MAS Holdings

Impact Report 2024

YEAR IN REVIEW INTRODUCTION IMPACT REVIEW DMMT ANNEXURES Plan for Change | MAS Holdings Impact Report 2024 2

Introduction Disclosure of Management

The MAS Story
of Material Topics (DMMT)

151
Our Plan for Change Introduction
Background to the Report

109
Our Approach to Products Changed for Good

8
Our Approach to Lives Changed for Good
Our Approach to Our Planet Changed
for Good

30
Annexures
Workforce Profile

3
GRI Content Index
External Assurance Statement

Impact Review
Year in Review Products Changed for Good
INTERACTIVE
Message from Our Group CEO Lives Changed for Good NAVIGATION TOOLBAR
Progressing Our Plan for Our Planet Changed for Good
Change in 2024 MAS Foundation for Change
Contents Cover page Print
2024 Highlights

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YEAR IN REVIEW INTRODUCTION IMPACT REVIEW DMMT ANNEXURES Plan for Change | MAS Holdings Impact Report 2024 3
MESSAGE FROM OUR GROUP CEO | PROGRESSING OUR PLAN FOR CHANGE IN 2024 | 2024 HIGHLIGHTS

Year in Review
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MESSAGE FROM OUR GROUP CEO | PROGRESSING OUR PLAN FOR CHANGE IN 2024 | 2024 HIGHLIGHTS

Message from Our Group CEO

GRI 2-22

As we mark the completion of yet CHANGING LIVES MAS has worked hard to build on a “Sustainable Development in Exports”. Inspired by the changemakers in our
another year of building a sustainable, FOR GOOD strong foundation to address these This is but one of the wins that our midst, we move forward with the
equitable business for MAS, I am happy Our focus on empowering our people changes and has built on this through teams have secured for MAS for its commitment to realising the potential
to share my thoughts on the MAS Plan also continues through training a holistic approach to sustainability commitment and achievement in we see to drive positive change and
for Change Impact Report of 2024. and development initiatives, while covering in depth aspects of product, sustainable business initiatives. transformation within our industry,
upholding our commitment to being social, and environment. and our world.
With the external volatility and market We look forward to this year as it brings
environment caused by the ongoing an equal opportunity employer. We We have also taken strides to craft our us to the close of the last five years of Suren Fernando
economic downturn, 2024 continued remain committed to engaging with the strategy for 2030 and beyond, both for strategic efforts, a significant milestone to Group Chief Executive Officer
to be a challenging year for the communities we operate in and investing business and sustainability, continuing mark the culmination of our 2025 strategy. MAS Holdings
Organisation as well as the global to build capacity to create change agents the Organisation’s commitment and As we move forward as an organisation,
apparel industry. MAS continued to focus who make their environments more foundational legacy of doing the right we are keen to move forward on our
on our long-term strategy, while moving resilient and sustainable. thing. We look forward to exploring these commitments to all stakeholders and
forward with our efforts to consolidate An especially proud moment for MAS was in further detail in 2025 as we prepare our work towards the fruition of the Plan
and streamline operations to ensure the supporting Sri Lanka’s national athletes Organisation and our people for the next for Change in 2025.
longevity, protection, and wellbeing of and para-athletes at the Olympics and chapter in our onward journey.
our people, planet, and communities. Paralympics, as well as our investment in
future generations of athletes in Sri Lanka, ACKNOWLEDGING
CONTINUED INVESTMENT through the newly launched MAS Athlete OUR WINS
IN SUSTAINABILITY Training Academy. We were also humbled to be recognised
As an organisation committed to at Sri Lanka’s 26th Presidential Export
sustainable, equitable growth, MAS has FUTUREPROOFING Awards for 2023/24, winning the coveted
continued to invest in our sustainable OUR BUSINESS “Exporter of the Year” award, as well
business initiatives despite the In the face of an evolving regulatory as being recognised our contribution to
continuing challenges faced in the macro environment, we are proactively
environment ranging from geopolitical
instability to recessionary markets.
aligning our efforts with theincoming
European Union regulation on product We look forward to this year as it
With sustainability engrained in our
founding values, we believe that these
design, environmental performance
and due diligence frameworks, in order brings us to the close of the last five
efforts give us a competitive advantage
and the license to operate, and motivate
to minimise potential impacts and
futureproof our business. years of strategic efforts, a significant
our employees by providing them a
meaningful purpose to guide them.
milestone to mark the culmination of
our 2025 strategy.
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MESSAGE FROM OUR GROUP CEO | PROGRESSING OUR PLAN FOR CHANGE IN 2024 | 2024 HIGHLIGHTS

Progressing Our Plan for Change in 2024

The year 2024 was an important one, POWERING Following our engagement with Heiq Aeoniq™
as we were on our final stretch in terms CIRCULARITY last year as an alternative to petroleum-
of ensuring all necessary initiatives This year, we were able to continue based yarns and now with Ambercycle’s
were lined up to achieve our 2025 the progress on our commitment to Cycora yarn, we have progressed in growing
commitments, whilst also looking ahead create more sustainable products and our portfolio within the circularity space,
to the next phase of our Plan for Change increase our sustainable product revenue being a true partner to help companies
strategy. It was important to ensure that by continuing to converting our core and start-ups reach a viable scale.
we remain both pragmatic and ambitious programmes into more sustainable raw
in our vision and commitments, taking us material. Decarbonisation of our raw OUR TALENT AND
to 2030, equipped and to influence and material remains the number one priority OUR PEOPLE
lead the change that our industry needs. on our sustainable product efforts, while From the early days, guided by our
It was also a year where there was an also recognising that giving our brands founders, MAS has always run our
unprecedented slowdown in the markets and their consumers products that they business with our people at the heart of
that we serve, putting pressure on the know are better for the planet, is equally all that we do. We believe in the power
businesses and managing competing important in order to create that much of partnerships and focusing on deep
priorities. Through this period, MAS has needed paradigm shift in fashion. and lasting relationships both within our
been able to stay on course with our own operations, and with our extended
Powering circularity and enabling it to scale, communities.
purpose to “be changemakers, enabling continue to be mission critical, and this year
dreams and enriching the fabric of life on we partnered with Los Angeles based startup, Our strengthened efforts in 2024 resulted
our planet”, whilst driving the Plan Ambercycle, by committing to an offtake for in empowering our women by creating
for Change forward. of their textile-to-textile recycled polyester over 300,000 empowerment opportunities
yarn, Cycora. This 3-year offtake agreement and focussing on our endeavour to
will enable and further strengthen the MAS’ increase the representation of women
sustainable product pipeline, while allowing in management within our Organisation,
by expanding initiatives such as
It was important to ensure that we us to be a strong partner to our brands,
especially in meeting the upcoming European unconscious bias training, gender smart
communication, and improving childcare
remain both pragmatic and ambitious in Union regulations on eco design.
facilities and support to all employees.

our vision and commitments, taking us to

2030, equipped and to influence and lead
the change that our industry needs.
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MESSAGE FROM OUR GROUP CEO | PROGRESSING OUR PLAN FOR CHANGE IN 2024 | 2024 HIGHLIGHTS

We pride ourselves as an equal CHANGING OUR Expanding our biodiversity efforts to

opportunity employer, embracing diversity, PLANET FOR GOOD Indonesia was another key highlight
inclusion and creating and implementing Everything we do on product and in our of 2024 where we are focusing on the
employment supporting model to enable communities, is focused on ensuring that reforestation of 8,500 acres. This is a key
persons with disabilities to thrive in our we leave our environment and our planet step in ensuring our biodiversity efforts
Organisation. It was a proud moment healthier better and more resilient. are global.
when we won the Zero-Project Award for
the MAS supported employment process As the climate unceasingly breaks down CONCLUSION
as an exemplary practice in disability and global instability intensifies, our We have been able to progress in all our
inclusive employment. purpose becomes more important and key commitments due to the steadfast
increasingly urgent. commitment of our teams who truly embrace
The Eco Go Beyond Sustainable Schools
Programme remains our flagship Our primary focus is on meeting our science- and live their purpose. We look forward to
community engagement initiative which based emission targets while continuing to 2025 as the conclusion of our first phase
focusses on one of the most important reduce our energy intensity. While becoming of the Plan for Change and completing the
segments of our community, our more productive in our processes is key in initiatives we have lined up to successfully
youth and students, enabling the next the energy and emissions space, we are achieve the vision we have for 2025.
generation to become changemakers heavily reliant on external factors such as
regional and government policies that will
Nemanthie Kooragamage
in their communities.
have a large part to play in our journey to Director – Group Sustainable Business
We have been successfully operating achieve net zero. MAS Holdings
in the sustainable education space for
the last 18 years and we are privileged This year we focused on areas that are
to have been given the opportunity by within our control such as optimising
the Sri Lanka National Commission for our rooftops’ capacity for solar and
UNESCO, to share our learnings and best expediting the roll out of certified
practices as the knowledge partner in sustainable biomass.
the development of the implementation As part of our efforts in circularity, we
strategy for the UNESCO Green Schools were able to convert and divert 10% of
Standard 2030 for Sri Lanka. our fabric waste back into the apparel
supply chain, while continuing to ensure
none of our waste goes to landfill and as
much as 65% of raw material waste was
value enhanced.
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MESSAGE FROM OUR GROUP CEO | PROGRESSING OUR PLAN FOR CHANGE IN 2024 | 2024 HIGHLIGHTS

2024 Highlights

Advancing our Closing Empowering Investing in Reducing emissions Inspiring

sustainable products the loop women in community in line with our decarbonisation across
agenda management initiatives SBTi commitment the apparel value chain

40% 22% 26% 2.1 million 24.04% 45%

revenue generated of our primary women in opportunities decrease in absolute suppliers by spend
through sustainable products included management created emissions (Scope 1 committed to science-
products recycled input positions and Scope 2), against based targets for
materials 2019 baseline emission reduction

Enabling the energy Practicing Driving waste value Upholding our Scaling-up
transition sustainable water enhancement and commitment to responsible our biodiversity
management transforming waste streams chemical use conservation efforts

39% 50% 76.2% 96% 19,927

of our energy from reduction in water intensity of waste value enhanced by of MAS Chemicals at ZDHC cumulative acres restored
renewable sources for our textile operations, recycling, reusing, upcycling MRSL version 3.1 Level 1 or or under conservation
against the 2011 baseline or turned to new resources above accepted status (79x the space we occupy)

198 ml 99% 95.4%

water recycled, reducing of waste diverted Bluesign approved chemicals
freshwater demand by 7% from landfills used in our dye facilities
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THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

Introduction
YEAR IN REVIEW INTRODUCTION IMPACT REVIEW DMMT ANNEXURES Plan for Change | MAS Holdings Impact Report 2024 9
THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

The MAS Story

From humble beginnings in 1987,
with just 26 machines and 60 people
in a single facility, MAS has grown into
a two-billion-dollar global apparel tech
powerhouse, driven by the vision of
Mahesh Amalean and his brothers.
We reach beyond the boundaries
of manufacturing – crafting innovative
solutions that push boundaries and
redefine the industry.

GLOBAL APPAREL TECH

POWERHOUSE

USD 2 Bn.
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THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

Get to know us See what we do

Our global reach spans 14 countries, with GRI 2-6
over 100,000 employees and a supply
chain of over 50 state-of-the-art facilities
and design hubs. We build partnerships
with leading brands, and nurture our own
innovative labels; addressing real-world
needs through diverse divisions: Intimates,
Athleisure, Wearable Technology,
and more.
Canada
Our expertise spans nine distinct divisions: UK
Intimates, Leisure and Athleisure, Training
and Performance, Swimwear, FemTech, USA
Wearable Technology, Adaptive Apparel, Jordan China
and Shapewear. We constantly work to Bangladesh Hong Kong
evolve and expand our capabilities – from Dominican Republic
fabric to printing, elastics to lace, and even India Vietnam
the most intricate embellishments. Sri Lanka
Kenya Singapore
Indonesia

Our Operations Key Markets

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THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

Our products SUPPLY CHAIN Step into our future

Our strength lies in a vertically integrated SPREAD Sustainability is woven into our DNA. We
supply chain, enhanced by strategic align our efforts with the SDGs and UNGC
acquisitions that bolster our presence. Our principles, striving for ethical practices
worldwide reach extends beyond apparel and positive impact across our value
manufacturing; encompassing industrial chain. We champion long-term change,
parks, innovative brands, and logistics empowering our people, communities,
and warehousing solutions. This approach Sweden and the planet; while driving profitable
Latvia
ensures efficiency and sustainability, Canada
United Kingdom
Lithuania and sustainable growth.
Germany
from fabric to finished garment. Belgium
Austria Slovakia Our Plan for Change
Switzerland Italy
USA France
Explore our ecosystem Portugal Spain Turkey Japan
Israel South Korea
Innovation is at our core. Twinery, our Egypt Jordan Pakistan China
Hong Kong
dedicated innovation arm, has pioneered United Arab Emirates Bangladesh Taiwan
Dominican Republic
disruptive technologies across materials, Guatemala Honduras India
Thailand
Vietnam
El Salvador
lighting, heating, odour-protection Sri Lanka Malaysia
and water-repellency. We transform Colombia Kenya Singapore
Indonesia
Tanzania
the interaction between humans and Seychelles
Brazil
textiles by exploring new methods and
technologies that make for smarter
apparel and smarter ways of Australia
making apparel.
New Zealand
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THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

