	FY
2021	2022	2023

Economic Value Retained2 ($m)

220	221	254
FY	FY	FY
2021	2022	2023

Notes:

1 Employee Benefit Expenses comprise Staff Costs, Employee Shared Based Expenses Defined Contribution Plans and Defined Benefit Plans

2 Economic value retained = Direct economic value generated (Revenue) less Economic value distributed (Cost of Sales, Employee Benefit Expenses, Taxation, Dividend). Community investments are not included

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02 - RESPONSIBLE BUSINESS FUNDAMENTALS

RESPONSIBLE PRODUCT STEWARDSHIP

Our philosophy 'Pure Enjoyment. Pure Goodness' is our commitment to consumers to deliver good quality products that adhere to safety standards. Putting our customers first in our product stewardship approach, we are committed to provide product information that is viewed as important by our customers. We also continuously innovate to meet the changing needs and wants of our customers.

In this chapter, we elaborate on how responsible product stewardship is ensured:

• Product Quality and Safety
• Product and Service Labelling
• Innovation

PRODUCT QUALITY	SDG
AND SAFETY

GRI Index:

GRI 416-2

Product Quality and Safety is a core principle embedded in F&N's culture. Our 140 years of success is built on offering products that have earned the trust, created the satisfaction, and have considered the well-being of our consumers. This requires a holistic approach to quality and safety across our products.

Approach

From boots to boardroom, we promote a culture of good product quality and safety standards. F&N adheres to all health and safety regulations applicable to the F&B industry for the markets we operate in. Our plants are certified

with international standards - FSSC 22000, ISO 22000 and HACCP Food Safety management systems, and our production processes at all stages are subjected to rigorous quality control procedures. The F&N SRMC regularly reviews the key risks related to product quality and safety.

All critical suppliers were audited on food safety regulations and standards, and none were found to be non-compliant this year. We assess a range of quality assurance and food security criteria to safeguard the health of consumers and the safety of workers in our supply chain. Our suppliers are assessed

on the basis of: the implementation and monitoring of good manufacturing processes, use of protective clothing, food safety management systems, and chemical management.

We are committed to good product quality and food safety and have obtained

local and international certifications, such as:

FNFS	F&NHB (including F&NDT)	F&NUL	F&NCM
• FSSC 22000 - Food Safety	• ISO 22000:2005 0 Food	• ISO 22000:2005 0 Food	• FSSC 22000 - Food Safety
System Certificate		Safety Management System		Safety Management System		System Certificate
• Halal certification	•	FSSC 22000 - Food Safety	•	FSSC 22000 - Food Safety	•	Halal certification
		System Certificate		System Certificate	•	Food Safety According
	•	Halal certification	•	Halal certification		to HACCP System MS
	• Food Safety According				1480:2007
		to Hazard Analysis and			•	Veterinary Health Mark
		Critical Control Point				(VHM) Certification
		(HACCP) System MS				(required for the export of
		1480:2007				dairy products)
	• Good Manufacturing
		Practice

Our production facilities follow strict operational procedures to ensure our products are stored and transported in good condition, e.g., appropriate temperature range, lighting, and stress on packages.

At F&N, we believe listening and acting on customers' feedback is critical to the customer experience. We provide multiple communication channels for customers to connect with us and share their feedback or enquiries - our product website, email address, or F&N's social media accounts like Facebook and Line. In Singapore, we have a hotline for customers to contact us directly.

	Product Quality and Safety is a core principle embedded in
	F&N's culture. Our 140 years of success is built on offering
	products that have earned the trust, created the satisfaction,
	and have considered the well-being of our consumers.
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2025 Target

Target

FSSC scheme 22000 and Halal Standard (or equivalent) certification for all plants by 2025

Performance

At the end of FY2023, 100% of our plants are certified halal, with 63% certified with FSSC 22000.

We focus our efforts on ensuring high halal standards through a holistic approach - incorporate a high halal standards culture, strengthen internal control, engage private and public stakeholders, and maintain halal communications.

Performance

GRI 416-2

All product categories comply with product labelling requirements

0 incidents of non-compliance concerning the health and safety impacts of products and services.

PRODUCT AND SERVICE LABELLING	SDGs
GRI Index:
GRI 417-1, GRI 417-2

We communicate information about our product quality, nutrition, safety, and disposal methods in a transparent manner by means of our packaging and labelling. It is essential that our labelling is comprehensive, accurate and clear for our consumers to make informed purchasing decisions.

Approach

Our comprehensive processes and controls ensure our labelling adheres to Singapore Food Regulations and to the guidelines set by the Singapore Food Agency. F&N adheres to the Food Act in Malaysia and all requirements of the Food and Drug Administration in Thailand.

All information disclosed on our labels are reviewed regularly by internal experts from Research and Development ("R&D") teams, Scientific & Regulatory Affairs teams, and dieticians, to ensure rigorous quality standards. Labels are then submitted to government authorities for verification and endorsement.

F&N goes beyond mandatory labelling requirements because we believe our customers deserve clarity and transparency in their purchases. Some of such comprehensive information included in our labels are - the Nutrition information panel at the back-of-pack which is not mandated by current regulations, the HCS and Healthier Choice Logo ("HCL") for

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relevant products in Singapore and Malaysia, respectively, and the energy icon at the front-of-pack for selected products in Malaysia. The Halal logo is also displayed on our Halal certified products for our Muslim consumers to easily identify suitable products that meet their diet requirements.

