Materiality Assessment GRI 3-1

Process to Determine Material Topics

GC annually prepares material sustainability issues related to business operations covering the environmental, social and governance (ESG) dimensions. Appropriately, GC has implemented the Double Materiality assessment, which comprises two dimensions, namely (1) Impact to Business and (2) Impact to Environmental and Social. The impacts, which can be positive, negative, actual, or potential, are assessed based on stakeholder expectations across the business chain. GC also takes into account the petrochemical industry's sustainability trends and directions. Material sustainability issues are presented to the Sustainable Development Committee for verification of the assessment results’ consistency with the company’s context, goals, and strategies. This information is then presented to the management and the Corporate Governance and Sustainability Committee (Board Level) to obtain approval for the disclosure of information.

GC has assessed material sustainability issues based on the principle of Double Materiality of the European Union’s Corporate Sustainability Reporting Directive (CSRD) in accordance with the European Sustainability Reporting Standards (ESRS) which was developed by the European Financial Reporting Advisory Group (EFRAG) as well as other sustainability indicators, namely:

  • Global Reporting Initiative (GRI) Standards 2021
  • AA1000 Accountability Principles: AA1000AP (2018)
  • Dow Jones Sustainability Indices (DJSI)
  • International Financial Reporting Standards S1 and S2 (IFRS S1 and S2)
  • Sustainable Development Goals (SDGs)

The assessment results are incorporated as critical information in developing organizational strategies and integrated into the enterprise risk management process to enable appropriate management of top risks to the organization’s sustainability. GC monitors these sustainability-related risks and opportunities through its robust enterprise risk management framework. To further align and incentivize the performance of CEOs and top executives, GC has established short-term and long-term Key

Performance Indicators (KPIs), in accordance with the corporate indicator index for 2017 – 2027. These KPIs directly influence the remuneration packages of the top executives, which include salary, bonuses, and other benefits. They promote accountability in metrics such as energy efficiency, GHG emissions reduction, high value products development, and safety outcomes like Process Safety and TRIR rates, reinforcing GC’s commitment to long-term sustainability goals. Each and every step of the materiality assessment process is verified by an expert independent third-party agency. The process can be summarized into four principal steps as follows:

The materiality analysis comprises four main steps as follows:

Step 1

Understand The Organization’s Context

Step 2

Identify Actual and Potential Impacts

Step 3

Assess the Significance of the Impacts

Step 4

Prioritize the Most Significant Impacts for Reporting

Material Topics (GRI 3-2)

Based on the aforementioned materiality assessment process, GC has carried out all relevant steps in full compliance with the GRI standards and the Double Materiality principle. Most important material topics can be summarized in the table below.

Most Important Material Topics

GC has categorized the seven material topics mentioned above by combining issues related to product stewardship/ sustainable product with circular economy. This is because the principles of circular economy have been integrated into GC’s product stewardship/sustainable product operations. In this regard, GC’s most important material topics in 2023 can be summed up in the following six topics:

Most Important Material Topics

In addition, GC has analyzed the impact proportion of each material topic on all groups of stakeholders:

Impact Proportion of Each Material Topic on Stakeholders

GC’s Double Materiality Assessment 2023 (GRI 3-3)

Most Important Material Topics
Climate Strategy and Energy Management
Cause of Impact

Value Chain

  • Operations1
  • Products/Services2
  • Supply Chan3
Key Stakeholders

Investor

Public Sector

Supplier and Business Partner

Shareholder

Community

Main impact and Type of impact
  • Save operating costs
  • Increase operational efficiency
  • Promote corporate image and reputation
  • Build stakeholder confidence and trust
  • High operating costs
  • Loss of stakeholder confidence
Impact Period
  • Short-term
  • Long-term
Human Rights Impacts*

27. Right to an adequate standard of living (Housing, Food, Water & Sanitation): UDHR 25

31. Right to self-determination: UDHR 21

Main Reference SDGs
Risk Factor

Strategic Risk: - Decarbonization Implementation

Emerging Risk: - Failure to Mitigate Climate Change

Impact Materiality Level
Financial Materiality Level
Double Materially (Double Materiality Level)
Response Plan

GC focuses on production process enhancement, energy management andenergyconservationtooptimizeefficiencyinreducingscope1,2 and 3 greenhouse gases, covering three areas of operations, namely 1) Efficiency-driven,2) Portfolio-driven, and 3) Compensation-driven, in tandem with building cooperation with stakeholders.