A GLOBAL BUSINESS with laws and regulations. Our core value risk management, and internal control
FOR GOOD system, the MAS DNA, is inherited from mechanisms, ensuring transparency
GRI 2-9, 2-11, 2-15, 2-23
our founder members who have built and and accountability.
nurtured this Organisation and are the
The governance framework systematically
Staying true to our corporate purpose to force that drive our Code of Conduct.
delegates and cascades management and
be changemakers, we uphold the highest
At MAS, it is imperative that everything we oversight of operations to a number of
standards for corporate governance
do as an organisation to create value for functions and divisions at Group, SBU,
and responsible business. Our robust
our stakeholders, is aligned with what is and facility-level.
governance framework and ethical
good for our environment, our society, and
value-based commitment form an These functions are supported by a
our employees. This is the core of MAS’
essential pathway to creating long-term well-defined and routinely reviewed
Plan for Change, a long-term commitment
value for our stakeholders. policy framework that addresses the
to our planet, people, and products.
Group’s material risks and impacts.
We believe that being a global force
Our exemplary governance is reflected Together with processes in place for
for good goes beyond statutory control
across our leadership; starting from our Sustainability Governance , which propel
mechanisms and compliance-based
apex governing body – the MAS Holdings our Plan for Change, this constitutes a
adherence to laws and regulations.
Board. The Board works collaboratively comprehensive framework of people and
This is why, at MAS, it is imperative
and in consultation with the Apparel and processes that shape our impact on the
that everything we do creates value for
Innovations Boards and Management wider economy, environment,
our stakeholders, and is good for our
to develop long-term strategies aligned and community.
environment, society, and employees.
distinctly with the Organisation’s
This is the core of our Plan for Change:
Purpose, Vision, Mission and Values.
a long-term commitment to change
Strong oversight is exercised by the
products, lives, and our planet for good.
Board to drive meticulous execution and
GOVERNANCE operational excellence. In addition to the
FRAMEWORK MAS Holdings and MAS Capital Director
Staying true to our corporate purpose to Boards, each legal entity has their own
be changemakers, we are committed to Board that provides leadership and drives
outstanding corporate governance and operational and strategic decision-making
value driven behaviour. It is our foundation relevant to that entity and division.
for building an ethical work culture, Through a structured and systematic
long-term sustainable value, effective approach, our Audit Committee provides
control mechanisms, and compliance independent oversight of governance,
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THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

CHANGEMAKERS The MAS Capital Board is a dynamic BOARD

Economic value The following functions and AT THE HELM group of 10 operations leaders (including DIVERSITY
financial processes are part of the Group CEO), which brings together
creation a comprehensive governance
Our leadership has always believed in
senior leadership within the Group, and
GRI 405-1
putting people first, seeking adaptability
We strive to be responsible stewards framework, under the Group’s in a changing world, creating opportunity plays a pivotal role in guiding our success. BOARD DIVERSITY BY GENDER
of our financial position and Economic and Governance pillars, despite adversity, and embracing change Their focus leverages well-honed skills (%)
resources, in line with all applicable that addresses business risks and with courage. and insights to champion bold initiatives
impacts and ensures responsible Female
regulations, to create and deliver and unlock opportunities for MAS and our 20
economic value for our stakeholders. financial stewardship. Our founders are Mahesh, Ajay, and customers. By building capabilities across
Sharad Amalean, whose commitment the spectrum, this Board empowers our
MAS Holdings has a strong balance z Independent Audit Committee, with and values are at the very core of what
sheet and adequate resources to requisite industry experience changemakers and fuels a culture of
MAS is today. continuous innovation.
meet obligations related to retirement z Internal audit (IA) function and an
benefits applicable at each of the Enterprise Risk Management The MAS Holdings Board serves as
Together, the MAS Holdings Board and Male
jurisdictions in which the Group (ERM) function the driving force behind the Company’s the MAS Capital Board form the backbone 80
operates. The Company contributes to mission to create positive change. This of our governance structure. Through
z Central and SBU-level finance esteemed Group brings together a
EPF, ETF, Gratuity, or similar liabilities functions their leadership and engagement with BOARD DIVERSITY BY AGE GROUP
according to country-specific wealth of diverse experience, visionary operations, these governing bodies ensure (%)
z Central and SBU-level Human leadership and strong governance
statutes and regulations. Read more MAS stays on a clear path to shaping a
Resources Divisions expertise. Composed of Mahesh Amalean,
about what we are doing to provide positive and sustainable future. Further Over 50 years old
Sustainable Compensation z Legal Division Sharad Amalean, Eliyas Poleg, Gail details of our Directors are available on 40
for our people. z Tax Team Klintworth, and Thomas Zimmerhaeckel, our Corporate website .
the Board plays a critical role in shaping
z SBU-level operational and
the future of MAS. Their leadership
engineering teams
embodies the values upon which MAS 30-50 years old
z Compliance Teams was founded, ensuring these principles 60
z Health and Safety, CSR, continue to guide our people, culture,
Sustainability, and ESG and overall impact.
teams at each SBU
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THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

THE MAS DNA The MAS Code of Conduct, corporate Our Social Impact Strategy describes the
GRI 2-15 policies, and system of core values Company’s grievance reporting system
outlined in the MAS DNA, apply to all and redress/remediation processes for
Our core value system, MAS DNA, is inherited from our employees – from our Directors to internal and external stakeholders to
founders who have built and nurtured MAS. It serves as a guiding operational teams on the ground. These raise concerns.
compass that incorporates our corporate values, aligns with outline standards we uphold, processes
our commitment to ethical and responsible business conduct, to follow, and targets we aspire to.
and drives our ambition to function as a changemaker and Our policies, vision, mission,
leader – for our people and planet. POLICIES and values are detailed at length
on our Corporate website .
Code of Conduct Related Policies
Equal Opportunity and
Anti-harassment Policy
Conflict of Interest Policy
Gift Policy
Social Media Policy
Confidentiality Policy
Intellectual Property Policy
Administrative Policies
VALUES BEHAVIOURAL PILLARS
Information System Usage Policy
Honesty and Integrity Respecting People Flexible Working Policy
Trust and Mutual Respect Protecting Assets Leave Policy
Freedom with Accountability Valuing Customers
Humility Sustaining Relationships
Passion for Excellence Nurturing Communities
Entrepreneurial and Innovative Competing Ethically
Giving Back Complying with the Law
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THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

ENTERPRISE RISK As part of this structured approach, RISK MANAGEMENT

MANAGEMENT (ERM) ESG-related risks and opportunities are FRAMEWORK
GRI 2-9, 2-13 also identified, assessed, and managed RISK MANAGEMENT PROCESS
through the ERM framework. This
The MAS Holdings Board holds oversight ensures that environmental, social, and Risk Management Risk Domain Key Risk Management Review and Revision of Risk
responsibility for risk and opportunity governance considerations are embedded Committees Owners Activity Management Activity
management, ensuring the effectiveness into our decision-making processes,
of risk management and internal control reinforcing our commitment to sustainable Identify Assess Prioritise Respond to Assess substantial
systems across the Organisation. MAS and responsible business practices. Risks Risks Risks Risks change
takes a proactive approach to risk Assess efficacy of RM
and opportunity management using Our core values, embodied in the MAS Apparel Board Group CEO Domain 1: Enterprise in light of performance
a comprehensive Enterprise Risk DNA, inspire a culture of risk awareness
Check and adjust risk
Management structure, which is based and responsible decision-making, which and risk responses
Functional
on the COSO framework. Our framework is key to effective risk management. Leaders Forum
Functional Heads Domain 2: Functional

acts as our roadmap for identifying, Enterprise Risk Management is

prioritising, effectively managing risks seamlessly integrated throughout our
strategic planning process. Business SBU Exco SBU CEO Domain 3: Division/SBU
across the entire Organisation. This
framework seamlessly aligns with objectives, taken from our overall strategy,
our organisational structure, with form the basis for identifying, assessing,
specifically classified risk domains and addressing any potential obstacles
and clear risk assessment criteria that to our success. The MAS Holdings Board
ensures consistent application across periodically reviews major risk areas and
all risk types. Beyond identification retains overall authority over defining the
and assessment, the framework extent of significant risks MAS is willing
extends to risk oversight and reporting. and able to undertake in pursuit of its
Accountability and responsibility for risk strategic objectives.
are distributed across the Organisation,
ensuring dedicated resources and
structured risk review processes
across the relevant risk domains. This
comprehensive approach is further
strengthened by clear lines of oversight
within our governance structures, setting
the tone for a risk-aware organisation.
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THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

Our Plan for Change

The Plan for Change is a bold
commitment to drive sustainable
change across our business, amongst
our customers, people, and communities,
and for our planet. Launched in 2020,
with a five-year horizon leading to
2025, the Plan outlines clear goals
and commitments for our Group.

SHAPING OUR SUSTAINABILITY

STRATEGY AND PLAN FOR

2030
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THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

GRI 2-23, 2-24

Planning for 2025 that involves a broad range of
stakeholders, and based on the
and Beyond latest knowledge and science on
As we move closer to our sustainability and systems-change.
Plan for Change 2025 targets, we
Starting in December 2023, we
have already begun shaping our brought together a cross-functional
PRODUCTS LIVES OUR PLANET
sustainability strategy and plan for team representing key SBUs; with
CHANGED CHANGED CHANGED
2030; building on progress made the collective goal of setting up
FOR GOOD FOR GOOD FOR GOOD
towards our current Plan for a 2030-strategy. We started with
Change goals. a comprehensive reflection on
50% revenue generated through Empowering Women Limit Emission We have seen real progress during the current Plan for Change, and
sustainable products by 2025 z Empower 100% of women z Reduce our emissions footprint to
the five-year period of the current a deep-dive into industry trends,
Plan for Change cycle: from challenges, and opportunities – to
Innovate and Disrupt at the factory floor achieve 25.2% absolute reduction
increasing adoption of renewable glean insights for a forward-looking
Innovate the way products are z 30% women in management
z
Transform Waste energy generation, to groundbreaking plan aligned with the global outlook,
made so that they can last longer, Meaningful Employment z Value enhance 100% of innovations in sustainable products, and ensure lessons-learned from
be good for the wearer, use less non-hazardous waste and the championing of diversity, past efforts will inform our
resources. and be recycled after use
z Accelerate employee wellbeing
equity and gender inclusion in a way future actions.
and work-life balance Responsible Chemical Use
Source Sustainably z Ensure and elevate sustainable
that reflects the contextual needs Our next steps in 2025 will
zBe zero toxic in all products of our operations and communities.
z Partner with supply chain to compensation for all employees include ongoing engagements
and processes However, the world is shifting rapidly
responsibly source and develop z Foster diversity and inclusion with with stakeholders to understand
organic, natural, and recycled Safeguard Water and it is not just our Organisation that their expectations and priorities,
freedom of expression and identity
raw materials z Achieve zero impact to MAS’
has advanced. The global landscape identification and prioritisation of
for all
has changed significantly with new critical issues, and development
Pioneer Circularity at Scale operations and mitigate negative
World-class Workplaces economic models and regulatory of strategic options with clear
impact to the environment and
z Close the loop by using z Be first-in-class for working forces, and increased awareness success-metrics. Finally, we will be
community
post-consumer waste to conditions in our industry among stakeholders on the urgency benchmarking the strategy against
make new products Champion Biodiversity of global challenges. industry best-practices and validating
Thriving Communities z Restore biodiversity by 100x
To stay ahead, we are creating an it with stakeholders; to ensure that
z Be an enabler for positive impact
in the space we occupy updated strategy that is not just our strategy is not only ambitious,
in all communities we work in but also feasible, relevant, and
reactive – but future-shaping. One
that is built through a process truly impactful.
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THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