Our customers are increasingly concerned about the environmental footprint of our products. 100% of F&N products with carton packaging are Forest Stewardship Council ("FSC") certified cartons and labelled as such. FSC cartons are from responsibly managed forests and other controlled sources where new trees replace the ones harvested, through planting or natural regeneration.

We strictly adhere to marketing and advertising policies - the Singapore Code of Advertising Practice, Malaysian Code of Advertising Practice and the Consumer Protection Act of B.E. 2522 (1979) in Thailand. In Malaysia, F&NHB is a signatory to the 'Responsible Advertising to Children' initiative and have pledged to restrict marketing to children under 12 years of age. F&NHB adopts the guidelines by the Malaysian Advertisers Association, which pledges to ethical marketing standards, on a voluntary basis. F&N ensures our employees are aware and up to date with our stance on marketing ethics. Existing employees go through an annual training as a refresher course and our new marketing and communication hires participate in marketing ethics training during their new hire orientation.

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Sustainability Report 2023

02 - RESPONSIBLE BUSINESS FUNDAMENTALS

RESPONSIBLE PRODUCT STEWARDSHIP

Performance

GRI 417-1 (2016)	The sourcing of	Content,		Safe use of	Disposal of the	Other such
Requirements for	components of	particularly		the product or	product and	as Halal logo,
product and service	the product or	with regard	to	service	environmental/	Certification
information and	service	substances	that		social impacts	on HACCP,
labelling		might produce			Nutritional
		environment or			information
		social impact

	All product categories comply with product labelling requirements
GRI 417-2 (2016)	Throughout our product information, labelling and marketing communications efforts
Incidents of non-	in FY2023, to the best of our knowledge, there was no incident of non-compliance with
compliance concerning	regulations or voluntary codes resulting in a fine, penalty or warning.
product and service
information and
labelling

INNOVATION SDGs

Innovation plays a pivotal role in securing F&N's long- term business success. It serves as a proactive approach to address the growing concerns surrounding societal and environmental issues. F&N evolves to deliver new and unique product offerings, catering to consumers' changing needs and improving production efficiency. We are further guided by the principles of circular economy, driving us to continually innovate to extend product shelf life and enhance recyclability of our packaging to minimise waste.

Innovation plays a pivotal role in securing F&N's long-term business success. It serves as a proactive approach to address the growing concerns surrounding societal and environmental issues.

54 SUSTAINABLE TOGETHER

Approach

The R&D Unit of F&N in Singapore receives backing from teams located in Malaysia and Thailand. This unit leads the efforts for driving continuous improvements to our product formulations, in alignment with consumer preferences and regulatory requirements. Simultaneously, exploring innovative approaches to enhance the functional benefits and shelf life of our products.

F&N engages in a collaborative partnership with Nanyang Technological University ("NTU") through the F&N-NTU Food & Beverage Innovation Lab based in Singapore. This collaboration aims to nurture research endeavours focused on advancing food packaging technology and converting waste from food processing into valuable resources for the future. Our collaboration with NTU extends beyond the lab to include research. Our Group R&D team had also co-authored 3 innovation-related research papers with NTU around the topics of food nutrition.

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Sustainability Report 2023

Priority Areas		External Collaboration		Innovation Culture
Continuous improvement to deliver		Collaborate with authorities such		Develop products based on
high-quality innovative beverage		as Singapore's Health Promotion		scientific research, consumer
products to consumers.		Board, Singapore Food Agency		insights and tastes relevant to
		("SFA"), Ministry of Health		evolving Asian lifestyles.
More new products to expand our		("MOH"), Federation of Malaysian
target consumer groups.		Manufacturers and Thailand's Food		Constantly refine our products
		and Drug Administration to adhere		to meet the changing needs of
		to food safety regulations and		consumers and ensure consistent
		support national health priorities.		delivery of good taste and the right
				nutritional values.
		Collaborate with research institutes
		to access cutting-edge research
		and scientific studies to discern the
		efficacy of our products.

O urInn

o

vati

v

e

				k
				r
				o
			w
		e
	m
a
Fr

2025 Target

	Target	Performance
	At the end of FY2023,
	10% product innovation
	we achieved 5% of
	for commercialised F&N
	product innovation for
	products by 2025
	commercialised F&N
		products.

Innovation in F&N is guided by changing consumer demands with regards to - Health & Wellness, Convenience, and Sustainability.

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Consumer-Focused Product Innovation

Innovation in F&N is guided by changing consumer demands with regards to - Health & Wellness, Convenience, and Sustainability. These concerns are addressed by F&N in the following ways:

Convenience - Our consumers can easily order F&N products on e-commerce platforms and have it delivered to them. The F&N flagship online store - F&N Life - was launched in January 2020 in Malaysia and November 2021 in Singapore to allow consumers to order F&N products in bulk at competitive prices, with delivery to their homes. F&N Life offers product details and nutritional values, recipes, and loyalty programmes.

Health & Wellness - Developing healthy and nutritious products that our consumers love. More details can be found in the 'Nutrition' section of this Report.

Sustainability - Choosing materials sourced sustainably. More details can be found in the 'Supply Chain Stewardship' section of this Report.

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Sustainability Report 2023