37 Charting the Path to Sustainable Growth Fostering Action on Climate Change Fostering Responsible Supply Chains Fostering an Inclusive Workplace GRI Index Arise IIP | Sustainability Report 2023 Corporate Governance and Business Ethics We place a paramount emphasis on the rigorous evaluation of the highest governance body’s performance in overseeing the management of our impacts on the economy, environment, and people. In response to comprehensive self-assessments and external reviews, strategic actions have been undertaken to enhance both Board effectiveness and organizational practices. The identified areas for improvement stemming from these assessments have been met with targeted training programs, demonstrating our commitment to continuous improvement in governance processes. Moreover, recognizing the importance of diverse perspectives, an advisory board has been diligently appointed. Comprising independent members, this advisory board brings fresh ideas and market perspectives to both the Board and Senior Management. The inclusion of an advisory board enriches the governance structure, ensuring that decisions are informed by a broad spectrum of expertise and insights. Crucially, the evaluations conducted are characterized by independence, with all advisory board members holding independent status. This underscores our commitment to transparency and unbiased assessments, aligning with best practices in corporate governance. The evaluations are conducted regularly, reflecting our dedication to ongoing scrutiny and improvement. By systematically evaluating the performance of our highest governance body, we reinforce our commitment to effective oversight and ethical management of our organization’s impacts on the economy, environment, and people. Evaluation of Performance of Highest Governance Body The remuneration policies for members of the highest governance body and senior executives are designed with a comprehensive approach that reflects our commitment to aligning compensation with organizational objectives and performance. Members of the highest governance body and senior executives Remuneration Policies and Processes receive fixed pay, which undergoes annual reviews in line with inflation and market practices. Notably, for expatriates, this review occurs once every three years, while nationals undergo an annual assessment. This approach ensures that fixed pay remains competitive and reflective of market conditions. In addition to fixed pay, variable pay constitutes a significant component,
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