AREAS OF
PRODUCTS LIVES OUR PLANET
FOCUS
CHANGED FOR GOOD CHANGED FOR GOOD CHANGED FOR GOOD
GRI 3-1, 3-2

These priority topics – concerning

Products, People, and Planet – represent Innovate and Disrupt Empowering Women Limit Emissions
the areas of greatest opportunity for z Product and z Empowering z GRI 405: z Energy and z GRI 302:
positive impact; where our actions Process Innovation Women Diversity and Equal Opportunity Emissions Energy
have the potential to create the most Management
z GRI 305:
meaningful change. Our sustainability Source Sustainably Meaningful Employment Emissions
commitments are mapped against z Responsible and z GRI 308: z Sustainable z GRI 401:
industry-specific and broadly-accepted Ethical Sourcing Supplier Environmental Compensation Employment Transform Waste
topical areas for responsible business, z Supply Chain Assessment z Diversity, Equity, z GRI 404: z Waste z GRI 306:
which address the issues, opportunities, Management z GRI 414: and Inclusion Training and Education Management Waste
and challenges that are shaping our future z Sustainable Supplier Social Assessment z Learning and z GRI 406:
and the future of the apparel industry. Materials z SASB CG-AA-430: Development Non-Discrimination Responsible Chemical Use
In 2024, approaching the penultimate Environmental Impacts in the
z Chemicals z GRI 303:
Supply Chain, Labour Conditions World-class Workplaces
year in our Plan for Change cycle, we Management Water and Effluents
in the Supply Chain
began the process of re-evaluating our z Health, Safety, z GRI 402: z Product z GRI 416:
focus areas and identifying new matters z SASB CG-AA-440: and Wellbeing Labour Management Relations Stewardship Customer Health and Safety
Raw Materials Sourcing
that are material to our business and z Engaging and z GRI 403: z SASB CG-AA-250:
stakeholders. z GRI 301: Purposeful Occupational Health and Safety Management of Chemicals
Materials Culture z GRI 407: in Products
z GRI 408: Freedom of Association
Child Labour and Collective Bargaining Safeguard Water
z GRI 409: z Water z GRI 303:
Forced or Compulsory Labour Thriving Communities Stewardship Water and Effluents
z Community z GRI 413:
Pioneer Circularity at Scale Development Local Communities Champion Biodiversity
z Circularity z Biodiversity z GRI 304:
Conservation Biodiversity
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THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

PROPELLING OUR KPIs are monitored and reviewed monthly for consultation when the need for
PLAN FOR CHANGE by each pillar and the respective divisional guidance on sustainability topics arises.
GRI 2-12, 2-13, 2-14, 2-16,
leads, who track achievement against Quarterly SAC meetings bring together
2-17, 2-24, 2-27, 408, 409 KPIs each month, and compiled to assess the Group CEO, Group Legal Director,
performance against the year-end goal. Group HR Director, Business Director and
The highest governing bodies at MAS,
This continuous monitoring process a Non-Executive Director. The meeting
alongside senior executives, played
allows teams to bring up concerns or agenda includes key risks that would
an active role in shaping our Plan
roadblocks that they see in achieving affect achievement of Plan for Change
for Change. They are also involved in
goals. Any such roadblocks are discussed, KPIs. The SAC prioritises topics based on
developing, approving, and updating the
and identified solutions are recorded and their scale and impact, which then guides
Group’s policies, goals, and the overall
put into practice. Discussions take place execution plans.
sustainability purpose.
at a Group level, enabling learnings from
CEOs personally review key reports,
Guided by ongoing materiality other SBUs to also be channelled into the
including MAS’ Communication on
assessments, strategic leadership of process, allowing for decision-makers to
Progress (CoP) to the UN Global Compact
governing boards, and consultancy from develop holistic and viable solutions.
(UNGC), and the annual sustainability
our Sustainability Advisory Council (SAC),
Concerns that require leadership-level report that provides stakeholders with
we prioritise sustainability initiatives that
intervention or direction are initially a comprehensive picture of how the
address the most critical environmental
addressed by the Group Business Group is managing impacts, responding
and social issues. The effectiveness
Director. If further direction or approval to sustainability-related risks and
of these processes is also reviewed
is required (especially for decisions that opportunities, and progressing against
regularly, to deliver measurable results.
impact the entire Group, or require a large sustainability commitments.
Clear goals are communicated across investment), these are raised at the SAC.
Ongoing formal training conducted by
the Company, and cascaded down from
The Group’s Sustainability Advisory experts, as well as the Centre for Creative
our CEOs. These goals encompass
Council (SAC) is made up of members Leadership, ensures our Directors and
Hoshin KPIs (strategic objectives) and
of the MAS Capital Board, including the Senior Leadership are equipped with
Foundational KPIs (core performance
CEO. The SAC advises the Director – up-to-date information and requisite
metrics), covering sustainability in
Group Sustainable Business and plays a knowledge to make informed decisions
relation to the three Plan for Change
pivotal role in the implementation of our regarding sustainability.
pillars focused on Product, Lives, and
sustainability strategy. Mandatory council
Planet. Sustainability KPIs are reviewed
meetings are held quarterly, outside
periodically alongside the Company’s
of which, members are contactable
broader KPIs.
YEAR IN REVIEW INTRODUCTION IMPACT REVIEW DMMT ANNEXURES Plan for Change | MAS Holdings Impact Report 2024 20
THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

regulations impacting MAS, globally. STAKEHOLDERS At MAS, we believe that sustainable

In 2024, key members of our We periodically review applicable legal AS PARTNERS systemic change requires concerted
sustainability-related teams requirements, and ensure internal collaboration across our entire ecosystem.
GRI 2-29, 408-1, 409-1
attended training programmes on monitoring processes are in place to Customers Many of our stakeholders, from employees
implementation of the SLFRS S1 evaluate compliance against the same; to customers, play a key role in the MAS
and S2 standards published by The with outcomes of compliance evaluations Plan for Change and our strategies to
Institute of Chartered Accountants being presented to the Board. Consumers Employees create collective impact. In turn, MAS has
of Sri Lanka (CA Sri Lanka). The long been a critical stakeholder in the
Moreover, the Group’s governance process
guidelines are aligned with the industry and supply chain, and amongst
is empowered with adequate resources,
International Sustainability Standards our communities. Our engagement,
robust policies, standardised procedures,
Board (ISSB) inaugural standards for support, and collaboration help them to
and integrated KPIs that are cascaded
sustainability-related disclosures – NGOs Suppliers thrive and flourish. Engagement with
across operations.
IFRS S1 and S2. stakeholders begin with comprehensive
We have an established formal escalation mapping that helps us identify priority
mechanism for labour-related compliance groups. We consider our specific business
Internal and external stakeholder issues and violations, where plant or model and the stakeholders who play a
concerns, queries, and feedback are SBU-level Compliance Teams identify crucial role in our operations and value
also escalated to Senior Leadership International and Communities
violations, if any, through either self- chain; then we assess the operating
Local Media
through designated channels and code audits, government and regulatory audits, landscape we occupy; and benchmark
officers – such as the Director – Group or customer audits. Such violations are ourselves against industry standards
Human Resources, who sits on both the escalated to the respective Divisional and regulatory requirements. Thereafter,
Sustainability Advisory Council (SAC) and Banks and Financial Regulatory
Compliance Team who, together, would Institutions Authorities we utilise an Impact-Influence Matrix to
the Apparel Board. In fulfilling their role, design a corrective action plan to address ascertain our sphere of impact: identifying
the Director – Group Human Resources the same. These issues would also be significant stakeholders who are affected
has the authority to inform our CEOs reported to the Director – Group HR; by the business, and those who can
of any critical issues. Additionally, an either on a quarterly basis or immediately, influence our operations.
independent Audit Committee with direct where seriousness of the issue required
access to the chairman and shareholders, timely attention and action. As such,
provides an additional layer of oversight, there have been no significant cases of
and ensures transparency and labour compliance violations reported;
accountability throughout our enterprise. and no incidents of child labour or forced
These systems constitute a robust or compulsory labour within company
framework, wherein we gain knowledge operations during the reporting year.
and awareness of applicable laws and
YEAR IN REVIEW INTRODUCTION IMPACT REVIEW DMMT ANNEXURES Plan for Change | MAS Holdings Impact Report 2024 21
THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

This analysis guides our actions, end-consumers of the products we

interventions, channels, and frequency manufacture, we work with leading
of engagement with stakeholders. brands who are closely aligned with the
Which in turn leads to strategising and needs and aspirations of a wide-ranging
structuring of proactive, formal, and consumer base. When partnering with
informal interactions and engagements, our customer brands, from concept-to-
which are implemented at various delivery, we exercise a duty of care and
levels within the Group. We consider incorporate the precautionary principle
our primary stakeholders – customers, in all our dealings; maintaining stringent
employees, suppliers, and communities, standards for product quality that ensure
as critical enablers in driving our plan consumer safety.
for change. As such, our engagements
take an approach of partnership that
incorporates continuous communication,
collaboration, learning, and sharing. We
strive to maintain strong relationships
with regulatory authorities, civil society
organisations, and other institutions who
share our commitment to transforming
systems, communities, society, and the
planet, for good. Where required, we
provide timely and accurate information
on our initiatives, business developments,
compliance, risks, and financial position,
and work to strengthen the systems
and institutions around us. We also
advocate for positive transformation to
champion change in areas and spaces
where collective effort is essential.
Since incorporation almost four decades
ago, MAS has grown to encompass an
innovative and vertically integrated
ecosystem beyond needlepoint. While
we have minimal engagement with
YEAR IN REVIEW INTRODUCTION IMPACT REVIEW DMMT ANNEXURES Plan for Change | MAS Holdings Impact Report 2024 22
THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

Stakeholder Principal mechanisms to engage stakeholders Topics of discussion and engagement Frequency of Stakeholder Principal mechanisms to engage stakeholders Topics of discussion and engagement Frequency of
category engagement category engagement

Customers z Vendor Summits/Roadshows z Strategic business partnering Based on need/ Suppliers z Supplier Audits (Third Party) z Development of long-term Ongoing/Routine,
z Customer Feedback Surveys, z Raw material and product special projects: z Management level meetings, mutually beneficial partnerships Monthly, Biannually
Monthly Quarterly, for sustainable supply chains Annually
Vendor Touch base with innovation and development supplier Touch base on situations
Biannually, Annually
Strategy sessions z Innovation and technology z Collaboration meetings to further z Adherence to contractual
z In-person meetings – MAS Customer beyond product and raw material partnerships (project based, obligations
Facing and development teams (digitalisation, automation, etc.) event based, or ongoing)
z Meetings, emails, phone/ z Collaborations on product, z Supplier onboarding/Supplier
conference calls sourcing and manufacturing production and quality meetings
z Calls/meetings with Leadership/ z Risk mitigation – Product
deliveries, product pricing/ Communities z Feedback surveys for projects z Issues and challenges faced Ongoing/Routine,
Management Teams
production planning and z Community grievance mechanism by communities Monthly, Biannually,
z Product and Design Development Annually
manufacturing capacities z Flagship CSR projects and Operations z Disaster management
Reviews/Customer Touch bases
z Sustainable collaborations and teams in SBUs programmes
initiatives on product, social and connect with local communities z Community grievances
environment projects on their needs z Providing health related
z Specific engagement with identified engagements
Employees z Organisational Health Index survey z Work-life balance including Ongoing/Routine,
vulnerable groups z Positive social community impact
z Quarterly Townhalls Q&A parental support and flexibility Monthly, Biannually,
Annually z Supporting sustainable
z Employee satisfaction surveys on z Safety and wellbeing/diversity
and inclusion community development in
various benefits and work-life
terms of economic, education,
balance initiatives z Community/Volunteering
and social aspects
z Performance reviews engagement activities
z L&D feedback surveys, open door z Supported employment
policy at all management levels z Career development
z Joint Consultative Committee/ z Learning and Development/
Employee resolution Board meetings Engagement opportunities
z Division specific counsellors and z Employee grievances
supported employment officers
z Intranet communications through
Yammer/email communications/
social media
YEAR IN REVIEW INTRODUCTION IMPACT REVIEW DMMT ANNEXURES Plan for Change | MAS Holdings Impact Report 2024 23
THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

Stakeholder Principal mechanisms to engage stakeholders Topics of discussion and engagement Frequency of Stakeholder Principal mechanisms to engage stakeholders Topics of discussion and engagement Frequency of
category engagement category engagement

Banks and z Review meeting for past results z Future growth and utilisation Ongoing, Biannually, Regulatory z Certifications and accreditations z Business operations in compliance Ongoing, based on
Financial z Annual audited accounts of funds – value generation Annually Authorities z Licenses, memberships and approvals with laws, regulations, social and needs/projects
Institutions environmental standards
z Quarterly meeting, quarterly z Investment and financing and site inspections/meetings and
consolidated accounts opportunity scoping and disclosures
management z System Certification Audits
z Meetings, emails, phone/
conference calls z Risk management z Environmental Audit
z Financing options, credit facilities,
cash management NGOs z Partner feedback meetings z Issues faced by vulnerable Ongoing, based on
z Forums on key social and communities and environments requests/projects
z Consistent economic performance
environmental topics z Industry insights and thought
z Adherence to financial and
z Associations of private/ leadership on key topics
taxation regulations
public partnerships z Opportunities for impactful
International z MAS website, social media platforms, z Corporate updates and Regularly, Quarterly, partnerships
and Local press releases, media correspondence announcements – product Annually z Commitment to Social,
Media and engagement activities, public innovation and launches Environmental and Product
relations and advertising, thought z Corporate Governance Sustainability
leadership panels and forums
z Industry Insights and thought
z Feedback on PR and public Consumers z Carry out consumer testing on new z Product safety and responsible Based on projects
leadership on key topics
media presence innovative products for feedback on chemical use
z Brand reputation and socialisation and review
public perceptions
z Build awareness and engagement
z Commitment to CSR,
Environmental and Product
Sustainability
YEAR IN REVIEW INTRODUCTION IMPACT REVIEW DMMT ANNEXURES Plan for Change | MAS Holdings Impact Report 2024 24
THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

