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GOVERNANCE
Our governance practices underpin the way we manage our business and support the successful delivery of our strategy. It guides our ability to operate in a way that is both legally compliant and responsible and is embedded in our day-to-day business operations. We take our governance role seriously and recognise that, as guardian of our culture, the Board plays a vital role in defining the way in which we do business and leading by example. We pride ourselves on operating in an open, honest, transparent and responsible way that welcomes constructive challenge and debate.
MANAGEMENT INCENTIVE / EXECUTIVE COMPENSATION LINKED TO ESG METRICS
Towards further ensuring that the Company’s sustainability goals are advanced, Management is held accountable for the achievement of these goals, with executive compensation tied in with the managing of identified material Environmental, Social & Governance (ESG) issues.
To this end, 40% of their Key Performance Indicators (KPIs) are related to the Social pillar and aligned with the Group’s top 5 material issues. The ESG metrics used to determine executive compensation include:
| Key performance area | Performance indicator |
|---|---|
| Product Quality and Safety | Customer satisfaction index |
| Occupational health & safety | Occupational accident rate |
| Human Rights and Labour Practices | BSCI audits 'A' rating acheivement rate Acheivement rate of factories being audited against SMETA standard having not more than 10 non-compliances per audit |
| Reduce Carbon Emission | Scope 1 & 2 emission intensity reduction |
| Talent Retention | a)Annual employee engagement b)Succession pool cover ratio |
In FY2023, in tandem with the Group’s commitment to address climate change issue aggressively, carbon emission reduction will be incorporated as a Group KPI and will also be associated with executive compensation.
TAX PRINCIPLES & STRATEGY
Top Glove has outlined clear and sustainable tax strategies, articulating the following commitments:
A. Compliance with the spirit as well as the letter of the tax laws and regulations in countries in which we operate
B. Not to transfer value created to low tax jurisdictions
C. Not to use tax structures without commercial substance
D. Undertaking of transfer pricing using the arm’s length principle
E. Not to use secrecy jurisdictions or so-called “tax havens” for tax avoidance
F. The tax policy to be approved and overseen by the Board of Directors
MANAGEMENT SYSTEM & PRODUCT CERTIFICATION
As the world’s largest manufacturer of gloves, Top Glove is committed to demonstrate our top quality, environmental and safety performance in order to drive continuous improvement across our manufacturing business. We uphold our commitment towards Environmental, Social and Governance aspects through certifying our factories with various management system and product certification.
Below is the list of our applicable management system and product certification.
a. Management System Certification
| Num. | Type of Management System Certification | Year of Certified Since |
|---|---|---|
| 1 | ISO 13485 Quality Management System for Medical Device | 1999 |
| 2 | ISO 9001 Quality Management System | 2005 |
| 3 | HACCP Hazard Analysis Critical Control Point | 2005 |
| 4 | ISO 14001 Environmental Management System | 2012 |
| 5 | ISO 37001 Anti Bribery Management System | 2017 |
| 6 | MDSAP Medical Device Single Audit Program | 2018 |
| 7 | ISO 18788 Security Operational Management System | 2019 |
| 8 | HALAL | 2019 |
| 9 | BRC British Retail Consortium | 2019 |
| 10 | MS 1514 Good Manufacturing Practice (GMP) for Food | 2020 |
| 11 | FSC Forest Stewardship Council | 2020 |
| 12 | ISO 27001 Information Security Management System | 2020 |
| 13 | ISO 45001 Occupational Health and Safety Management System | 2021 |
| 14 | ISO 22716 Good Manufacturing Practice (GMP) for Cosmetics | 2021 |
| 15 | ISO 50001 Energy Management System | 2021 |
| 16 | MS 41001 Facility Management System | 2021 |
b. Product Certification
| No | Type of Product Certification |
|---|---|
| 1 | USA FDA 510K |
| 2 | Malaysia Rubber Board SMG Certificate |
| 3 | Malaysia JAKIM Halal Certificate |
| 4 | SGS UK EU MDD 93/42/EEC CE |
| 5 | SATRA EC Type Examination Certificate |
| 6 | Health Canada Medical Device License |
| 7 | Malaysia Medical Device Registration Certificate |
| 8 | China Registration Certificate for Medical Device, NMPA |
| 9 | Japan Registration Certificate of Foreign Medical Device Manufacturer |
| 10 | Russia Registration Certificate for a Medical Device |
| 11 | Saudi Arabia Medical Device Marketing Authorization |
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