Southern Cross Media : SCA 2024 Corporate Governance Statement

About this update from Southern Cross Media Group Limited

C O R P O R AT E G O V E R N A N C E S TAT E M E N T Contents BOARD OF DIRECTORS 01 Composition of the Board 01 Board skills matrix 02 Board independence 03 Role of the Board 03 Chair 04 Delegation to CEO 04 Board meetings 04 Director appointment and re-election 04 Director induction and development 05 Board performance evaluation 05 Remuneration of non-executive directors 05 Independent professional advice 05 Ownership of shares by non-executive directors 05 Company Secretary 05 BOARD COMMITTEES 05 Audit and Risk Committee 06 People and Culture Committee 06 Digital Transformation Committee 06 Nomination Committee 06 EXECUTIVE REMUNERATION AND PERFORMANCE 06 RISK MANAGEMENT AND INTEGRITY OF FINANCIAL REPORTING 07 Risk management 07 Tax governance 07 Internal audit 08 Assurance 08 COMPANY POLICIES 08 Code of Conduct 08 Trading in company securities 09 Extrernal Communications 09 SUSTAINABILITY 09 The Board of Southern Cross Media Group Limited (Company) is responsible for the corporate governance of Southern Cross Austereo, comprising the Company and its subsidiaries (SCA). The Board guides and monitors the business and affairs of SCA on behalf of shareholders, working with management to implement and maintain an effective system of corporate governance. This statement describes SCA's key corporate governance practices and policies. The 2024 Annual Report, Company Constitution, Board Charter, Board Committee Charters, Risk Management Framework (including Risk Appetite Statement), Risk Management Policy, Taxation Risk and Governance Policy, Code of Conduct, Securities Trading Policy, Senior Executive Evaluation Policy, Senior Executive Remuneration Framework, Non-executive Director Share Ownership Policy, Senior Executive Share Ownership Policy, Diversity Policy, External Communications Policy, Whistleblowing Policy, Climate Change Policy, and SCA's 2024 Tax Transparency Report, and Modern Slavery Statement are available under the Investors tab on SCA's website www.southerncrossaustereo.com.au. This statement was authorised for issue by the Board on 25 September 2024. Unless specified otherwise, the information in this statement is current as at that date. Board of Directors Composition of the Board Membership of the Board and its Committees on the date of this statement is set out below. A profile of each director, including details of their skills, experience, and expertise, is available in the Directors' Report in the 2024 Annual Report and on SCA's website. Director Status Tenure (Years) Audit & Risk C'ee People & Culture C'ee Heith Mackay-Cruise Independent 3.9 Member Chair John Kelly CEO/MD 1.2 - - Carole Campbell Independent 4.0 Chair Member Ido Leffler Independent 3.9 Member Member Helen Nash Independent 9.4 Member Member The average tenure of the Board on 31 August 2024 was 4.5 years (2023: 5.1 years: 2022: 5.2 years), with a median tenure of 3.9 years (2023: 8.2 years; 2022: 7.2 years). The average age of the Board on 31 August 2024 was 54.2 years (2023: 55.1 years; 2022: 54.1 years). As reported in last year's Corporate Governance Statement, John Kelly was appointed as Managing Director and CEO on 1 July 2023. The Board resolved in December 2023 to disband its Digital Transformation Committee. The Board resumed responsibilities previously delegated to the Digital Transformation Committee. Rob Murray and Glen Boreham retired as directors on 27 March 2024. The Board appointed Heith Mackay-Cruise as Chair upon Rob Murray's retirement. As announced to ASX on 28 August 2024, Helen Nash has given notice of her intention to retire as a director of SCA on 30 September 2024 and the Board has appointed Marina Go as a director from 1 October 2024. Marina Go has agreed to chair the Board's People and Culture Committee and will also be a member of the Board's Audit and Risk Committee. She will submit for election by shareholders at SCA's AGM on 25 November 2024. 1 Board Skills Matrix The Board maintains a matrix identifying the competencies, skills and experience required to enable the Board to meet SCA's current and future challenges. The matrix enables assessment at a point in time of whether SCA's current directors collectively have sufficient depth in the required skills. The matrix also informs the Board's succession planning and discussions with shareholders and other stakeholders about SCA and the Board's composition and performance. The Board's skills matrix and mapping of non-executive directors' core competencies are set out below. Competency Executive leadership: Successful leadership as a senior executive in large organisations including through periods of change in an industry, market or business. Governance: Commitment to high governance standards. Experience with Australian or other sophisticated governance structures. Able to assess the effectiveness of senior executives. Strategy: Experience developing and implementing strategy to achieve long term organisational objectives. Able to probe executives on delivery of strategic objectives. Innovation mindset: Experience in organisational innovation and digital transformation to optimise business processes and outcomes. Able to probe executives on use of technology for innovation. Financial acumen: Senior executive experience in financial accounting and reporting, corporate finance and internal financial controls. Able to probe executives on the adequacy of financial controls. Risk management: Experience identifying, managing and monitoring material corporate risks. Able to probe executives on management of risk and