OUR COMMITMENTS, COMMITMENTS Products Changed for Good MEMBERSHIPS

PARTNERSHIPS, AND ADVOCACY GRI 2-23 GRI 2-28
Our Plan for Change is the culmination
United Nations Global CASCALE
of MAS’ comprehensive approach Better Work
to sustainability. It is aligned with Compact (UNGC) Principles Programme Industry, Responsible An industry-wide non-profit alliance
Innovation and Consumption
commitments and initiatives that are We actively participate in, and comply Infrastructure and Production representing the global value chain;
From strategies, to policies and including brand retailers, manufacturers,
inspiring and aligning action toward procedures, we uphold ethical business with, the Better Work Programme; as part
Lives Changed for Good supply chain partners, and others.
achieving change at a global scale. practices, respect human rights, labor of MAS’ broader commitment to employees
standards, environmental protection, that is outlined in our Plan for Change
As a partner in the manufacturing-side – working toward empowering women, Joint Apparel Association Forum
and anti-corruption measures; in line
of the apparel value chain, these are also providing meaningful employment, and Sri Lanka (JAAFSL)
with the 10 principles of the UN Global
important nexuses of collaboration where Compact (UNGC). MAS has maintained creating world-class workplaces. Good Health Quality Gender Decent Work
The apex body presenting a common
we share learnings, amplify the voice of alignment with these principles since 2003.
and Well- Education Equality and Economic
being Growth front for Sri Lanka’s apparel industry,
our stakeholders, and add to discourse Caring for Climate its representative associations, and
that is shaping the industry; ultimately Women’s Empowerment (C4C) Initiative businesses.
advocating for systemic change that Principles Since engaging with the Caring for
can only be achieved, together. Climate (C4C) initiative in 2008, we began Global Compact Network SL: Board,
Since 2011, we endorse and incorporate Reduced Sustainable Peace, Justice, Partnerships
the Principles in our Group-wide efforts implementing systematic changes at Inequalities Cities and and Strong for the Goals Steering Committee, and Working
strategy, policy, and activity-level; to Communities Institutions Groups (Human Rights, Climate Action)
to drive women’s empowerment and
gender equality. MAS’ exemplary Women ensure MAS is positioned to address the
Our Planet Changed for Good Local Network contact point for the United
Go Beyond programme, which is enshrined challenges presented by climate change.
These foundational steps have informed Nations Global Compact (UNGC), which
in the Plan for Change and closely aligned
our Plan for Change and culminated in is working to mainstream sustainable
with the seven principles, serves as
MAS setting ambitious Science Based business practices in Sri Lanka.
our roadmap to fostering a diverse and
inclusive workforce where women Targets for emissions reduction. Affordable Climate Life Below Life on
and Clean Action Water Land
can thrive. Energy
Science-Based Targets
Initiative (SBTi) MAS Foundation for Change
Business for Peace
(B4P) Platform
In 2020, we signed up to SBTi; setting
MAS endorsed the B4P initiative in and validating ambitious targets for
2013, as one of its founding participants, absolute emission reduction within
Clean Water Life Below Life on
recognising Sri Lanka’s unique context our operations, and committing to and Sanitation Water Land
and the opportunity for our initiatives to drive climate response across MAS’
advance peace – in the workplace and supply chain.
the wider community.
YEAR IN REVIEW INTRODUCTION IMPACT REVIEW DMMT ANNEXURES Plan for Change | MAS Holdings Impact Report 2024 25
THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

ADVOCACY Lumpur, Malaysia; facilitated by the Association of the University of z ZDHC: We are actively involved in Many of these standards and commitments
Achieving our Plan for Change targets and United Nations Global Compact Colombo. And, panelist engagement at ZDHC’s efforts to promote sustainable extend to our Suppliers in the apparel
realising transformational change at scale Network (UNGC). the National HR Conference 2024. chemical management across the value chain.
require collective action. This necessitates z We co-authored and launched a White z Active advocacy for a more inclusive supply chain.
a proactive voice in shaping industry Paper on Financing Decarbonisation. work environment by participating as z PUCSL: We contribute to national
SLCP Gateway and Converged
standards, policies, and practices. This supplier-led initiative, developed a panelist at two events – Inclusive discussions on energy regulation,
Assessment Framework (CAF)
in collaboration with Deutsche Threads: Creating opportunities for renewable energy integration, and
Throughout the year, we actively
Gesellschaft für Internationale Persons with Disabilities (PWDs) within sustainable utilities policies. Sedex Members Ethical Trade
engaged in various high-level
Zusammenarbeit (GIZ) GmbH and Sri Lankan Apparel Industry, organised Audit (SMETA)
forums and collaborative initiatives,
industry leaders like NITEX Pte Ltd, by IFC, ILO, and Better Work Sri Lanka; TOOLS FOR
championing best practices and Carbon Disclosure Project
Pactics Trading International Limited, and Towards a more inclusive work TRANSPARENCY
advocating for impactful interventions
Artistic Milliners Pvt Ltd, Epic Group, and environment for PWDs, organised by Overall climate action rating – C
across critical environmental and social We believe that achieving real change
TAL Apparel; provides a vital roadmap GIZ and Bconnected.
domains. Our commitment extends requires not only ambitious targets, but Supply chain engagement rating – C
for accelerating decarbonisation efforts
beyond our operations, as we strive In addition, our ongoing representation also a commitment to rigorous standards,
across the supply chain.
to drive systemic change within the at key industry bodies ensures verifiable measurements, and transparent
apparel sector and beyond. z Shaping National Dialogue:
continuous advocacy: disclosure.
Participation in the 6th SL Association
KEY ADVOCACY ACTIVITIES of Young Scientists Open Forum on z United Nations Global Compact: We leverage a range of internationally
AND ENGAGEMENTS IN 2024 INDUSTRY 5.0 – highlighting MAS’s As a participant, we align with the recognised standards, certifications,
z International Engagement: Vision for a Greener Future, addressing Ten Principles, advocating for human accreditations, and tools to uphold
Participation in prominent global policy requirements, research gaps, and rights, labor standards, environmental accountability across our interactions
platforms including the Global Fashion opportunities. responsibility, and anti-corruption with regulators, customers, suppliers,
Summit and the Business of Fashion z Sharing insights on “Top Techniques to through public reporting and and employees. They also provide clarity
roundtable in London. Panelist Scale Sustainability Measurement and collaborative projects. and credibility as we track progress
participation at Forward Faster Now: Management”, moderated by Worldly’s z Cascale (formerly Sustainable Apparel against the ambitious goals of our Plan for
Accelerating Sustainable Business on VP of Customer Success, Loretta Tam. Coalition): Through Cascale, we support Change, and strive for real sustainability
the Asia and Oceania Region in Kuala industry-wide sustainability standards, across the industry.
z Panelist attendance at the Environment
session of the ESG Summit 2024, share best practices, and contribute
organised by the MBA Alumni to the evolution of the Higg Index for
supply chain impact measurement.
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THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

HIGG INDEX 2024 2023 2021 2020 2019

As a founding member of the Sustainable
No. of facilities with verified assessments 41 43 41 32 18
Apparel Coalition – SAC (now Cascale),
since 2011, MAS has actively participated No. of facilities with self-assessments 41 4 1 9 22
in developing and utilising the Higg Average FEM score 79.2 85 78 78 71
Index – a standardised set of tools for
measuring environmental and social
INTERNATIONAL CERTIFICATIONS
impact at facility-level.
AND ACCREDITATIONS
Our Design and Merchandising teams also Certification List Intimates Kreeda Active Bodyline Matrix Noyon Texo Linea Aqua Total*
utilise the Higg Materials Sustainability
Index (Higg MSI) and Higg Product Module BSCI 1 – 1 – – – – – 2
(Higg PM) for a data-driven approach to C-TPAT – – – – – – – 1 1
evaluating impacts of the products we ISO 45001 1 10 7 – – 1 – 1 20
manufacture; thereby enabling teams, ISO 14001 14 10 7 4 1 1 – 3 40
customers, and end-consumers to make ISO 50001 – 1 1 – – – – – 2
more sustainable choices. SCOPE – GOTS 7 – – 3 – 1 – – 11
FSLM (SLCP) 14 7 3 3 1 1 – 2 31
HIGG FEM PERFORMANCE – 2019 TO 2024
HIGG FEM 14 10 6 4 1 1 1 3 41
(No.)
Oeko-tex 100 15 – 1 3 – 1 1 1 22
50 100
GRS and RCS 13 1 6 4 1 1 – 3 29
40 90
ISO 14064 16 10 8 4 1 1 – 3 50
30 80 OSH Transformational Leadership – IOSH, UK – 1 – – – – – – 1
20 70 ILO Better Work Program – 3 – – – – – 1 4
10 60 OCS 1 – – – – – – – 1
0 50 Fair Trade – 1 – – – – – 1 2
2019 2020 2021 2023 2024
GSV – Global Security Verification – – – – – – – 2 2
Facilities with verified assessments (LHS)
Facilities with self-assessments (LHS) *Number of Facilities (SBUs) that have received the certification or passed the audit in 2024 (if they have a continuing certification, this counts as well).

Average FEM score (RHS)

YEAR IN REVIEW INTRODUCTION IMPACT REVIEW DMMT ANNEXURES Plan for Change | MAS Holdings Impact Report 2024 27
THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

AWARDS AND RECOGNITION

MAS Femography wins 03 Excellence MAS adjudged Overall Exporter of 4 Gold and 1 Silver (MAS KREEDA recognising significant contributions Best Sustainability Projects:
Awards for functional apparel, The Year for 2023/24 at Sri Lanka’s Vaanavil), and 1 Best-Kaizen Award to environmental conservation. Merit – BODYLINE (Touch of
inclusive workforce, and sustainable Presidential Export Awards. (MAS Active Linea Intimo) Hope and Water for All);
Gold – MAS Fabric Park, recognised
apparel
MAS wins 6 additional awards National Quality Circle Project as the Best Private institution that MAS CAPITAL x TWINERY
JustStyle Excellence Awards 2025, recognising sustainable development Awards 2024, presented by the contributes to the environment (Girls in STEM)
presented by JustStyle and Global contribution, regional supply chain Sri Lanka Association for the
Silver – MAS KREEDA Shadeline, 10 Gold
Data PLC. development, product diversification, Advancement of Quality and
MAS Active Linea Intimo
foreign exchange earnings, and Productivity (SLAAQP) – Celebrating RoSPA Health and Safety Awards
The Excellence Awards celebrate
performance in emerging markets. quality and productivity achievements Bronze – MAS Active Contourline 2024, presented by the Royal Society
the greatest achievements and
for the Prevention of Accidents
innovations in the apparel industry. 5 Gold, 1 Silver, 1 Bronze, and 1 Merit Merit – MAS KREEDA Synergy,
(RoSPA) – the benchmark for
MAS Fabrics Intimo
MAS Supported Employment Green Productivity Awards excellence, recognising outstanding
Process recognised as a Zero 1 Excellence Award (MAS KREEDA 2024, presented by the Sri Lanka 1 Overall Award, 2 Category Awards achievements and dedication to
Project Awardee 2025 Vaanavil), and 1 Appreciation Award Association for the Advancement of and 4 Project Awards workplace safety across the globe.
(MAS KREEDA Shadeline) Quality and Productivity (SLAAQP)
The Zero Project Awards Best Corporate Citizen Award, Gold – MAS KREEDA Synergy, MAS
– Evaluating and honouring
contributions that advance the United LRCC Awards 2024, presented presented by the Ceylon Chamber of KREEDA Methliya, MAS KREEDA
organisations with the best Green
Nations Convention on the Rights by the Lanka Responsible Care Commerce – recognising companies Balangoda, MAS KREEDA Campus,
Productivity (GP) practices.
of Persons with Disabilities (CRPD), Council (LRCC) and the International that demonstrate a commitment to MAS KREEDA Vaanavil, MAS KREEDA
standing out for their innovation, Council of Chemical Associations Gold – MAS KREEDA Vaanavil, MAS sustainability and corporate social Shadeline, MAS KREEDA Madaba,
impact, and scalability. (ICCA) – Celebrating excellence in KREEDA Balangoda, MAS KREEDA responsibility. MAS KREEDA Dulayl, MAS KREEDA
Environmental, Health, and Safety Methliya, MAS KREEDA Synergy, Sahab, MAS KREEDA Arya 2
Shortlisted for a Parity Award Triple Bottom Line Social
(EHS) practices. and Matrix
Sustainability: Winner – MAS KREEDA
I&D Impact Awards 2025, presented
1 Gold Award from ICQCC 2024 Silver – Linea Aqua
by the World 50 Group Category Award Winner: MAS
(MAS Nirmaana) Bronze – Bodyline KREEDA (Customer Relations,
Recognising the Group’s contributions Merit – MAS KREEDA Campus Employee Relations)
to advancing equality, challenge and International Convention on Quality
break down barriers, promote equal Control Circles 2024, Organised 1 Gold, 2 Silver, 1 Bronze, and 2 Merit Best Sustainability Projects:
opportunities, and foster a dynamic by the Sri Lanka Association for Presidential Environment Awards Winner – BODYLINE (Releaf Knuckles)
work environment. the Advancement of Quality and 2024, presented by the Central
Productivity (SLAAQP) – celebrating Environment Authority (CEA) –
milestones in quality excellence.
YEAR IN REVIEW INTRODUCTION IMPACT REVIEW DMMT ANNEXURES Plan for Change | MAS Holdings Impact Report 2024 28
THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