Corporate KPI
  • Reduce greenhouse gas emissions
  • Reduce energy consumption
Long Term Target
  • Reduce greenhouse gas emissions (Scope 1 and 2) by 20 percent
  • Reduce greenhouse gas emissions (scope 1 and 2) to net zero
Target Year
  • 2030
  • 2050
Progress

Greenhouse gas Scope 1 and 2 emissions 8.17 million tons CO2 e equivalent

Governance and Compliance
Cause of Impact

Value Chain

  • Operations1
  • Products/Services2
  • Supply Chan3
Key Stakeholders

Investor

Employee

Shareholder

Public Sector

Customer

Community

Supplier and Business Partner

Main impact and Type of impact
  • Transparent governance and compliance guidelines can build stakeholder confidence
  • Lack of governance and compliance will diminish stakeholder trust and may lead to loss of confidence in the organization
Impact Period
  • Short-term
  • Long-term
Human Rights Impacts*

6. Right to equality before the law, equal protection of the law, non-discrimination: UDHR 7

19. Right to freedom of opinion, information and expression: UDHR 19

24. Right to work: UDHR 23

25. Right to enjoy just and favorable conditions of work (including rest and leisure): UDHR 23 and 24

27. Right to an adequate standard of living (Housing, Food, Water & Sanitation): UDHR 25

Main Reference SDGs
Risk Factor

Strategic Risk - People and Organization

Impact Materiality Level
Financial Materiality Level
Double Materially (Double Materiality Level)
Response Plan

GC has designated the Nomination and Remuneration Committee to recruit and select qualified individuals to be appointed as directors to the company’s Board of Directors. A name list of the selected individuals is presented to the Board meeting and/or shareholders’ meeting for approval of the appointment. The Board selection process must be conducted in a systematic and transparent manner according to the specified criteria, taking into account laws and regulations of the Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) as well as GC’s regulations in accordance with the Thai Corporate Governance Code for Listed Companies 2017 (CG Code). In addition, the Corporate Governance and Sustainability Committee has been established to set guidelines and recommend policies or guidelines regarding ethics, business ethics and anti-corruption measures in accordance with the corporate governance system. The committee also defines, reviews and improves the company’s sustainability-related policies, strategies and goals in line with best practices according to national and international standards.

Risk and Crisis Management
Cause of Impact

Value Chain

  • Operations1
  • Products/Services2
  • Supply Chan3
Key Stakeholders

Investor

Public sector

Employee

Shareholder

Customer

Communities

Supplier and Business Partner

Main impact and Type of impact
  • Having a risk management plan can effectively prevent and address potential risks and effects
  • Build stakeholder confidence and trust
  • Ineffective risk management may affect corporate image and reputation as well as lose stakeholder confidence
Impact Period
  • Short-term
  • Long-term
Human Rights Impacts*

7. Right to freedom from war propaganda, and freedom from incitement to racial, religious or national hatred: UDHR 7

Main Reference SDGs
Risk Factor

Strategic Risk:- Financial and Investment Management

Impact Materiality Level
Financial Materiality Level
Double Materially (Double Materiality Level)
Response Plan

GC is committed to implementing systematic risk management throughout the organization and the continuous improvement of business agility. GC also runs a training program on risk management to create awareness and improve self-development for all executives and employees to ensure the company’s ability to effectively cope with uncertainties and accomplish our operating strategies.

Innovation Management
Cause of Impact

Value Chain

  • Operations1
  • Products/Services2
  • Supply Chan3
Key Stakeholders

Communities

Customer

Employee

supplier and Business Partner

Shareholder

Investor

Main impact and Type of impact
  • Reduce risks and increase market competitiveness
  • Innovation can contribute to developing economic growth
  • Employees face challenges from innovation-related changes
  • Inability to adapt to changing innovations can lead to the lack of ability to respond to stakeholders
Impact Period
  • Short-term
  • Long-term
Human Rights Impacts*

31. Right to self-determination: UDHR 21

Main Reference SDGs
Risk Factor

Business as Usual Risk: - Market Volatility and Business Performance

Emerging Risk: - Changing Consumer Trend from Natural Resource Crisis and Regulatory

Impact Materiality Level
Financial Materiality Level
Double Materially (Double Materiality Level)
Response Plan

GC is committed to the continuous investment in and development of innovation according to the Innovation Management Strategy, which consists of 1) Competitiveness & Decarbonization 2) Market-focused Innovation 3) Innovation Growth Platform & CVC 4) Enabler.