adequacy of risk controls. Media industry: Senior executive experience in media or related sectors such as trade and consumer insights and marketing; advertising and subscription sales; and creation, acquisition and distribution of content. Corporate transactions: Experience in capital management, debt financing, mergers, acquisitions, divestments and strategic partnerships. Sustainability: Experience related to culture; attracting and developing talented people; workplace health and safety; environment; social responsibility; and community. No of directors 3 4 4 4 4 4 3 4 4 The Board does not expect every director to have a core competency in every skill in the skills matrix. The Board generally expects that between half and all SCA's directors will have a core competency in each of the required skills. The Board acknowledges that the competencies, skills and experience required among SCA's directors will change over time as SCA's business evolves. The Board therefore periodically reviews the matrix to ensure it continues to meet SCA's needs, and directors continue to have the required competencies, skills and experience. The Board is satisfied that its directors' competencies, skills and experience are appropriate for SCA's needs. 2 Board Independence The Board assesses the independence of directors on appointment and annually thereafter. All directors are expected to bring independent judgment to bear on Board decisions and to act in the best interests of SCA and security holders. Relevant factors include whether a director: is independent of management and free of business or other associations that could materially interfere with, or reasonably be perceived to interfere materially with, the exercise of independent judgment has been a director of SCA for such a period that independence may have been compromised. The Board considers that all directors, except for John Kelly who is an executive director, are independent. All SCA's non-executive directors also sit on the boards of other listed or unlisted companies and these other companies are publicly disclosed in each director's profile on SCA's corporate website. Were SCA to engage in a material transaction with any of those other companies, the Board would acknowledge any resulting conflict of interest. The Board would determine in that case whether a conflicted director should take part in any deliberations or vote in relation to the relevant transaction. SCA does not have a controlling shareholder and has not implemented arrangements for cross shareholdings or board representation with any supplier or other stakeholder. Transactions with related parties are disclosed in SCA's Annual Report, and these are limited to payment of remuneration to directors and executives. Role of the Board The Board is responsible for the overall corporate governance of SCA. The Board's roles and responsibilities are formalised in the Board Charter. Under the Board Charter, the following matters are reserved for decision by the Board: approving and monitoring implementation of the Group's strategy, mission, values, and risk appetite approving the Group's annual budget monitoring the Company's financial performance and operations and approving the Company's annual and half-yearly financial statements and reports appointing, determining the terms of appointment of, and removing the Chairman • appointing a director of the Company to fill a vacancy or as an additional director (but the CEO has authority to appoint directors of the Company's subsidiaries) appointing, and removing the CEO, the CFO, and the Company Secretary determining the remuneration and terms of appointment of non-executive directors (subject to limits approved by shareholders), the CEO, the CFO and any executive director monitoring the performance and development of, and overseeing the remuneration framework and succession planning for, the CEO and the Company's senior leadership team establishing Board Committees, their composition, charters and authorities approving dividend policy and determining dividends approving the capital structure of the Company, including issuing or buying back equity, equity-like or debt instruments, entering into or re-financing debt facilities and approving the Company's interest rate hedging policy approving transactions, commitments and expenditure from time to time specified by the Board appointing, determining the terms of appointment of and remunerating the external auditor convening meetings of shareholders monitoring the effectiveness of the Group's systems of financial and non-financial risk management and internal control, and ensuring there is an appropriate risk management framework in place monitoring the Company's compliance with legal and regulatory requirements and ethical standards approving or adopting policies, practices and documents (including reports and statements to shareholders), and determining or approving matters required by the Constitution, applicable laws, regulations, guidelines or recommendations to ensure the Board is effective in performing its role and responsibilities any other matter specified by the Board (whether by resolution, in the charter of a Committee, in a policy or otherwise) from time to time. 3 Chair The directors vote among themselves to elect an independent non-executive director as the Chair. Heith Mackay-Cruise became Chair on 27 March 2024. The Chair leads the Board, fostering an open and collegiate culture to ensure the Board operates effectively. The Chair is responsible for: • promoting a constructive relationship between the Board and management through the CEO • managing the efficient organisation and conduct