Background to the Report

GRI 2-1, 2-2, 2-3, 2-4, 2-5

We are pleased to present the MAS In 2024, we have discussed our approach OUR PUBLIC ENSURING THE VERACITY While setting ambitious targets for
Holdings (MAS) Annual Impact Report for to addressing major sustainability topics REPORTING SUITE OF OUR DISCLOSURES change, we also work to ensure the
2024, offering a comprehensive overview in extended detail. We invite you to explore The Annual Impact Report is the Group’s Changes to MAS operational boundaries accuracy and transparency of our
of our ongoing commitment to responsible the strategies, policies, processes, and primary sustainability report published and reporting scope, which came into disclosures. Wherever possible, we have
and impactful operations. initiatives employed by MAS; as we strive by MAS Holdings (Private) Limited effect in 2024, have guided restatement of endeavoured to use standardised metrics
to integrate sustainability with our core (MAS), which is held by a trust and is a previous years’ data in the current report. and objectively verifiable indicators
As we approach the culmination of our
business and deliver on our promise Private Limited Company. The Report as evidence of our progress against
MAS Plan for Change targets in 2025, In order to enhance the accuracy and
to be a positive force for change. As is published annually. The 2024 report ambitious goals outlined in the MAS
the year’s report details our sustainability comparability of our environmental
part of efforts to improve the standard covers the period from 1 January 2024 to Plan for Change.
performance in the penultimate year performance metrics, we have restated
and effectiveness of our reporting, we 31 December 2024, which aligns with the
of our strategy cycle. greenhouse gas (GHG) emissions and Group-level Centres of Expertise (COEs)
encourage you to share your feedback, Organisation’s financial reporting cycle.
baseline data for previous reporting and Global Reporting functions support
The report marks successes, notes suggestions, and critiques.
Since 2020, the Impact Report also periods. Similarly, our energy the collation and narration of work and
challenges, and describes our efforts
For feedback and clarifications, functions as our Communication on consumption disclosure for the previous progress to meet reporting requirements.
to revisit goals and enhance our
please contact: Progress against the Ten Principles of the year (2023) has also been restated. Our senior leadership team reviews
sustainability performance to align with
United Nations Global Compact (UNGC). sustainability disclosures presented in the
changing global imperatives, industry Amanthi Perera Restatements reflect continuous
Apart from statutory reporting carried report, with CEOs personally reviewing the
priorities, and evolving needs of our Head - Social Sustainability improvement in our data collection
out by MAS and subsidiaries across our Plan for Change report.
business. As in previous years, the report MAS Holdings (Private) Limited methodologies and our efforts to
shares our progress in numbers, but No: 199, Kaduwela Road, countries of operation; we also present Our internal audit function plays an
align historical figures with current
also includes case studies, examples of Battaramulla, Sri Lanka. a report to the International Finance ongoing and vital role in reviewing and
reporting standards.
impact, and stories from our employees, @Amanthi Corporation (IFC), outlining our compliance vetting information presented in the
partners, and beneficiaries; showcasing with IFC guidelines. While significant efforts have been made report. In addition, we have continued
real change and the positive outcome of to apply new boundaries retrospectively, the best practice of pursuing a rigorous
Reflecting our continued commitment to
our collective effort. certain data points for previous years process of external assurance for our
transparent sustainability reporting, this
have not been fully restated; either due to sustainability disclosures in 2024.
Impact Report 2024, published in June
unavailability of historical data or practical Assurance is obtained on GRI standards.
2025, is the second consecutive report
limitations related to non-comparability in For this purpose, we have renewed our
prepared in accordance with the Global
scope and boundary. contract with Ernst and Young, a reputable
Reporting Initiative (GRI) standards;
maintaining consistency with our and seasoned assurance provider known
sustainability reporting practices. for their expertise and commitment
to the highest standards, who have
provided independent verification of our
sustainability efforts. Their full assurance
statement is included on page 161.
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THE MAS STORY | OUR PLAN FOR CHANGE | BACKGROUND TO THE REPORT

REPORTING SCOPE Entities Relationship to MAS Holdings

AND BOUNDARY
For consistency and comparability, MAS Capital (Private) Limited Wholly owned directly by MHOLD
our Impact Report utilises a reporting MAS Active (Private) Limited Wholly owned indirectly by MHOLD
boundary that as a baseline, considers
the sustainability performance of our Bodyline (Private) Limited Joint Venture
wholly-owned subsidiaries. Given the Linea Aqua (Private) Limited Joint Venture
close interdependencies of the apparel
ecosystem, we recognise that our impact Noyon Lanka (Private) Limited Wholly owned indirectly by MHOLD
is not confined to our internal operations; Silueta (Private) Limited Wholly owned indirectly by MHOLD
which is why we aim for transparency by
defining reporting boundaries that provide MAS Legato (Private) Limited Wholly owned indirectly by MHOLD
a holistic perspective of our influence. MAS Fabrics (Private) Limited Wholly owned indirectly by MHOLD

MAS Fabric Park (Private) Limited Wholly owned indirectly by MHOLD

MAS Unichela (Private) Limited Wholly owned indirectly by MHOLD

YEAR IN REVIEW INTRODUCTION IMPACT REVIEW DMMT ANNEXURES Plan for Change | MAS Holdings Impact Report 2024 30
PRODUCTS CHANGED FOR GOOD | LIVES CHANGED FOR GOOD | OUR PLANET CHANGED FOR GOOD | MAS FOUNDATION FOR CHANGE

Impact Review
YEAR IN REVIEW INTRODUCTION IMPACT REVIEW DMMT ANNEXURES Plan for Change | MAS Holdings Impact Report 2024 31
PRODUCTS CHANGED FOR GOOD | LIVES CHANGED FOR GOOD | OUR PLANET CHANGED FOR GOOD | MAS FOUNDATION FOR CHANGE

Products Changed for Good

We believe that sustainable products are Our Target for 2025:
those that are good for the wearer, good
for the planet and good for business. Revenue generated through
sustainable products

50%
This is the guiding principle that propels
our actions toward Products Changed
for Good.
Transformative change, at this scale,
demands collaboration; which is why we
forge strategic partnerships with leading
brands, pioneering manufacturers, and
responsible producers across the apparel
value chain. Together, we are visioning
and realising innovations that are
industry disruptors, sourcing sustainably
to reduce environmental impact,
and championing new ideas that are
pioneering circularity at scale – proving
that the business of fashion can be both
responsible and revolutionary.

40%
34%
28%

2022 2023 2024

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PROGRESS SNAPSHOT –
PRODUCTS CHANGED FOR GOOD
Our commitment: 50% revenue generated through
sustainable products by 2025

Design and
Merchandising
1%
Revenue generated through
design and merchandising
process enhancements
Raw
Materials
86%
Revenue generated through
products made from sustainable
new materials

40% Manufacturing
Process
8%
Revenue generated through
of all MAS revenue
generated through improvements to the
sustainable manufacturing process
products 2024

50% Social
Impact
5%
by 2025
Revenue generated
through products with
positive social impacts
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Upholding our 22% With regard to dyeing and finishing,

we continue to champion Bluesign
Commitment to of primary products in 2024 considerations in our criteria
Sustainable Products included recycled input materials. and grow our bluesign factory
GRI 301-1, 301-2, 414 Our Strategic Approach to sustainable onboarding. This in line with our
products and the carefully defined strategic drive to integrate Bluesign
Our continuing work with partner MAS Sustainable Product Criteria , principles within our processes and
brands, industry innovators, and raw are instrumental in working toward further promote our supply chain
material suppliers bore fruit as the transformative change in the apparel to be Bluesign-enabled. We also
percentage of our revenue generated sector. We continue to advocate for recognised the value of completely
through sustainable products circular and sustainable material undyed products, which remove the
increased to 40% in 2024, up choices, in line with our ethos of need to use synthetic colourants
from 34% the previous year. setting ambitious goals that push in dyeing.
the industry forward. Regenerative cotton is a material
In 2024, we continued to promote
and encourage the use of sustainable In 2024, we see continued interest we feel very strongly about because
materials in our products especially and improvements in the concept of its potential to be introduced as a
recycled raw materials in PET & of sustainable alternatives to base for large core segments of the
Nylon. Based on the MAS product conventional fibres; recognising industry. We also saw an incremental
sustainability criteria, recycled input the rise in material innovation from increase in the usage of Bio-based
materials constituted around 22% of other renewable feedstock sources materials with fabric/yarn made
our primary products for the year. such as microorganisms, food waste, with renewable sources such
agricultural waste etc. Looking to as cornstarch.
MAS KPI deepen considerations for circular During the course of 2024, we
Percentage revenue generated thinking within our product criteria, broke new ground in expanding our
through sustainable products we also have aspects of durability work with Tier-3 suppliers; setting
and repairability in products to make up networks to improve access to
them last longer; new unlocks in this sustainable yarn solutions that could
space compared to 2023 promise also enhance the overall features of
40% 50% to not only increase the lifespan of our product offering.
apparels, but also reduce the volume
of resources we use.
2024 MAS target
for 2025
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INNOVATE AND SOURCE Read about our long-standing innovations

DISRUPT 2024 saw the European Union (EU) SUSTAINABLY for recycled polyester and nylon and new
If driving transformative change is our rolling out new legislation aimed partnerships with industry disruptors
GRI 308-1, 414-1, 414-2
ethos, innovation is the engine propelling at improving circular thinking, pioneering new regenerative material.
MAS towards our sustainable product mainstreaming considerations for Our promise of Products Changed for
commitments. From sourcing, to design, the lifecycle impact of apparels, Good relies on sustainable sourcing. Our
merchandising, and manufacturing; our and driving transparency and work in this space involves ongoing efforts
innovations and innovative partnerships accountability in the apparel to adopt environmentally preferred,
are pioneering sustainable products and value chain. responsibly manufactured, and greener
contributing to circularity in the The new Ecodesign for Sustainable materials; while actively engaging
apparel industry. Products Regulation (ESPR) partners and suppliers to source, verify,
come into force in July 2024, and and support a responsible supply chain.
Planatones which is our Certified natural
color dyeing solution saw continued the concept of a Digital Product RAW MATERIALS (RM)
development and applications in the Passport (DPP) was debuted as a SOURCING
year 2024 , similarly to Lable which is key instrument under the ESPR; with
While a portion of Raw Materials (RM)
our vertical on Adaptive apparel , 2024 studies carried out for application of
utilised in 2024 came from subsidiaries
was a pivotal year as we established the DPP in the textile sector.
and JV partners, external suppliers
a platform with a suite of solutions for The apparel industry has seen these remained our primary source for the
any requirement involving People with regulations accelerate the shift majority of our RM-spend. This included
disabilities. Finally Infini continues to towards products that are more the majority of our fabric and lace, nearly
continue as a solve for monomaterial durable, reusable, repairable, and all downstream packaging and labeling,
functional bra cups recyclable – in line with the dynamics as well as essential production chemicals
of circularity and sustainability. and dyes.
Alongside preparation for these Throughout the year we maintained
changes, our teams have been priority for traceable, sustainably
in discussion with a number of produced, raw materials like Cotton,
partner-brands as they carried out Polyester, and Nylon. We also continued to
the groundwork to facilitate the explore eco-friendly alternatives such as
large-scale transitions necessary bio-based or man-made cellulosic fibres,
to achieve their own 2030 biodegradable fabrics, and closed-loop
sustainability targets. solutions that reintroduced recycled
materials into the production process.
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OUR SUPPLY CHAIN In 2024, we include a new section

