ESG scoring improves for Press Metal

KUCHING (Oct 21): Press Metal Aluminium Holdings Bhd (Press Metal) sees an above average scoring for environmental, social and governance (ESG) on lower greenhouse gas emissions.

Analysts at Maybank Investment Bank Bhd (Maybank Research) revisited Press Metal’s ESG disclosures post-release of its Annual and Corporate Governance Reports for financial year 2023 (FY23) and have assigned an ESG score of 63 (out of 100).

This makes Press Metal’s ESG scoring above average, an improvement from its last score of 55 for FY22.

“Press Metal recorded lower Scope 1, 2 and 3 emissions in FY23 from FY22. With that, greenhouse gas emissions in FY23 totalled 11.8 million tCO2e,” it said yesterday.

“Greenhouse gas intensity (Scope 1 and 2) also improved to 3.3 tCO2e per tonne of aluminium production in FY23. Water withdrawal intensity improved to 2.2 cubic metres per tonne of aluminium.

“However, we note an increase in both nitric oxide and sulphur oxide emissions in FY23.”

Maybank Research highlighted an improvement in women representation in management roles at 30.5 per cent in FY23 (from 26.7 per cent in FY22).

However, overall women participation in Press Metal’s workforce declined slightly to 13.3 per cent in FY23 from 13.5 per cent in FY22.

“We applaud the declining trend in Press Metal s lost time injury frequency (LTIF) rate to 2.7 per million hours in FY23 from 3.3 per million hours in FY22 and 4.3 per million hours in FY21.

“Press Metal s senior management s salaries are linked to fulfilling ESG targets. Press Metal also adopts the TCFD ESG reporting framework and discloses its Scope 3 emissions.

“Press Metal aims to achieve carbon neutrality by 2050 and targets to reduce Scope 1 & 2 emissions by 15% by 2025 and 30% by 2030 (from 2020 baseline).”