The Board of Directors (Board) is the highest decision-making body for the overall strategy and objectives of Bud APAC. It is responsible for aligning the corporate culture with the company's purpose, values and strategy and ensuring the linkage between corporate governance and ESG. The Board Committees, namely the Nomination Committee, the Remuneration Committee and the Audit and Risk Committee, consist of a majority of Independent Non-Executive Directors (INEDs) and oversee the business, operational and financial management of the Company with the support of the Executive Committee.
The Board has a balanced composition of Executive and Non-Executive Directors. The Board is currently comprised of seven Directors.
Risk Management & Internal Control
The Company has established a robust, comprehensive and technology-driven risk management to effectively manage and mitigate risks inherent to the business to protect the Company, the customers and the partners, as well as to meet regulatory obligations. Risk management is the process designed to identify potential events that may affect the Company and to manage risks within the level of exposure acceptable to the Company (including ESG risks). Internal audit teams perform selected auditable operations of each business units every year based on the annual Enterprise Risk Management (ERM) assessment result.
In addition, the team also carries out independent appraisal of the effectiveness of the Company’s risk management framework. The overall responsibility for risk management and internal control lies within the Board, the Audit and Risk Committee and is supported by the Risk Committee. Our Risk Management and Internal Audit team is structurally independent of the business lines for internal auditing purpose. The risk mitigation action plans identified as a result of internal audit are reviewed by the Audit and Risk Committee for monitoring of implementation. The Board also conducted a review of the Company’s internal audit, internal control and risk management systems during the reporting period, including financial, operational and compliance controls and found the effectiveness and adequacy of the systems to be satisfactory.
The integration of sustainability at the highest level of management at Bud APAC enables strategic oversight of ESG issues for long-term value creation. Leadership, led by the Board of Directors, is critical in delivering Bud APAC's sustainability purpose, integration, and performance that add business and economic value to Bud APAC.
In the context of a rapidly changing market landscape and emerging stakeholder expectations, we strive to position ourselves as a future-proof company through identifying risks and opportunities, balancing and addressing stakeholders’ interests, and making informed decisions.
In FY22, we engaged external consultants to conduct a materiality assessment for pinpointing ESG topics that are material to us, guide how we prioritize different ESG aspects and strategize our next steps. This chart illustrates how our ESG topics align with the priority areas, and the level of materiality of each topic.
[1] The use by Budweiser Brewing Company APAC Limited of any MSCI ESG RESEARCH LLC or its affiliates (MSCI) data, and the use of MSCI logos, trademarks, service marks or index name herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of the Company by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warrantly. MSCI names and logos are trademarks or service marks of MSCI.