Circular Economy
Impact on GC
  • Enhancing material circularity in business operations and production processes throughout the supply chain
  • -
Impact on Stakeholders
  • -
  • -
Impact Level
Impact on Economy, Environment, and People

Environment

Key Stakeholders

Customer

Public sector

Human Rights Impacts*

-

Main Reference SDGs
Strategy and Performance (Chapter/Section and Web)

Good Citizenship - Portfolio Driven

Explore More </i ></i ></a >
Occupational Health and Safety
Cause of Impact

Value Chain

  • Operations1
  • Products/Services2
Key Stakeholders

Employee

supplier and Business Partner

Communities

Main impact and Type of impact
  • Reduce accidents
  • Workplace safety can attract talented employees to work with the organization
  • Build stakeholder confidence and trust
  • Affect corporate image and reputation
Human Rights Impacts*

1. Right to life: UDHR 3

23. Right to social security, including social insurance: UDHR 22

25. Right to enjoy just and favorable conditions of work (including rest and leisure): UDHR 23 and 24

28. Right to health: UDHR 25

Main Reference SDGs
Risk Factor

Business as Usual Risk: - Operational and Safety

Impact Materiality Level
Financial Materiality Level
Financial Materiality Level
Response Plan

GC develops the Quality, Security, Safety, Occupational Health, Environmental, and Business Continuity (QSHEB) Policy and adopted standards such as Process Safety Management (PSM), Contractor Safety Management (CSM), and ISO 45001. Moreover, GC also promotes and reinforces a strong safety culture for employees within and beyond the organization, covering all activities carried out by employees, contractors and key suppliers, while creating operational excellence to accomplish our ultimate goal to be a Zero Incident, Zero Complaint, Zero Unplanned Shutdown (Zero ICU).

Corporate KPI
  • Total Recordable Injury Rate (TRIR) of employees and contractors at less than 0.45 cases per 1 million man-hours
  • No Tier 1 Process Safety Event (PSE)
Long Term Target
  • Total Recordable Injury Rate (TRIR) of employees and contractors at less than 0.45 cases per 1 million man-hours
  • Total Recordable Injury Rate (TRIR) of employees and contractors at less than 0.35 cases per 1 million man-hours
  • No Tier 1 Process Safety Event (PSE)
Target Year 2027
Progress Zero Lost Time Injury Frequency Rate (LTIFR)
Output Metric 4 Year Performance Number of Fatalities
Impact Metrics Avoided income loss from fatality case avoidance
Contribution to Society
Cause of Impact

Value Chain

  • Operations1
  • Products/Services2
  • Supply Chan3
Key Stakeholders

Community

Investor

Customer

Public Sector

Shareholder

Main impact and Type of impact
  • There is support from communities and enhanced relations between GC and local agencies.
  • There is collaboration with non-profit organizations, leading to social initiatives
  • GC loses its reputation and stakeholder trust.
Impact Period
  • Short-term
  • Long-term
Human Rights Impacts*

23. Right to social security, including social insurance

27. Right to an adequate standard of living (housing, food, water and sanitation)

Main Reference SDGs
Risk Factor

Emerging Risk: - Changing Consumer Trend from Natural Resource Crisis and Regulatory

Impact Materiality Level
Financial Materiality Level
Double Materially (Double Materiality Level)
Response Plan
  • GC develops a Group-wide Corporate Social Responsibility (CSR) strategy that aligns with sustainable development strategies and the United Nations Sustainable Development Goals (UN SDGs). This strategy focuses on Creating Shared Value (CSV) and operating as a Social Enterprise (SE).
  • GC continues its core “Step Up” strategy to enhance overall organizational sustainability across the value chain, involving all stakeholders, to become a leader in sustainable practices (Leading ESG Practices). This includes advancing towards Net Zero (Decarbonization) goals, driving the Circular Economy (comprehensive plastic waste management), expanding Social Enterprise operations in various projects, and effectively managing CSR Portfolio to respond to community and social needs, thereby creating social impact and continuously building trust and confidence in the company (Partners of Choice).
Sustainable Environmental Management
Cause of Impact

