Engaging our stakeholders enables us to understand and address concerns, strengthening crucial relationships for which our business is dependent on. ST Engineering aims to create sustainable value for our stakeholders including shareholders, customers, employees and the community at large. Key stakeholders are identified as part of the Enterprise Risk Management process, based on the magnitude of the impact of parties who can affect or be affected by the Group’s business activities. Information feeds up to the Risk & Sustainability team and Senior Management.
Customer focus is one of ST Engineering’s key strategic thrusts. In fostering a customer-centric culture, we inculcate a ‘customer first’ mindset through building on a robust customer engagement process.
We carry out annual customer surveys to seek feedback from our customers to determine their satisfaction levels and develop action plans to address their areas of concern. Customers rate the quality, delivery, responsiveness, service levels and value of our products and services.
Employee engagement allows ST Engineering to develop our people into creative, thinking and innovative individuals and team players working to meet business objectives and goals. The strategies adopted to encourage employee involvement and commitment in teamwork and innovation comprise: leadership involvement; effective communication and facilitation; learning and development; and rewards and recognition.
Grievance mechanisms are established to provide a trusted channel to voice and resolve concerns. The annual performance appraisal session serves as a platform for employees to discuss their current work progress and career aspirations with their supervisors.
We engage our shareholders at least annually through our AGMs. We are committed to timely and transparent communication with analysts and all our shareholders. We uphold our responsibility to provide timely, comprehensive and balanced information on the Group’s performance, business developments and challenges.
We are committed to complying with legal and regulatory requirements. We monitor developments around regulations closely. In our Aerospace sector, we also engage with the regulators very often. Audits on compliance with the aviation regulations are carried out by the regulatory bodies at very regular intervals.
We recognise our dependency on the timely delivery and quality of key materials or components, and quality of performance by sub-contractors. This is a key risk that we manage diligently, and mitigate where possible, by engaging our key and strategic suppliers periodically throughout the qualification and performance evaluation process.