of the Board's functions and meetings • overseeing regular and effective evaluations of the Board's performance • exercising other powers delegated by the Board from time to time. The Chair meets regularly with the CEO to discuss SCA's strategy, performance and plans, as well as to agree on matters to be included on the agenda of the Board or its Committees Delegation to CEO As permitted by SCA's Constitution, the Board has delegated to the CEO all powers and authorities required to manage and control SCA's day-to-day operations, except those powers and authorities reserved to the Board. SCA's CEO and Managing Director is John Kelly, who was appointed to that position on 1 July 2023. The CEO leads SCA's management and is therefore responsible to the Board for: managing and controlling SCA's day-to-day operations in accordance with strategic objectives, policies and budgets adopted by the Board (including with respect to managing SCA's impacts on the economy, environment and people) providing the Board with timely, accurate and clear information to enable the Board to perform its responsibilities. While recurring items are scheduled on the agenda of the Board and its Committees each year, the CEO ensures material risks and opportunities that arise during the year are promptly communicated to the Chair and other directors. If appropriate, meetings of the Board or the relevant Committee are arranged at short notice to consider items of this nature. While remaining accountable to the Board, the CEO has authority to sub-delegate the powers and authorities granted by the Board to executives with relevant responsibilities. Board Meetings Board meetings are scheduled approximately eight times per year, with other meetings convened as required. Meetings attended by directors during FY24 are reported in the Directors' Report in the 2024 Annual Report. In advance of Board meetings, directors receive papers with sufficient information to enable informed discussion of all agenda items. Papers are distributed and remain available for ongoing reference by directors through a secure electronic board portal. Minutes of Board meetings are tabled and confirmed at the following Board meeting. Director Appointment and Re-election SCA's Constitution authorises the Board to appoint a new director, either to fill a casual vacancy or as an addition to the existing directors, provided the total number of directors is no more than nine. A director appointed by the Board holds office only until the close of the next AGM but is eligible for election by shareholders at that meeting. A director must retire from office no later than the third AGM following the director's most recent election. Where eligible, a director may stand for re-election. All new directors are subject to appropriate checks prior to appointment. When a candidate stands for election or re-election, the Board provides shareholders with the following information to enable shareholders to make an informed decision on whether to elect or re-elect the candidate: biographical details of the candidate, including relevant qualifications, experience and skills details of any other material directorships held by the candidate any material adverse information revealed by the checks SCA has performed about the candidate whether the Board considers the candidate to be an independent director • details of any interest, position, association or relationship that might influence in a material respect, or might reasonably be perceived to influence in a material respect, the candidate's capacity to bring an independent judgment to bear on issues before the board and to act in the best interests of SCA and its security holders generally • the term of office served by the candidate (if the candidate is a current director) • whether the Board supports the election or re-election of the candidate. 4 Director Induction and Development SCA enters a letter of appointment with each non-executive director. The letter sets out the Board's expectations for non-executive directors and the remuneration payable to non-executive directors. Each new director is invited to participate in an induction program, which includes meeting with other directors and members of SCA's senior leadership team to gain a greater understanding of the business. Directors are provided with opportunities to participate in continuing education programs organised for the Board to develop and maintain the skills and knowledge needed to perform their role. This may take the form of presentations by management or external parties on responsibilities of directors, the industries in which SCA operates and other matters. During FY24, the Board or its Committees received briefings from all members of SCA's senior leadership team and other executives on their respective areas of responsibility, as well as external presentations in relation to executive remuneration benchmarking and structuring, non-executive director remuneration benchmarking, SCA's insurance program, management of workplace behaviour risks, taxation governance and risk, sustainability risks and opportunities, SCA's cyber security posture and penetration testing and merger and acquisition threats and opportunities. Board Performance Evaluation The Chair oversees regular evaluations of the performance of individual directors, Committees and the Board. This includes discussions with individual directors about their contributions at and between meetings of the Board and its Committees. During FY24, these discussions included consideration of the strengths, attributes and contributions of individual directors to inform the Board's planning for succession