Value Chain

  • Operations1
  • Supply Chain3
Key Stakeholders

Public sector

Supplier and business partner

Shareholder

Customer

Employee

Communities

Main impact and Type of impact
  • Positive impact the overall quality of life in communities
  • Reduce the company’s operational risks related to environmental issues
  • Increase the risk of violating regulations related to environmental management
  • Damage the company’s reputation and erode the trust of key stakeholders
Impact Period
  • Long-term
Human Rights Impacts*

1. Right to life

28. Right to health

31. Right to self-determination and natural resources

Main Reference SDGs
Risk Factor

Strategic Risk: - Decarbonization Implementation

Emerging Risk: - Failure to Mitigate Climate Change

Impact Materiality Level
Financial Materiality Level
Double Materially (Double Materiality Level)
Response Plan

GC has established the Quality, Security, Safety, Occupational Health, Environment, and Business Continuity (QSHEB) These policies are reviewed annually to ensure their relevance to current situations. Additionally, the company continuously plans and develops its environmental management systems according to international standards, such as ISO 14001 (Environmental Management System), ISO 50001 (Energy Management System, ISO 14064-1 (Greenhouse Gases), and ISO 9001(Quality Management System).

Customer Relationship Management
Cause of Impact

Value Chain

  • Operations1
  • Products/Services2
Key Stakeholders

Customer

Supplier and Business Partner

Shareholder

Main impact and Type of impact
  • Enhance the ability to retain customers and sustain sales, leading to the company’s revenue growth.
  • Enable GC to better understand customer needs and expectations, leading to appropriate product and service improvements.
  • Without a customer relationship management strategy, the company may lack relevant customer data, particularly insights into customer behavior and responses.
  • Ineffective customer relationship management could result in missed opportunities for continuous sales of products and services.
Impact Period
  • Short-term
  • Long-term
Human Rights Impacts*

19. Right to freedom of opinion, information, and expression

Main Reference SDGs
Risk Factor

Business as Usual Risk: - Market Volatility and Business Performance

Impact Materiality Level
Financial Materiality Level
Double Materially (Double Materiality Level)
Response Plan

GC has developed a proactive marketing plan to maintain relationships with existing customer and build a new customer base, aiming to build trust and maximize customer satisfaction. This includes diverse customer relationship management strategies, such as continuous customer engagement activities, collecting feedback and complaints through a Voce of Customer (VoC) system via various channels like the company website, annual customer satisfaction surveys, and through company representatives. GC also has channels and processes for promptly responding to customer feedback to investigate, analyze causes, and find solutions, presenting and implementing corrective measures, and following up to prevent recurrence of issues.

Product Stewardship/Sustainable Product and Circular Economy
Cause of Impact

Value Chain

  • Operations1
  • Products/Services2
  • Supply Chan3
Key Stakeholders

Shareholder

Investor

Customer

Communities

Supplier and Business Partner

Main impact and Type of impact
  • Drive innovation, create opportunities to develop sustainable products and services
  • Increase market competitiveness
  • Circular economy helps reduce environmental impact
  • Business disruption
  • Loss of market share to competitors
  • Loss stakeholder confidence
  • Damage to image and reputation
Impact Period
  • Short-term
  • Long-term
Human Rights Impacts*

28. Right to health: UDHR 25

31. Right to self-determination: UDHR 21

Main Reference SDGs
Risk Factor

Business as Usual Risk: - Market Volatility and Business Performance

Emerging Risk:- Changing Consumer Trend from Natural Resource Crisis and Regulatory

Impact Level
Financial Materiality Level
Double Materially (Double Materiality Level)
Response Plan

GC is committed to investing in research and development of eco-friendly and health-friendly products by adhering to the eco-design principles and eco-friendly production processes in order to reduce environmental impacts throughout the business chain. In addition, GC has implemented technology to enhance production processes in line with the principles of circular economy, which have been established as the company’s business plan to enable the most cost-effective use of resources and yield maximum benefit while reducing waste generation and environmental impacts.