COMMITMENT Digital Traceability creates a lack of visibility, making suppliers to implement this digital appended to the MAS Vendor Code of
The performance of our supply chain is it challenging to verify ethical solution – ensuring their active Conduct (MAS VCC) , which provides
a fundamental driver for achievement of
for Sustainability practices, ensure compliance, and participation and data contribution. onboarded suppliers with a set of non-
the ambitions set out in the MAS Plan for In 2024, MAS piloted a cutting-edge mitigate risks. At the same time, While ensuring transparency, we exhaustive guidelines related to material
Change. Accordingly, realisation of our digital traceability platform to enable consumers, regulators, and investors are also committed to maintaining traceability and compliance with laws
sustainable product strategy involves a end-to-end visibility of raw materials are increasingly demanding greater the confidentiality of sensitive pertaining to prohibition of child and
commitment not only to our end-users by capturing and validating critical transparency, driven by concerns over supplier information. forced labour. As of year-end 2024, the
and clients, but also our vast network of sourcing data while maintaining human rights, environmental impact, z Robust Data Capture and MAS VCC covered 90% of new supplier
suppliers and business partners. the confidentiality of sensitive and product authenticity. New and Validation: The platform captures spend, reflecting our commitment to
supplier information. upcoming global regulations, such and validates critical sourcing data, onboarding partners aligned with
The expression of our commitment as UFLPA and upcoming EU due- our values.
A key engagement during the ensuring accuracy and reliability.
involves active engagement with our diligence laws, are placing significant
year was our engagement It allows for uploading of Chain z Chemical Compliance : In 2024, 55% of
suppliers to prioritise sustainable onus on companies to invest in the
with Tier 1 Fabric Suppliers; to of Custody documents from all RM suppliers by spend were monitored
sourcing of raw materials, ensure sustainability and transparency of
implement a digital traceability supply chain tiers. Each document against ZDHC MRSL compliance, and
stringent environmental compliance their supply chains.
solution that provides end-to- undergoes rigorous review for 62% were monitored against the ZDHC
– including the critical phase-out of
authenticity and alignment with Wastewater Guideline. This is an increase
hazardous chemicals and restricted end tracking of raw materials Leveraging Technology regulatory requirements and our from 42% spend coverage in 2023.
substances, promote energy efficiency from source to finished goods.
and emissions reduction, and uphold Following completion of the pilot for Traceability internal sustainability standards. z Environmental Compliance: The

phase, we expect to expand the Once verified, data is seamlessly percentage of RM suppliers by spend
social compliance and ethical z End-to-End Visibility: A digital
rollout of the digital traceability integrated into the traceability carrying out Higg FEM self-assessments
business practices. platform enables comprehensive
platform across our entire system, allowing for continuous, increased to 82% in 2024, up from 75%
tracking of raw materials from their
supply chain. real-time tracking from fibre to in 2023.
original source all the way to the
finished product.
finished goods, providing a level z Environmental Performance : By the
Traceability in a Vast of granular visibility that is crucial end of 2024, approximately 45% of our
Global Supply Chain for understanding the journey of a suppliers by spend had set their own
product’s various components. science-based targets for emission
The global apparel supply chain
z Supplier Collaboration: The reduction, down from 50% in 2023.
involves numerous geographies,
materials, and suppliers; spanning success of any traceability initiative
intricate processes from raw material hinges on strong partnerships,
cultivation to finished garment which is why we are working
production. This complexity often closely with key Tier 1 fabric
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Our efforts to assess and engage with suppliers has enabled MAS to uphold an excellent
record with regard to prohibiting underage or child labour and forced or compulsory
labour. The MAS VCC upholds these essential elements of sustainable sourcing, through
which over 90% of our raw material vendor base is now engaged, reflecting the broader
commitment of the MAS Supply Chain ESG strategy.

2022 2023 2024 MAS target

% % % for 2025

ENVIRONMENTAL

MAS (SBTi) KPI GHG emissions % of suppliers (by spend) committing

to SBTi targets for emission reduction 36 50 45 85

% of JVs in Scope 3 investments committing

to SBTi targets for emission reduction 100 100 100 100

MAS (Chem) KPI Wastewater discharge/ % of subcontracting wet operations that are
chemical compliance compliant with local discharge regulations
and ZDHC Wastewater Guidelines (WWG) 100 100 100 100
% of RM suppliers (by spend) that are monitored
against ZDHC Wastewater Guidelines – 42 62 65
% of RM suppliers (by spend) that are monitored
against ZDHC MRSL – 42 55 60
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PIONEER CIRCULARITY
AT SCALE MAS Partnership The Challenge for Textile-to-Textile next-gen materials to meet rising
consumer demand for sustainable
with Ambercycle Circularity in Fashion Regeneration: The MAS- solutions; and suppliers like
Our Commitment: In 2024, MAS joined forces with The global apparel industry operates Ambercycle Partnership Ambercycle have the impetus to
Los Angeles-based materials science largely on a linear take-make-dispose reach commercial-scale production
We feel Circularity is the future The landmark partnership between
company Ambercycle; signing a model. Each year, an estimated 92 for their industry-changing
as we can use renewable MAS and Ambercycle, with a three-
three-year offtake agreement for a million tonnes of textile waste end innovations.
year offtake agreement, promises
circular polyester material – cycora®. up in landfills or incinerators, with to scale up textile-to-textile
In 2024, we saw success in reintroducing Looking ahead, the potential impact
The partnership will expedite this figure expected to rise in the regeneration through cycora®
post-industrial raw material waste back of this partnership is immense.
Ambercycle’s efforts to reach years ahead. A major component of – Ambercycle’s revolutionary
into the production cycle through pilots Ambercycle plans to establish a
commercial-scale production for this waste is polyester, a synthetic circular polyester material, created
for Textile-to-Textile (T2T) Recycling of state-of-the-art textile regeneration
this premium new fabric made fiber derived from petroleum, which through proprietary molecular
high-cotton-content material waste. By facility by the end of 2025, which will
from end-of-life textile waste. constitutes almost 60% of all clothing regeneration technology.
the end of the year, we recorded a verified significantly increase the production
materials today.
Ambercycle’s proprietary molecular Virgin-Grade Quality from Waste: of cycora®. Our partnership supports
10.64% diversion rate for fabric waste to z
regeneration technology represents The production of virgin polyester cycora® offers the same high the scaling of this new technology
T2T recycling within the Group.
a cutting-edge solution to textile is resource-intensive, generates quality and performance as virgin- and serves as a strong collaborative
Waste valorisation targets included in waste. We are proud to integrate significant emissions, and contributes model for interdependent
grade polyester, giving fashion
the Environmental Pillar of our Plan this advanced sustainable material to plastic pollution through its engagement in the apparel value
brands and retailers the option
for Change, circular models prioritised into our products, offer novel new non-biodegradable nature and chain; to nurture novel technologies,
of including recycled materials
by our Sustainable Product Criteria, materials and solutions for adoption potential for shedding of microfibres. unlock commercial scale for
without compromising the integrity
engagements from the Central MAS by our partner brands, and actively production, and deliver high-quality
or aesthetic of finished apparels.
Circularity Team, and new partnerships foster the industry’s transition circular solutions to end-consumers.
with industry pioneers, were instrumental towards circularity.
z Reducing Environmental Impact:
in driving forward circular thinking and Choosing cycora® is a net positive
practices across the organisation. for the environment: reducing
emissions from virgin raw-material
extraction and diverting waste from
landfills or incineration.
z Bridging the Gap and Accelerating
Change: Establishing an offtake
agreement ensures that global
brands have access to regenerated
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Lives Changed for Good

Our ability to drive positive change in society hinges
on an evolving social compact with our employees and
communities – one that actively shapes industry norms.
Our Lives Changed for Good pillar embodies this belief in
partnership; focusing on tangible impact for the people
we employ and the communities we operate in. We’re
empowering women, fostering meaningful employment,
building world-class workplaces where everyone can
thrive, and investing in the long-term development of
our communities.
how MAS integrates, operationalises,
Read about

and tracks progress against social ambitions

outlined in the Plan for Change.

TOTAL AVERAGE PERMANENT

EMPLOYEES

78,664
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DELIVERING ON OUR PLAN

FOR CHANGE

EMPOWERING WOMEN MEANINGFUL EMPLOYMENT WORLD-CLASS WORKPLACES THRIVING COMMUNITIES

Empower 100% 30% Women in 8,000+ employees 80+ internal Launched a Be first-in-class for working conditions Be an enabler for positive impact
of women at the management sensitised on trainers trained homegrown in our industry in all communities we work in
factory floor respect and to sustained the educational
GOAL
inclusion for conversation public microsite:
people of diverse “Empower
SOGIESCS Inclusivity”

Over 5.5 million opportunities 435 persons with disabilities employed within the Group 4,400+ H&S Committee members 2.1 million opportunities created
created since inception through and 2,350 additional H&S point-persons since inception
1,000+ knowledge-sharing sessions impacting over
over 16,147 programmes engaged
ACHIEVEMENT 100,000 employees
AS AT 2024 26% women in management 1,250+ H&S-related Committee
474 staff to executive movements
meetings
36 locations that provide employer
25 average training hours per employee
supported childcare solutions 1,170 H&S trainings reaching
89,000+ employees
43 lactation rooms
57% reduction in accident-rate
3,768 mothers supported
95% completion rate on the
52% maternity return rate
Organisational Health Index
(OHI) roadmap
1,000+ participants in mercantile
sporting events
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THE STRENGTH OF In 2024, the vast majority of our team, EMPLOYEES BY STATUS Total employees by gender by region
OUR PEOPLE approximately 81%, continue to be (%)
Region Gender Employees Gender Temporary
GRI 2-7 employed on a permanent basis with their Others
(Country) employees
employment status confirmed after a 10 Male Female

In 2024, our manufacturing operations probationary period. A smaller portion of Temporary

Sri Lanka 23,510 48,594 72,104 Male 2,169
8
spanned nine countries, with additional our workforce, around 8%, are employed Bangladesh 1,368 4,187 5,555 Female 5,860
customer-facing and support functions in on fixed-term contracts, and hired based Total average 8,029
Indonesia 742 4,805 5,547
North America and Singapore. on operational needs - in accordance
with local labour laws. This includes a Jordan 1,200 2,736 3,936
We continue to employ an expansive significant portion of our workforce in Kenya 886 2,713 3,599 Region Gender Temporary
and diverse workforce, with unique Permanent (Country) employees
Jordan, Kenya, and Vietnam, 68%, 99%, India 620 2,895 3,515 Female Male
perspectives, skills, and abilities. This rich 82
and 95% respectively, are employed on Vietnam 175 949 1,124 Kenya 2,711 884 3,595
tapestry of ideas and ambitions fuel our fixed-term contracts. EMPLOYEES BY DESIGNATION Haiti 196 527 722 Jordan 1,911 771 2,682
impact through the Plan for Change. (%) Dominican Vietnam 925 149 1,074
The entirety of our workforce is Executive Manager Republic 121 104 226
Sri Lanka 266 331 597
considered full-time employees; including 7 3 USA 47 108 155
Haiti 30 27 57
all teams working on the factory-floor Singapore 1 4 5
across our operations. Staff Indonesia 16 3 19
10 Total average 28,866 67,622 96,488
USA 1 3 4

Total number of temporary (contract) Singapore 1 – 1

employees, and its breakdown by Total average 5,860 2,169 8,029

TOTAL WORKFORCE grade, gender and region
(No.) Team member
80 Grade Temporary
112,241
category employees
102,233 100,457 AGE SPLIT
96,488
(%) Team member 6,793
Male
Staff 790
30% Over 50 years
2 Executive 361
Manager 85
Total average 8,029
Female
70% 30 – 50 Under 30
2021 2022 2023 2024 years old years old
48 50
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Total number of permanent employees, GRI 2-8 PARTNER AND SERVICE-PROVIDER

and its breakdown by grade, gender PERSONNEL Total number of janitorial
and region Given our operational scale and footprint, (No.) staff in 2024
our work necessitates collaboration
Region
(Country)
Gender Permanent
employees
with contracted partners and on-site
10,000
8,000
1,841
Male Female service providers for essential ancillary
6,000 Total number of security
Sri Lanka 22,006 43,744 65,750 functions like workplace janitorial
4,000 staff in 2024
services, workplace security, staff canteen
Bangladesh 1,209 3,634 4,843
Indonesia 670 4,111 4,782
management, and staff transport. 2,000
0
1,636
India 323 1,120 1,443 These partners and service providers are 2023 2024
considered suppliers and suitably vetted Total number of
Jordan 288 639 927 Janitorial canteen staff
as part of our due diligence processes. In
Haiti 169 496 665 Security personnel
addition, they are expected to adhere to
Dominican
the stringent MAS Vendor Code of Conduct
Canteen 971
Third-party drivers
Republic 121 104 225
(VCC) that outlines expectations for ethical Medical staff Total number of third
Vietnam 16 4 20
business code. Other third-party personnel party drivers in 2024
USA 6 6
While not direct employees, these
Singapore 1 3 4
service-provider personnel often work
3,192
Kenya 1 1
within our facilities and benefit from Total number of medical
Total average 24,810 53,855 78,664
many of the facilities that make up our staff in 2024
world-class workplaces. The Occupational
Total number of full-time employees,
and its breakdown by grade, gender
Health and Safety (OHS) section details 111
our commitment to engaging with, and
and region Total number of other 3rd
ensuring the safety of, these service
All the employees in the organisation are providers and their teams. Aligned party service providers
full-time employees. Hence the Total and with the size of our overall operational
the breakdown is similar to the “Total footprint, most categories of service- 255
Number of employees”. provider personnel reflected minor Total number of 3rd party
reductions, year-on-year. However, with service providers for 2024
Note: The values for employees were taken from the system
in January, 2025.
consideration of new service-provider
categories in 2024, the overall count 8,006
increased marginally.
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EMPOWERING Our focus on women’s empowerment led OUR FRAMEWORK OF