during the year as Rob Murray retired as Chair and Glen Boreham and Helen Nash also retired as directors. The Board did not conduct an external performance review during FY24. It most recently did so during FY22 and implemented all agreed actions arising from that review. Remuneration of Non-executive Directors The Chair receives a fixed aggregate fee. Other non-executive directors receive a base fee for acting as a director and additional fees for participating as chair or as a member of the Board's Committees. Non-executive directors do not receive performance-based fees and are not entitled to retirement benefits as part of their fees. The maximum annual aggregate fee pool for non-executive directors is $1,500,000. This was confirmed in amendments to the Constitution approved by shareholders at the 2020 AGM. Further details of the remuneration paid to non-executive directors is provided in the Remuneration Report. Independent Professional Advice The Charters of the Board and its Committees set out procedures for directors to obtain independent professional advice at SCA's expense. Ownership of Shares by Non-executive Directors Under the Non-executive Director Share Ownership Policy, SCA's non-executive directors are required to accumulate and retain a target shareholding in SCA. A non-executive director is required to acquire the applicable target shareholding within three years after joining the Board. Unless a non-executive director has already met the target shareholding requirement, the Non-executive Director Share Ownership Policy imposes a disposal restriction on the shares held by the non-executive director. Company Secretary The Company Secretary is accountable directly to the Board, through the Chair, on all matters to do with the proper functioning of the Board. Board Committees The Board has two standing Committees: the Audit and Risk Committee and the People and Culture Committee. The Board disbanded its Digital Transformation Committee in December 2023 and has resumed the responsibilities previously delegated to the Digital Transformation Committee. The responsibilities of each Committee are set out in a Charter approved by the Board. In advance of each meeting, Committee members receive papers with enough information to enable informed discussion of all agenda items. Papers are distributed and remain available for ongoing reference by Committee members and other directors through a secure electronic board portal. Each Committee also receives presentations from, or meets with, professional advisers, consultants and other stakeholders in relation to areas within the Committee's areas of responsibility. Minutes of Committee meetings are tabled and confirmed at the following Committee meeting and are tabled for information at Board meetings. 5 Audit and Risk Committee The members of the Audit and Risk Committee are Carole Campbell (Chair), Heith Mackay-Cruise, Ido Leffler, and Helen Nash. Details of meetings held during the year and attendance by Committee members are set out in the Directors' Report in the 2024 Annual Report. • The Audit and Risk Committee assists the Board in its oversight of: the integrity of SCA's accounting and financial reporting systems • SCA's accounting and financial policies, practices and disclosures • SCA's taxation strategy and management of the Company's taxation affairs, consistent with the principles and tax risk appetite set by the Board the effectiveness of SCA's risk management framework in ensuring SCA operates within the risk appetite set by the Board the appointment, independence, performance and remuneration of the external auditor and the integrity of the external audit process. People and Culture Committee The members of the People and Culture Committee are Heith Mackay-Cruise (Chair), Carole Campbell, Ido Leffler, and Helen Nash. Details of meetings held during the year and attendance by Committee members are set out in the Directors' Report in the 2024 Annual Report. The People and Culture Committee assists the Board in its oversight of management activities in: developing and implementing strategies aimed at improving SCA's culture and diversity, consistent with the organisation's values undertaking executive development, succession and talent management programs and activities promoting a healthy and safe working culture for SCA's employees, contractors, audience members, clients and visitors providing effective remuneration policies aligned with the creation of value for shareholders and having regard to applicable governance, legal and regulatory requirements and industry standards reporting to shareholders and other stakeholders according to applicable standards. Digital Transformation Committee Until its disbandment in December 2023, the members of the Digital Transformation Committee were Glen Boreham (Chair), Carole Campbell and Ido Leffler. Details of meetings held during the year and attendance by Committee members are set out in the Directors' Report in the 2024 Annual Report. The Digital Transformation Committee formerly assisted the Board in its oversight of SCA's implementation of technology to secure and drive transformational improvements in SCA's business and operations and deliver long term value for SCA's audiences, clients, communities and shareholders. Nomination Committee The Board decided in June 2023 to disband its former Nomination Committee and to resume the responsibility for Board composition and performance and succession planning for non-executive directors and senior executives, which had previously been delegated to the Nomination Committee. Given the Board's current size and composition, the Board considers