Corporate KPI

Adjusted EBITDA in Bio and Circularity Businesses

Long Term Target

Adjusted EBITDA in Bio and Circularity Business to 7%

Target Year

2030

Progress

Adjusted EBITDA in Bio and Circularity Business to 673 million baht accounting for 1.68% in 2023.

Talent Attraction and Reduction
Cause of Impact

Value Chain

  • Operations1
Key Stakeholders

Employee

Supplier and Business Partner

Main impact and Type of impact
  • Increase opportunities for growth and enhance employee job satisfaction.
  • If the company lacks strategies to attract and retain effective employees, it may result in the loss of skilled and experienced staff, leading to increased recruitment costs.
Impact Period
  • Short-term
  • Long-term
Human Rights Impacts*

23. Right to Adequate Living Standard

25. Right to enjoy just and favorable conditions of work including rest and leisure

Main Reference SDGs
Risk Factor

Strategic Risk: - People and Organization

Impact Materiality Level
Financial Materiality Level
Double Materially (Double Materiality Level)
Response Plan
  • GC plans its workforce to align human resources with business growth strategies and establishes a Talent Pool database, including capabilities, experience, expertise suitable for positions, and behaviors aligned with the GC SPIRIT 4 Core Behaviors.
  • GC adjusts its recruitment processes to comply with the Personal Data Protection Act, B.E. 2562 (2019), and applies digital technology to enhance work efficiency.
  • GC continuously monitors and collects data on employee retention and attraction through various indicators, such as the new hire rate, employee turnover rate, and employee engagement level.
Sustainable Water Management
Cause of Impact

Value Chain

  • Operations1
  • Supply Chan3
Key Stakeholders

Public sector

Supplier and business partner

Communities

Shareholder

Customer

Employee

Main impact and Type of impact
  • Reduce GC’s risk water shortage, water quality issues, and regulatory changes related to water management
  • If the company lacks an effective water management strategy, it could negatively impact its image and reputation with stakeholders
Impact Period
  • Short-term
  • Long-term
Human Rights Impacts*

23. Right to Adequate Living Standard

31. Right to self-determination: UDHR 21

Main Reference SDGs
Risk Factor

Strategic Risk: - Decarbonization Implementation

Emerging Risk: - Failure to Mitigate Climate Change

Impact Materiality Level
Financial Materiality Level
Double Materially (Double Materiality Level)
Response Plan
  • GC has conducted a comprehensive Water Use Assessment and identified opportunities for Water Efficiency Improvements. It has a dedicated Water Management Team responsible for managing water resources, enhancing production processes, and upgrading equipment and technology to reduce water consumption. Additionally, the company prioritizes improving wastewater quality through advanced treatment methods to ensure minimal environmental impact from discharge.
  • GC has established a Water Management Task Force to handle drought situations, manage water resources, monitor situations, implement various measures, and manage long-term water crises.
  • GC aims to reduce water consumption throughout the supply chain according to its sustainable water management strategy (One Water Strategy), which focuses on integrated water management, enhancing production efficiency, recycling water, promoting technological investments, and securing alternative water sources.
Biodiversity
Cause of Impact

Value Chain

  • Operations1
  • Products/Services2
  • Supply Chan3
Key Stakeholders

Public Sector/Non-Profit Organization

Shareholder

Investor

Communities and Society

Main impact and Type of impact
  • Sustainable resource procurement, reducing deforestation, and supporting biodiversity-friendly practices contribute to the company’s positive social responsibility.
  • If GC operates without considering biodiversity risks, it could lead to ecosystem degradation, operational risks, reputation risks, and environmental legal risks.
Cause of Impact
  • Feedstock
  • Upstream
  • Intermediate
  • Downstream
Impact Period
  • Long-term
Human Rights Impacts*

31. Right to self-determination and natural resources

Main Reference SDGs
Risk Factor

Emerging Risk: - Biodiversity Loss and Ecosystem Collapse

Impact Materiality Level
Financial Materiality Level
Double Materially (Double Materiality Level)
Response Plan

GC is well aware of the importance of rich biodiversity and ecosystem services. Therefore, it carefully controls and develops various measures through the Biodiversity Risk Assessment of all operational areas throughout the value chain to identify the risk levels of each area. This leads to appropriate business management. Additionally, the company has applied the Mitigation Hierarchy Principle to prevent, avoid, mitigate, restore, and compensate for environmental impacts on biodiversity throughout the value chain.

