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Stakeholder Participation Governance Policy
Introduction
SITC International recognizes the importance of establishing and maintaining good relationships with various stakeholders to ensure the company's sustainable development. To this end, the company has formulated this stakeholder participation governance policy, which aims to clarify the principles, methods and procedures for interaction between the company and various stakeholders to achieve effective communication, cooperation and win-win results.
1. Policy objectives
This policy aims to achieve the following objectives:
1) Enhance communication and cooperation between the company and stakeholders;
2) Understand and meet the reasonable needs and expectations of stakeholders;
3) Ensure the company’s stakeholder engagement strategy is applied across all operations
4) Reduce potential reputational risks and improve the company’s social recognition and credibility;
5) Improve the company's business decision-making and management practices and enhance the company's sustainable development capabilities.
2. Stakeholder Policy Coverage
This policy/procedure applies to all companies and operations within the Group.
Covers internal departments and employees within the group, all upstream and downstream stakeholders involved in the company's operations, local stakeholders, and other stakeholders.
Stakeholders in this policy include but are not limited to: employees, customers, suppliers, financial institutions, shareholders, investors, government regulatory authorities, media, communities, local governments, non-governmental organizations and other groups.
3. Guidelines for identifying stakeholders:
The company will identify stakeholders by:
1) Understand the expectations and needs of various stakeholders for the company through market research, social surveys, etc.;
2) Identify stakeholders that may have an impact on the company's operations through the company's internal risk management and assessment mechanism;
3) Understand their opinions and suggestions on the company through direct communication with stakeholders.
4. Stakeholder Prioritization Guide:
The company will follow the following assessment methods to determine stakeholder priorities in different dimensions:
1) For stakeholders in a general sense, we divide them into core stakeholders (employees, customers), important stakeholders (shareholders, investors, financial institutions, suppliers, etc.), secondary stakeholders (media, community) etc. and make adjustments based on periodic evaluations. Evaluation factors include the degree of interest, influence and voice of stakeholders, frequency and quality of interaction, legality and legitimacy, etc.
2) For local stakeholders (communities, authorities, media, associations and NGOs, etc.), i.e. stakeholder engagement at the local operational level of the company (i.e. branches, terminals, ships, etc.), these stakeholders across different regions and countries. Therefore, assessing local stakeholder importance factors includes assessing: 1) the cultural background and values of the local community 2) the economic interests of the local community 3) the environment and ecology of the local community 4) the requirements of local government and regulatory authorities.
5. Guidelines for deciding how to participate:
The company will interact with stakeholders in the following ways based on their needs and characteristics:
1) Dialogue: Face-to-face exchange and communication with stakeholders;
2) Negotiation: Work with stakeholders to find solutions and achieve common development;
3) Interactive website: interact with stakeholders online through company websites, social media and other channels;
4) Other ways: Take other appropriate ways to interact with stakeholders based on needs and actual conditions.
6. Guidelines for ensuring that stakeholders have sufficient capabilities to interact with the company:
The company will take the following measures to ensure that stakeholders have sufficient ability to interact with the company:
1) Provide necessary information and resources to help stakeholders understand the company's operating status and decision-making process;
2) Provide necessary training and capacity-building measures for stakeholders to improve their ability to participate in interactions;
3) Establish a special complaint channel to facilitate stakeholders to provide opinions and suggestions to the company when necessary.
7. Guidelines for handling stakeholder engagement risks:
The company will take the following measures to deal with stakeholder participation risks:
1) Identify stakeholders that may have an impact on the company's operations through risk management and assessment mechanisms;
2) Establish good communication and cooperation relationships with stakeholders, understand their needs and expectations in a timely manner, and reduce the possibility of conflicts of interest;
3) Establish a special complaint channel to handle complaints and opinions from stakeholders in a timely manner.
8. Guidelines for communicating the results of stakeholder engagement:
The company will take the following measures to communicate the results of stakeholder engagement:
1) Provide stakeholders with information on the company's operating status, policies and activities through the company's website, annual reports, announcements and other channels;
2) Communicate regularly with stakeholders and provide timely feedback on their opinions and suggestions;
3) When necessary, jointly issue announcements or statements with stakeholders to convey the results of the participation.
9. Policy principles
The company will interact with stakeholders based on the following principles:
1) Fairness: Ensure fair treatment with all stakeholders and avoid conflicts of interest;
2) Transparency: Provide sufficient, accurate and timely information so that stakeholders can understand the company's operating status and decision-making process;
3) Listening: Actively listen to the opinions and suggestions of stakeholders and fully consider their needs and expectations;
4) Cooperation: Work with stakeholders to find solutions and achieve common development;
5) Continuous improvement: Continuously optimize the company's management practices and business strategies based on feedback from stakeholders.
10. Participation methods and procedures
The company will interact with stakeholders in the following ways:
1) Regular surveys: Conduct stakeholder questionnaires at least once a year to understand the needs and expectations of stakeholders;
2) Information disclosure: Provide stakeholders with information such as the company's operating status, policies and activities through the company's website, annual reports, announcements and other channels;
3) Dialogue and consultation: organize regular or irregular stakeholder symposiums, seminars and other activities to communicate directly with stakeholders;
4) Complaint mechanism: Set up special complaint channels (such as hot lines, emails, etc.) to facilitate stakeholders to submit opinions and suggestions to the company's department responsible for group-level stakeholder engagement when necessary (for example, if the local feedback manager cannot be contacted);
5) Project cooperation: Carry out projects together with stakeholders to achieve resource sharing, risk sharing and benefit sharing.
11. Responsibility and supervision
1) The company's board of directors is responsible for formulating, approving and supervising the implementation of this policy;
2) The company has a special department responsible for managing stakeholder participation, and is responsible for organizing, coordinating and executing this policy, as well as the status of stakeholder participation;
3) Each business department and local branches are responsible for cooperation and communication with stakeholders in accordance with this policy;
4) The company will regularly evaluate the implementation of this policy and make adjustments and improvements as necessary.
12. Supplementary Provisions
This policy is effective from the date of approval by the Board of Directors. The company will revise and improve this policy from time to time based on the actual situation and the needs of stakeholders, and publish it on the company's website. The right to interpret this policy belongs to the company's board of directors.