it appropriate for the Board to have direct responsibility for these matters. Executive Remuneration and Performance The Board has adopted a Senior Executive Remuneration Framework. The Framework aims to ensure that reward for performance is competitive and appropriate for the results delivered, aligning executive reward with achievement of strategic objectives and the creation of value for shareholders, consistent with market practice for delivery of reward. Information about SCA's remuneration policies and practices for the CEO and other senior executives, and their remuneration during FY24, is set out in the Remuneration Report in the 2024 Annual Report. In accordance with the Board's Senior Executive Evaluation Policy, the performance of the CEO is reviewed at least annually by the non-executive directors, and the CEO at least annually reviews the performance of his direct executive reports. Performance is evaluated against personal and corporate goals. As outlined in the Senior Executive Remuneration Framework, during FY24 these goals were allocated to three categories having regard to SCA's business strategy: profitability and financial performance (60%), strategy execution (30%) and cultural and behavioural influences (10%). This recognises the long-term benefits of SCA's leaders committing to develop and maintain a strong culture and operational discipline. Led by the Board Chair, the Board conducted an evaluation of the CEO's performance and reviewed the CEO's evaluation of his direct executive reports during the year. The results of those evaluations are summarised in the Remuneration Report. Under the Senior Executive Share Ownership Policy, members of SCA's senior leadership team are required to accumulate and retain a target shareholding in SCA. Unless a leadership executive has already met the target shareholding requirement, the Senior Executive Share Ownership Policy imposes a disposal restriction until cessation of employment on all or a defined portion of the shares allocated to the executive on vesting of performance rights granted under SCA's Executive Incentive Plan. 6 Risk Management and Integrity of Financial Reporting Risk Management The Board has adopted a Risk Management Framework and a Risk Management Policy. They establish a holistic approach to risk management to promote an integrated and informed view of risk exposures across SCA's activities and operations. The framework is the total of systems, structures, policies, processes and people within SCA that identify, assess, control and monitor all sources of risk that could have an impact on SCA. It provides management with: • an integrated framework to effectively manage uncertainty and obligations, respond to risks and to capitalise on opportunities as they arise minimum standards for the governance, processes and tools required to administer the requirements of the Risk Management Policy the ability to manage risks across SCA by providing accurate and timely reporting on the profile of risks and controls across SCA. The Audit and Risk Committee assists the Board to oversee the risk management framework and any matters of significance affecting SCA's financial reporting and internal controls. This includes annual review of the Risk Management Framework and Risk Management Policy. The Board updated the Risk Management Framework in December 2023. SCA has adopted the following categories of risks that affect its activities: strategy and planning brands and content sales and distribution infrastructure governance, risk, and compliance. To guide its decision-making, SCA has defined its tolerance for risk in each of the above risk categories. These tolerances are set out in the Risk Appetite Statement included in the Risk Management Framework. SCA's management team is responsible for day-to-day implementation of the risk management framework and internal controls within SCA. Each risk is allocated to a risk owner with direct responsibility for managing that risk, including implementing mitigation strategies and escalating to the senior leadership team if required. Management reports at each meeting of the Audit and Risk Committee and twice a year to the Board on the status of SCA's material business risks. Risks rated High or Very High and other material business risks are reviewed at each meeting of the Audit and Risk Committee. Material business risks most recently reviewed by the Audit and Risk Committee include the following: • LiSTNR does not reach sustainable profitability at an appropriate level and pace broadcast radio revenues grow more slowly than forecast global technology companies participate more aggressively in the audio market, make SCA's distribution less profitable or increase subsidy from other business lines regional television revenues decline faster than forecast operational impact of a cyber security breach broadcast radio becomes progressively less attractive to mass audiences and digital does not act as substitute brand, reputational and litigation risk associated with on-air talent, social media and other publications workplace health and safety - physical, mental health or psychological injury corporate activity that does not represent fair value to shareholders climate change risks - physical and transition. Further details about several of these risks and SCA's mitigation strategies are outlined under Material Risks in the Review and Results of Operations in the 2024 Annual Report. Tax Governance SCA continues to strengthen its tax governance framework to reduce risk and to earn a 'justified trust' assessment from the ATO. Steps taken to date include adoption by the Board of a Taxation Risk and Governance Policy, rolling out a detailed operational tax governance policy to guide employees with tax responsibilities and adoption of the ATO's voluntary Tax Transparency Code. Since 2019, SCA has published an annual Tax Transparency Report. 