Human Capital Development
Cause of Impact

Value Chain

  • Operations1
Key Stakeholders

Shareholder

Supplier and Business Partner

Employee

Main impact and Type of impact
  • Increase opportunities for employee advancement with the company
  • Ensure continuous employee development, enabling them to change in the company’s business plans.
  • A lack of continuous development for employees may lead to decreased work effectiveness, reduced job satisfaction, and an increased risk of higher employee turnover.
Impact Period
  • Short-term
  • Long-term
Human Rights Impacts*

19. Right to education

Main Reference SDGs
Risk Factor

Strategic Risk: - People and Organization

Impact Materiality Level
Financial Materiality Level
Double Materially (Double Materiality Level)
Response Plan

GC has planned career development paths for employees in tandem with implementing capacity-building programs at all levels. This involves identifying the necessary competencies for each position, including job-specific expertise and appropriate leadership qualities for each level. Thie goal is to enhance employee capabilities in alignment with business objectives and personnel development strategies. Additionally, the company plans succession development to select qualified candidates who exemplify the organizational culture.

Information and Cyber Security
Cause of Impact

Value Chain

  • Operations1
  • Products/Services2
  • Supply Chan3
Key Stakeholders

Employee

Supplier and Business Partner

Shareholder

Customer

Main impact and Type of impact
  • Prevent or reduce the impact of cyber-attacks on both the company’s operations and finances.
  • Protect the company’s reputation and prevent operational disruptions.
  • Cybersecurity breaches can lead to financial losses due to operational disruptions and the cost associated with the remediation and legal penalties.
  • Loss of trust from stakeholders, which may result in diminished confidence in the organization.
Impact Period
  • Short-term
Human Rights Impacts*

11. Rights to Privacy

Main Reference SDGs
Risk Factor

Business as Usual Risk: - Cyber Threat

Impact Materiality Level
Financial Materiality Level
Double Materially (Double Materiality Level)
Response Plan
  • GC oversees and manages its information security system in compliance with ISO/IEC 27001:2013 standards and the cybersecurity framework developed by the U.S. National Institue of Standards and Technology (NIST).
  • GC has established information security and cybersecurity policies and measures according to ISO 27001 international standards, while also raising awareness among employees, contractors, partners, customers, and entities or individuals acting on behalf of the company throughout the supply chain.
  • GC has also conducted annual audits and reviews of its information and cybersecurity infrastructure by external agencies (Bureau Veritas). These assessments cover both the information and cybersecurity systems and infrastructure.
Supply Chain Management
Cause of Impact

Value Chain

  • Operations1
  • Supply Chan3
Key Stakeholders

Customer

Public sector

Supplier and business partner

Shareholder

Main impact and Type of impact
  • Increase operational efficiency and cost control, resulting in enhanced company profitability.
  • Enhance the ability to meet customer demands, reduce operation time, and increase overall customer satisfaction.
  • Inefficient supply chain management can lead to disruptions from suppliers and logistics providers, impacting operational costs and causing production delays.
Impact Period
  • Short-term
  • Long-term
Human Rights Impacts*

2. Right to liberty and security (including freedom from arbitrary arrest, detention, or exile)

3. Right not to be subjected to slavery, servitude or forced labor

33. Right not to be subjected to imprisonment for inability to fulfil a contract

Main Reference SDGs
Risk Factor

Strategic Risk: - Changing Consumer Trend from Natural Resource Crisis and Regulatory- Decarbonization Implementation

Impact Materiality Level
Financial Materiality Level
Double Materially (Double Materiality Level)
Response Plan
  • GC has assigned the Corporate Governance and Sustainable Development Committee to formulate policies, oversee, and ensure compliance with relevant laws, regulations, requirements, criteria, and standards
  • GC promotes green procurement, or environmentally conscious purchasing, beyond general procurement guidelines to build customer trust and acceptance, as well as to create shared value for consumers and society as a leader in the chemical industry.
  • GC encourages its partners to recognize the importance of reducing carbon emissions and manage environment efficiently through training on Decarbonization and Road Map, providing consulting services, and supporting knowledge and techniques through training in order to help partners achieve their goals.

