Sustainability and STO

Since its foundation, STO has been expanding its business by providing services to customers and society, based on its corporate philosophy of contributing to the realization of a more affluent and harmonious society.

Corporate success can no longer be based only on short term profits, but through long term, positive impacts a business can have on its society and the environment. In our drive to be a sustainable business, we believe it is important to not only acknowledge the issues that concern us all, but also to demonstrate the actions we are taking. These actions provide great opportunities to innovate further and to play our part in ensuring that the future generations will come to thrive.

At STO, the Board of Directors have the overall responsibility for ensuring sustainability in actions through the Governance and Sustainability Committee. The implementation of these strategies is delegated to the CEO/MD and the top management.

The current materiality analysis has been made through an internal assessment conducted within the Company. However, we aim to affirm these with our stakeholders and society, by next reporting date.

It is through our purpose and strategy, that we address Environmental, Social and Governance (ESG) issues, working to fully integrating them into our business. Together with our suppliers, customers, employees, and other stakeholder, we strive to drive our sustainability ambitions.

This report contains information on STO’s sustainability performance, position and results, and the sustainability impact by and on the Company’s operations. It includes disclosures on issues relevant to the company’s value chain, including climate and the environment, working conditions, equity, inclusion and diversity, health and safety and anti corruption measures.

In a changing world facing significant social and environmental challenges and resource constraints, we aim to improve our processes, products, services and helps to build resilience as a business and through our supply chain, while being a fair and just company. Through our strategy, we support progress towards the UNDP Sustainable Development Goals.

Our Purpose Pillars

STO’s sustainability strategy is based on the Company’s vision and business objectives, its impact on communities in terms of sustainability and the material topics considered to be important for the Company to focus on.

Current trends and the risks and opportunities identified by the Company are also taken into consideration. Based on these, STO has defined the most material sustainability topics and divided them up into four focus areas.

Hence, our sustainability focus areas are below.

The environment and climate pillar of STO's sustainability strategy is focused on reducing the negative impact of our operations on the environment and addressing the challenges of climate change. We are committed to implementing sustainable practices across all our business activities and promoting awareness and action on environmental issues within our community.

Our aim is to create long-lasting positive impacts on the communities in which we operate. We strive to promote economic growth and employment opportunities, support local businesses, and engage in community development projects. Through our initiatives, we hope to build stronger and more resilient communities that are better equipped to thrive in the face of social, economic, and environmental challenges.

The people-centric pillar of STO sustainability is centered on promoting the well-being, development, and empowerment of our employees, customers, and stakeholders. We believe in creating a diverse and inclusive workplace that fosters personal and professional growth. Through our various initiatives and programs, we strive to ensure the safety and well-being of our employees and customers, while providing them with opportunities for career advancement and skill development. We are committed to maintaining open channels of communication with all stakeholders and listening to their feedback and concerns.

Our responsible business pillar focuses on promoting transparency, accountability, and good governance in all aspects of our operations. We strive to minimize the impact of our business activities on the environment and the communities in which we operate. We also prioritize the safety and well-being of our employees and aim to create a diverse and inclusive workplace that fosters growth and development.

Material Topics

The current material topics have been identified through an internal assessment conducted within the Company. However, we aim to affirm these with our stakeholders and society, by next reporting date.

The diagram below indicates the list of our material topics mapped against the United Nations Global Compact Principles, the UNDP Sustainable Development Goals and our purpose pillars.

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