7 Internal Audit SCA has not implemented an internal audit function. The Board considers SCA's operations do not require this to be introduced as a separate function to those functions undertaken by the external auditors and the Audit and Risk Committee. From time to time SCA, engages independent expert consultants to review and provide assurance about corporate functions, processes and activities. This includes compliance reviews in relation to legal, finance and taxation requirements and periodic penetration testing and threat assessment in relation to technology systems and interfaces. The Audit and Risk Committee receives reports on these reviews, including in relation to corrective actions identified and implemented. Assurance The CEO and CFO have declared in writing to the Board that: • financial records have been properly maintained in that they correctly record and explain SCA's transactions, and financial position and performance, enable true and fair financial statements to be prepared and audited; and are retained for seven years after the transactions covered by the records are completed • the financial statements and notes required by the accounting standards for the financial year comply with the accounting standards • the consolidated entity statement set out in the financial statements is true and correct • the financial statements and notes for the financial year give a true and fair view of SCA's financial position and performance any other matters that are prescribed by the Corporations Act and regulations as they relate to statements and notes for the financial year are satisfied in accordance with section 295A of the Corporations Act, in their view the financial statements are founded on a sound system of risk management and internal control, and that the system is operating effectively in all material respects in relation to financial reporting risks. The Audit and Risk Committee maintains open lines of communication between the Board, management, and the external auditors to enable information and points of view to be freely exchanged. The Board has appointed PwC as SCA's external auditor. PwC's audit engagement partner is Trevor Johnston. He and members of his team attend each meeting of the Audit and Risk Committee and periodically meet separately with the Chair of the Audit and Risk Committee. Having commenced as audit engagement partner in FY20, Trevor Johnston will rotate off SCA's audit after FY24. Amanda Campbell will become PwC's audit engagement partner for SCA, and she has shadowed the audit team and attended meetings of the Audit and Risk Committee during 2024. PwC's audit engagement partner also attends SCA's AGM and is available to answer questions from security holders about the conduct of the audit and the preparation and content of the auditor's report. Company Policies Code of Conduct SCA's Code of Conduct sets out principles and standards that apply to all directors, employees and certain contractors and consultants. The Board updated the Code of Conduct in February 2024, principally to confirm refreshed corporate values. The Code of Conduct is underpinned by a range of more specific internal policies setting out SCA's expectations, practices and procedures for directors, employees and certain contractors and consultants. These policies are made available through SCA's employee intranet and, where applicable, to contractors and consultants. SCA provides induction and periodic training to all employees on key policies relating to matters such as workplace behaviour, health and safety, and radio and television codes of practice. Training on these matters is also provided to regular contractors, such as on-air announcers. SCA has detailed grievance procedures that have proved effective for investigation and resolution of issues that arise in the workplace or in relation to the way in which SCA conducts its business. These procedures are complemented by a Whistleblower Policy. The Audit and Risk Committee receives reports at six monthly intervals, and at other times as required, on whether there have been any material incidents reported under the Code of Conduct or the Whistleblower Policy. SCA received one complaint under the Whistleblower Policy during FY24. The complaint was investigated by one of SCA's Whistleblower Protection Officers who did not uphold the complaint. SCA publishes an annual Modern Slavery Statement under the Modern Slavery Act 2018 (Cth). SCA's Supplier Code of Conduct is also available on the SCA website. Major suppliers and suppliers operating in high-risk areas are asked to complete an electronic questionnaire or to provide other evidence of their awareness and management of modern slavery risks. A detailed fact sheet explaining the risks and indicators of modern slavery in SCA's supply chain is available on SCA's employee intranet and is included in induction and annual compliance training for employees. SCA has assessed there is a low risk of SCA's operations directly resulting in modern slavery practices. However, there is a higher risk that SCA could be linked to modern slavery practices through the activities of business partners. For example, SCA could purchase equipment manufactured by an entity using forced or child labour. SCA's review during FY24 did not identify any material risk of modern slavery in SCA's current supply chains. 8

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