Remark:

1 The company's operations encompass the entire petrochemical spectrum, including upstream petrochemicals, intermediates, and downstream petrochemicals.

2 End products/services cover downstream businesses such as the transportation fuel industry and the automotive industry.

3 The supply chain includes upstream businesses, such as feedstock.

Based on the summary of key sustainability issues assessment, the activities under direct control and supervision by the company are considered the sectors in the value chain most associated with and impacted by sustainability risks and opportunities. Most of the company's activities are located in industrial estates in Rayong province, where they are conducted under strict and consistent control measures.

* Remark: Human Rights

  • Article 1 Right to Life
  • Article 6 Right to Equality Before the Law, Equal Protection of the Law, Non-Discrimination
  • Article 8 Right to Access to Effective Remedies
  • Article 9 Right to a Fair Trial
  • Article 11 Right to Privacy
  • Article 19 Right to Freedom of Opinion, Information and Expression
  • Article 23 Right to Social Security, Including Social Insurance
  • Article 24 Right to Work
  • Article 25 Right to Enjoy Just and Favorable Conditions of Work Including Rest and Leisure
  • Article 27 Right to an Adequate Standard of Living (Housing, Food, Water and Sanitation)
  • Article 28 Right to Health
  • Article 29 Right to Education
  • Article 31 Right to Self-Determination and Natural Resources
  • Article 33 Right Not to be Subjected to Imprisonment for Inability to Fulfil a Contract
  • Article 34 Right of Aliens due Process When Facing Expulsion

Apart of assessing the impact of material topics, GC also integrates materiality assessment results within the overall risk management process by reviewing and adding into corporate risk factors, which make processes of risk identification and risk management more extensive. Additionally, GC has defined targets of managing each of material topics to be aligned with strategic or operational business activities, including specifying the corporate KPIs for both executive and operational levels.

Sample of Management of Significant Material Topics
Material Issues Corporate Risk Factor Targets and Progress Corporate KPI* References
Climate Strategy and Energy Management Strategic Risk:
Climate Action Towards Net Zero Risk
  • Short-term target: GHG Emissions (Scope 1 & 2) should be less than 8.60 million tons CO2e in 2022.
  • Near-term target: Achieve GHG emissions reduction (Scope 1&2) at least 20% within 2030.
  • Long-term target: Achieve Net Zero target (scope 1&2) within 2050.
  • Performance in 2022: GHG emissions (Scope 1 & 2) was 8.60 million tons CO2e.
  1. GHG emission reduction
  2. Energy consumption reduction

Climate Strategy and Energy Management

Explore More

Executives Compensation and Ownership

Explore More
Circular Economy Strategic Risk:
Climate Action Towards Net Zero Risk
  • Long-term target: expand investment of bio-based (chemical & polymer) and plastic recycling (mechanical & chemical recycling) to have production capacity more than 2,500,000 tons by 2027.
  • Performance in 2022: production capacity of bio-based and recycled plastics were 1,500,000 tons.
  1. Increase share revenue generated from low-carbon businesses.
  2. Expand investment of Bio-based (Chemical & Polymer) and Plastic Recycling (Mechanical & Chemical Recycling)

Circular Economy Strategy and Target

Explore More

Executives Compensation and Ownership

Explore More
Occupational Health and Safety Business as Usual Risk:
Operational and Safety Risk
  • Short-term target: Total Recordable Injury Rate (TRIR) of employees and contractors should be less than 0.45 cases per 1 million man-hours in FY2022.
  • On-going target: zero case of Process Safety Event Tier-1 in 2022.
  • Long-term target: Total Recordable Injury Rate (TRIR) of employees and contractors should be less than 0.35 cases per 1 million man-hour within 2027.
  • Performance in FY2022:  Total Recordable Injury Rate (TRIR) of employees and contractors was 0.53 cases per 1 million man-hour
  1. Reduce Total Recordable Injury Rate (TRIR)
  2. Minimize number of Process Safety Event

OHS Management

Explore More

Executives Compensation and Ownership

Explore More

*Remarks: these performance indicators are parts of corporate KPI for CEO and Executives.

More information on stakeholder engagement is available at: Stakeholder Engagement

Additional information: External Impact Valuation 2023