WOMEN us to set two ambitious goals: narrowing EMPOWERMENT
the gender gap in management and
investing in the empowerment of Career Advancement Preventing Gender Childcare Facilities
Our Commitment Based Violence
women at the factory floor. 1,137 36
z Empower 100% of women at the
For MAS, a commitment to women Programmes 762 Company-supported
factory floor Programmes childcare facilities
across our operations is realised 44,987
Achievements in 2024 through continuous investment in their Opportunities 107,705 43
development, wellbeing, and happiness; Opportunities Wellness spaces
z Over 5.5 million opportunities created
since inception through over 16,147 which not only empowers our workforce,
programmes but also strengthens the apparel Skill Development Career Role Models Mentoring and
Sponsorship for Women
z 36 locations that provide employer industry’s resilience and sustainability. 27 50
supported childcare solutions We believe that true women’s Programmes Programmes 11
divisions with membership
z 43 lactation rooms empowerment is more than programme 962 705 launched
z 3,768 mothers supported or a series of projects; it is a holistic Opportunities Opportunities
z 52% maternity return rate
ecosystem that integrates economic, social, 6
and political dimensions. Take a deep-dive Women’s Health and SRHR Unconscious Bias Training divisions with sponsorship
into our comprehensive and collaborative launched
approach to women’s empowerment that 1,256 4,500+
is setting standards in the apparel industry. Programmes Employees
Recruitment, Retention
154,818 60+ Promotion Strategies
Opportunities Trainers

OUR TARGET FOR 2025

(%)
Reach 30%
women in management

24% 26%
23%
Flexible Work

2022 2023 2024

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CAREER ADVANCEMENT
Women Go Today, while deepening the scope AND SKILL DEVELOPMENT
of original interventions like Sexual
Beyond (WGB) and Reproductive Health and Rights
GRI 404-2

Signature programme for women’s (SRHR) and Gender-Based and In 2024, our career advancement work
empowerment at MAS Intimate Partner Violence (GBV/IPV), for women on the factory floor continued
the programme also encompasses a with multiple interventions across
z 5.5 million opportunities comprehensive strategy addressing all our main divisions. Focus areas
created and 16,147 programmes systemic inequalities. This includes included leadership and personality
implemented for women since a focus on policy and infrastructure- development, technical competency
inception level interventions to address gaps building, communication, public speaking
For 21 years, MAS has championed a in resources, skills, rights, and and presentation skills, IT literacy, conflict
commitment to women through the needs for women and other groups management, negotiation and influencing
flagship Women Go Beyond (WGB) marginalised due to gender. Our etc. In addition, focused interventions
programme, which is grounded achievements in implementing the continued to identify and bridge technical
in our comprehensive framework principles of Diversity, Inclusion, and gaps among women on the factory
for women’s empowerment. This Freedom of Expression and Identity floor in identified job roles, especially in
initiative has evolved over the last two for All are detailed in the subsequent traditionally male-dominated spaces.
decades, adapting to the complex and Meaningful Employment section.
changing needs of women within our
operations and communities, both in
Sri Lanka and overseas.
In these two decades we have
delivered over 16,147 programmes
and created more than 5.5 million
opportunities for women, resulting in
multiple, tangible, positive outcomes
for our women, their families and
communities. This level of sustained
investment, with a focus on multi-
faceted intervention, has resulted
in meaningful advances for gender
equality in our operations.
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Focused Career training for technical competencies, and impactful project work. We
soft skills, and leadership implement similar programmes
Advancement: Innovative development. across all divisions with the intention
Programmes Shaping our SparkMech (MAS KREEDA):
of promoting more women in
traditionally male-dominated
Women’s Future A technical training programme
job families.
designed to empower and encourage
Key Influencer Programme
women to pursue traditionally male- Cross-Departmental Training
(MAS Intimates): Launched as a
dominated job roles in the apparel (Matrix): This 2-day programme,
complement to the well-established
industry. In 2024, a mini boiler conducted within Matrix, created
Personal Advancement and
operator certification programme was opportunities for women to explore
Career Enhancement (PACE)
initiated under SparkMech to train different roles in other departments,
programme, which is developed
all ironers on mini boiler operation. improve their network, expand their
with the assistance of GAP Inc. to
By the end of the year, 19 women skill-sets, and gain exposure beyond
fill knowledge gaps between
ironers from locations in Biyagama, their current job role; significantly
Team Member (TM) and Staff
Avissawella, and Kilinochchi areas enhancing their adaptability and
grade employees.
in Sri Lanka, were qualified with career growth opportunities.
FutureFemme (MAS KREEDA): the certification. This initiative has already seen
A leadership development training incremental impact, with 10 women
Ignite – Women in Leadership
rolled out in 10 locations, focused completing the cross-training in
(MAS KREEDA): A transformative
on Abhimani winners and women 2024, and an overall 10% increase in
programme designed to cultivate
in manufacturing facilities as women applying for roles outside of
high-potential female Senior
Shadow Team Leaders. The training their initial job functions.
Executives, equipping them with
programme aligns with the MAS
the leadership skills necessary to
Plan for Change and Nike’s Gender
build a stronger and more gender-
Equity Strategy, which aim to identify,
balanced management pipeline.
nurture, and elevate the potential
The programme, supported by
of over 250 carefully-identified
Luminary Learning Solutions ,
prospective woman leaders on the
celebrated another successful
factory floor.
graduation in 2024 as 26 promising
Through formal career mapping female Senior Executives from
and skill-gap assessments, the manufacturing and front-end
programme strives to address operations completed six months
identified gaps through targeted of intensive training, mentorship,
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“I started my journey at MAS in 2020 “The cross-training programme opened In 2024, these efforts were guide was used to support all
as a staff member, and by 2024, I up new opportunities that I had never further supported by a Group- entrepreneurs within their facilities
was promoted to Executive – Quality imagined. It helped me gain skills that led entrepreneurship and skill and in the community, encouraging
Assurance. Progress in my career made me eligible for a role in a different development programme, carried out them to move away from reselling
has been made possible thanks to the department, and I’m excited to take on in partnership with Lonali Rodrigo, businesses and to focus on business
continuous support and opportunities these new challenges”.
founder of the House of Lonali . This initiatives that provide them with long
provided to me by MAS. I feel incredibly
initiative enabled participants from all term growth and success.
fortunate to have participated in various Shanika Bandara
training programmes, including 8-Step our divisions to explore five learning
Senior Executive, Matrix Recognising the inherent value of
Training, Power BI Training, Fabric modules on Entrepreneurship,
financial literacy to entrepreneurship,
Training, Lacoste Training, and important Sustainability and Emerging
and in personal lives, we partnered
courses that polished my knowledge and Opportunities, Supply Chain,
with the Central Bank of Sri Lanka
practice of English, IT, Dress-Making, and Marketing, Finance Management,
Lean Six Sigma Green Belt. Empowerment through and Business Canvas - including cost
to develop and carry out a practical
educational session with the
These programmes and courses Entrepreneurship structures and income structures.
objective of improving Financial
have equipped me with the skills and As part of the second phase of this
Developing and promoting more Literacy among our employees. The
knowledge to become a qualified trainer programme, participants were
women entrepreneurs has always programme was piloted at Bodyline
in Quality Assurance for other team coached to develop business plans
been a key focus area for MAS. While in 2024, and discussed areas such as
members at Asialine. I am deeply grateful that could be expanded into full-
our women had secure employment personal financial planning, effective
for the growth these opportunities have fledged business solutions.
provided, and I am committed to working in our operations, many had debt management, smart investing,
hard and continuing to be a positive communicated interest in making the Over and above this centralised and savings strategies. Additionally,
role model for others. I look forward most of the shift nature of their job to initiative, we continued it equipped participants with the
to advancing further in my career and leverage additional opportunities for implementation of targeted knowledge to identify and avoid
making a meaningful impact at MAS”. income generation for their families, training programmes with practical financial scams, while promoting
spouses, and communities. application at all our locations. responsible money management.
Dinushika Hasarangi Programmes covered areas such as We plan to extend this programme
In 2023, responding to needs voiced
Executive (Quality Assurance), tailoring, beauty culture, cookery/ to other locations in the Group in the
Asialine – Active
by our teams on the factory floor and
culinary skills, cake baking and coming years.
considering Sri Lanka’s economic
decorating, etc.
crisis, we gave greater priority to
developing female entrepreneurs MAS Active continued the Diriyapola
and supporting women in their (fair of the courageous) initiative
small-scale ventures and self- throughout 2024 as a monthly
employment efforts. establishment. The Diriyapola
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CREATING ROLE MODELS,

MENTORING, AND SPONSORSHIP “My mentor’s journey inspired me to growth beyond the Awards, enabling Programme included conversations The certificate programme was
The culture of knowledge-sharing across break through my own career barriers. them to contribute meaningfully to with inspirational women leaders, conducted in a combination of online
MAS is driven by formal mentoring, She not only helped me develop my skills their broader communities. a hands-on workshop that offered and on-site sessions, covering a
but also gave me the confidence to aim a fresh perspective on emotional multitude of aspects and culminating
targeted sponsorship, and inspirational In 2024, the Abhimani programme
for senior roles”. resilience, communication and with a Best Speaker Contest between
peer-interactions sparked by role models continued its tradition of recognising
that have grown with and through our confidence-building through theatre the top participants who were also
Hasanthi Koswatta and rewarding excellence among our
ranks. This has created a supportive techniques - conducted by Power supported through coaching in the
Mentee – Matrix women from different walks of life,
network of mentors and like-minded of Play, and a diversity and respect run-up to the contest.
and is an important tool in cultivating
peers, particularly amongst our female sensitisation workshop conducted
empowered role models across the
talent, with role models to pave the way by Kapila Rasnayake – a Gender
organisation. We proudly recognised
for others in the cadre. In 2024, more and Communication Consultant.
than 220 carefully selected women
“Abhimani: Empowered and celebrated over 120 remarkable
The holistic approach to personal
female changemakers in 2024,
from the Executive and Senior Executive Woman of the Year” together with the 20th Anniversary
development also included training on
building self-awareness, connecting
cadre were given formal mentorship Awards celebration of the Women Go Beyond
with your purpose and personal
opportunities with over 150 mentors programme; providing a platform to
within the Group. Signature excellence-recognition branding followed by a hands-on
share stories of exceptional women
programme for women’s experience in business and social
within and outside MAS.
empowerment at MAS etiquette conducted by Manusha
The success of our targeted Each Abhimani winner at Team Weerakkody – Executive Coach and
Launched in 2004, the initiative seeks
mentorship programme is evident: an Member (TM) or Staff level was HR consultant.
to recognise, celebrate and showcase
85% retention-rate among mentees assigned a trained mentor and set
the outstanding achievements All Abhimani winners in Sri Lankan
and 66% achieving at least one up for one-on-one conversations
of our women. The programme and overseas locations were also
promotion in 2024; the latter referring with their respective General
predominantly focuses on women on offered a series of group coaching
to protégés within the Sponsorship Manager – Production. We saw these
the factory floor, and also highlights sessions on identifying, setting, and
Programme. Furthermore, over 60 opportunities as essential, not only
female entrepreneurs and women actioning goals for their personal
women in managerial roles have for providing vital support for their
driving progress in sustainability and professional lives. Winners and
gained formal sponsorship from growth, but also for granting them
and innovation across the Group. runners-up also were offered a
40+ EXCO members and senior the visibility and recognition they
MAS provides these women with comprehensive English Language
leaders across the Group. rightfully deserve.
supplementary skills to prepare them Development Certificate Programme,
for internal and external evaluation As part of our multi-faceted approach tailor-made for their needs, in
panels before the competition. We to fast-tracking career progression collaboration with Sri Lanka Institute
remain dedicated to supporting their of these outstanding women, the of Information Technology (SLIIT).
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“Over the past year and a half, the “First of all, the Comprehensive English “Teaching has always been my passion,
knowledge I gained from the various course helped me brush-up on grammar and I’m grateful to have had the
training workshops I attended has been that was taught to me in my school opportunity to pursue it professionally. I
instrumental in helping me self-evaluate days. One of my biggest fears was public completed my Higher National Diploma
and further develop my skills and speaking and this course provided me in Primary Teaching (Grades 1-5), and
attitudes. Thanks to the support from with the opportunity to practice and currently, have the privilege of teaching
the WGB team, I was able to enhance my improve my confidence and develop my English to three wonderful students. I
abilities, which led to participation in public speaking skills by overcoming this had taken a step back from teaching for
The Abhimani Awards. Not only did fear. Throughout this class, I was able to a while, but enrolling in the SLIIT English
I take part, but I was also honored to win learn and enhance my English proficiency, course reignited my passion for education
as an Empowered Woman of the year and I was selected to be among the top and helped in refining and expanding
2023 for MFI. I got the opportunity to take 6 best speakers. Not only was I able to my knowledge. Therefore, I am grateful
part in the SLIIT English Course, which receive the award for Best Speaker at the to Linea Intimo and the WGB team for
significantly improved my language final contest, I was also able to pass the pushing me to take part in this course”.
skills and transformed me into a more written exams with an A-grade as well.
confident and effective individual at work. I am very grateful for this opportunity Ayesha Piyumali
These experiences have been pivotal in which is a great support my career Team Member – participant of the
my growth, and I am deeply grateful for progression”. English development programme,
the continued support and opportunities Linea Intimo, Active
provided by the WGB team”. Anjalika Senadheera
Winner – Best Speaker contest
Piumi Nisansala
Team Leader (Operations), MFI – Active

“The session on goal-setting was very

insightful and helped me clearly map
my short and long-term goals. This was
a good opportunity for me to reflect on
myself and plan my future”.

Tasnim Al Hissa
Winner – Empowered Woman of the year,
MAS Kreeda Al Safi Madaba, Jordan
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ENABLING ENVIRONMENT mothers. At a group level, all mothers

AND AFFIRMATIVE ACTION were entitled to the legally mandated “When I began at 21, as a LKG (Lower
GRI 401-3, 403-6 84 days of maternity leave and over Kindergarten) teacher, I was looking
3,768 mothers were supported during to build my future. Today, I’m a proud
Our women’s empowerment programmes the year – not only with maternity leave, mother of a 3-year-old, who now is
integrate targeted interventions with but also through provision of additional also an LKG student at Sithula. Sithula
broader system-change, wrought through gave me the foundation and confidence
care, nutritious meals, awareness and
to become the woman I am, and I’m
policy support, infrastructural changes, education, and other provisions such as incredibly grateful for the journey.
affirmative action, and addressing care packs. Additionally, our policies for Looking back, I feel immense gratitude for
unconscious bias. These efforts are paternity leave enabled 1,083 fathers to everything Sithula has provided not just a
nurturing an enabling environment that utilise paternity leave during the same job, but a community that has shaped my
can attract, retain, and empower our period. While paternity leave is not a legal life. I hope MAS continues to support this
female talent to excel. requirement, we remain committed to amazing institution, so future generations
supporting our fathers in balancing work can experience the same opportunities
To facilitate this, we continue to
and family responsibilities. that I did”.
advocate, advice and support policy and
infrastructure changes, such as childcare Sonali Iresha Mariya Bandara
facilities, lactation rooms, recruitment
Teacher at Sithula Community Pre School
considerations, and policies for flexible- offered by Linea Intimo – MAS Active
work, maternity and paternity leave,
adoption leave, etc.
As of 2024, 36 of our global locations These ongoing efforts have enabled MAS
provide at least one type of employer- to achieve a maternity return rate of 52%
supported childcare, benefiting over 500 in 2024, as well as a paternity return rate
children. Employer-supported childcare of 87%. To facilitate a smooth transition
can be through provision of an internal back for our staff, we monitor return-
creche, external creche or even an to-work rates and take proactive steps
allowance – depending on the need of understand their needs.
the location. While 43 of our locations
have a designated lactation room that
can be used by mothers returning from
maternity, there are other specific
interventions, implemented throughout
the Group, that focus on expectant
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Paternity leave (male) Maternity leave (female)

Employees entitled for

A Strategic Partnership
parental leaves 1,083 3,768 for Women’s Health
Employees utilising Marking a milestone for MAS in 2024,
parental leave 1,083 3,768 we signed an MoU with UNFPA on
Employees who returned 941 (definition is the number 1,962 (definition is the women’s health and wellbeing on
to work after parental that retained beyond number that retained beyond 28 November 2024. This MOU aims to
leave ended 3 months upon returning) 3 months upon returning) provide a framework of cooperation
Return-to-work rate 87% 52% and facilitate collaboration between
MAS and UNFPA, with the goal of
Those still employed 139 (525 remained beyond 361 (1,025 remained beyond increasing investment in health and
12 months after their 6 months upon returning) 6 months upon returning)
wellbeing service delivery through
return to work
workplace interventions to reach and
empower women and girls in the
WOMEN’S HEALTH AND SEXUAL In addition to the number awareness apparel sector. Initial collaborations,
AND REPRODUCTIVE HEALTH programmes conducted in 2024, all following the MoU signing, have
AND RIGHTS (SHRH) locations conducted at least on medical already begun – including upgrading
Health and wellbeing of our women is camp providing women the opportunity of existing medical centres, carrying
a key priority for MAS, and many of our to get screened for breast cancer and out awareness work, and setting
initiatives focused on women’s health and cervical cancer. up wellness centres in BOI zones
Sexual Reproductive Health and Rights accessible to MAS and other
Understanding that our employees’
(SRHR) continued, across all divisions, employees.
wellbeing is intrinsically linked to their
throughout the course of 2024. families and communities, we carried out
All MAS facilities continue to include an 174 programmes, and reached over 8,523
in-house medical center with trained beneficiaries from the community during
nurses and visiting doctors available in the course of the year.
the factory premises. Emergency sanitary
pads are also made accessible at all
locations; free of charge or at a
subsidised amount.
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Circle of Care: Women’s also serves as the nearest facility Epidemic”, focused on halting stigma and their communities. This In addition to the community-focused
for Bodyline factory workers seeking and misinformation that hold back interactive, activity-based training, work carried out on GBV by all our
Health and wellbeing breast cancer screenings and family the fight against HIV. The podcast titled ‘My Body! My Choice!’ guided divisions, Linea Aqua worked with
Idle Module Training Marathon (Linea planning consultations. included conversations with Dr. Janaka children on how to recognise Sri Lanka’s AG Office – Dompe,
Aqua): A series of training sessions Weragoda, Consultant Community and respond if their personal Prison Department, and Treatment
Menopause and SRHR: Following
were organised in 2024 with the Physician at National STD/AIDS Control boundaries are violated, and and Rehabilitation Division, to
up on last year’s initiative, Group
objective of engaging employees Programme, and Hans Billimoria from equipped them with essential conduct education programmes on
carried out an in-person refresher
during down-time, and enhancing the Grassrooted Trust. knowledge to protect themselves domestic and cyber-violence and
programme in collaboration with the
their understanding on topics such and seek help when needed. exploitation. This initiative, which
Menopause Society of Sri Lanka .
as menstrual health and hygiene, included an awareness session at the
In 2024, our collaboration and
family planning, maternal health, and Awareness work continued in small rehabilitation center in Meethirigala,
partnership with UNFPA included
prevention of Sexually Transmitted groups through our internal trainers Preventing and efforts to create awareness on GBV
sought to address some of the root
across all divisions with the hope of causes for GBV, including abuse of
Infections (STIs).
breaking the stigma and normalising this
Addressing Gender- in line with the global movement:
drugs and alcohol.
Nobody Fights Alone (Bodyline): This Based Violence (GBV) 16 Days of Activism Against Gender-
very natural change in a woman’s body.
ongoing Cancer-care and community Based Violence. Aside from MAS taking
support programme, launched in HIV Awareness and Prevention: All our divisions engage in mandatory part in a marathon organised for
2021, continues to address the urgent Considering rising HIV numbers quarterly awareness sessions on the cause, several of our facilities in
need for early cancer detection and in Sri Lanka, MAS lent support preventing and addressing gender- Bodyline, Active, and Kreeda, were lit
support for those affected by breast to the Country’s national efforts based violence, including legal up in orange, as part of the ‘Orange the
cancer. In 2023, this programme was aimed at controlling the spread consultation sessions. World’ call-to-action that is working
honored as a joint winner at the MAS through information and awareness. Intimates rolled out a series of activity- to end violence against women and
Changemaker Awards, alongside MAS We conducted in-person Train- based Body Safety Education workshops girls. Commemorative efforts also
Intimates, in the “Lives Changed for the-Trainer sessions in 2024, in 2024 curated for parents and teachers included audiovisuals and other
Good” category. The cash component in partnership with Sri Lanka’s at MAS and in the wider community. The modes of awareness-raising. We also
of the award was reinvested in the National STD/AIDS Control Programme
workshops were organised to provide conducted two in-person awareness
programme – renovating the Well bringing the right information, proactive education and awareness with and sensitisation workshops for our
Woman Clinic at the Ingiriya Hospital, addressing common myths, and the intention of ensuring the safety and trainers and those who volunteered
which benefits women, aged 40 raising awareness through posters wellbeing of children. to be change-agents in this journey.
years and above, within a radius of and other tools distributed among The workshops were conducted by
10 km from our facilities. This clinic, trainers from all our divisions. As a This was paired with a Body and Ms Bimali Amaresekera, National
now upgraded, is easily accessible further step in this effort, MAS also Boundaries Workshop for children Programme Analyst, Women’s Rights
to communities living in Ingiriya, and launched a series of podcasts on aged four and above, specifically and Gender at UNFPA.
social media themed – “The Shame including children of our employees
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WOMEN IN Our journey towards gender equity has

Men-Engage for MANAGEMENT been incremental and positive – overall
Women in Management numbers have
Equitable Workplaces GRI 405-1
improved from 21% in 2019 to 26% in
In 2024, MAS initiated a 2024 has been yet another challenging 2024. However, we are conscious of
new partnership with the year, with shifting ground realities and the fact that we will not achieve our
Grassrooted Trust to gather changes in the internal and external aspirational goal of 30% by 2025. This
insights on the experiences, environment. Despite these exigent is due to struggles in pipeline building,
challenges, and needs of male circumstances, we saw an improvement attracting and retaining women in the
employees, with a focus on in our Women in Management metric – manufacturing industry, and many of the
determining potential interventions reaching 26% in 2024, from 24% gaps we need to continue to address as
to better support male employees at the previous year. businesses and as an industry.
MAS, while making them better allies Similarly, although the women’s
Our successes in improving gender
in our journey towards gender equity. representation at Board-level (MAS Capital
equity at management-level are closely
The Grassrooted Trust facilitated a connected to the support, commitment, and MAS Holdings Boards) has reduced
series of 14 independent Focus Group and accountability of Senior Leadership marginally – 21% in 2024, from 23% the
Discussions (FGDs), across multiple at MAS, who drive this agenda and are an previous year, we are heartened that this
MAS facilities and all organisational integral part of creating a more supportive is still a significant increase from 8%
bands – ranging from TM/Staff, and a conducive environment for women. in 2018, when our active interventions
up to Director level. began. MAS will continue to place relevant
Alongside targeted interventions, we
targets for ourselves as we check and
The conversation centred on also provide tools and create access to
adjust our journey.
mental health and interpersonal resources and networks that empower
relationships, physical and our women on multiple fronts. To support
sexual health, perceptions/ this agenda, our women’s networks
prevailing attitudes towards continued through 2024, where all
gender and sexuality, and divisions across the Group launched
managing personal economy. divisional women’s networks aligned
with a set of Group-wide guidelines. Over
The discussions were well received,
180 women from our major divisions
generating a number of important
were a part of these divisional networks
perspectives and providing our
during the year, with the opportunity to
teams with important insights
connect at a Group level, which received
on interventions that could be
overwhelmingly positive feedback.
implemented in the coming years.
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MEANINGFUL ATTRACTING AND

EMPLOYMENT RETAINING TALENT
Meaningful employment in the apparel GRI 401-1
industry is a value-lever that considers
We continued to build on the previous
the needs and motivations of the people
year’s momentum in 2024, by strategically
behind the positions, as much as it
amplifying MAS’ value proposition to
considers their job-roles, skillsets, and
employees and prospective candidates
experience. This section details our
through targeted branding efforts.
commitment to fostering meaningful
employment for the thousands of As an equal opportunity employer,
employees who call MAS home. we continued to prioritise finding the
best-qualified candidates for each role,
Read about the Social compact that
irrespective of race, gender, age, sexual
governs our approach to meaningful
orientation, disability and religious beliefs.
employment and the core values
This is reflected in our job postings, flyers,
enshrined in our strategies for
and throughout the entire recruitment
recruitment, training, and more.
process and policy.
Our workforce numbers remained fairly
stable in 2024 – at 96,488 average
headcount; reflecting a marginal 4%
downtick from 100,457 in 2023. Employee
hires in 2024 amounted to 31,848 at a
33% hire-rate, against the employee
turnover of 30,301 at 31% turnover rate.
Closure of our Haiti Business Unit in
mid-2024, corresponded with expansion
and resultant increased hiring at other
business units that resulted in no
significant net change to our workforce.
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TOTAL NUMBER AND RATE OF NEW EMPLOYEE HIRES, BY GRADE, GENDER AND REGION TOTAL NUMBER AND RATE OF EMPLOYEE TURNOVER, BY GRADE, GENDER AND REGION.

Total new hires Total average employees Rate of new hires Total terminations Total average employees Rate of employee turnover
31,848 96,488 33.01% 30,301 96,488 31.40%
NEW EMPLOYEE HIRES BY GRADE Age category Total Total average Rate of EMPLOYEE TURNOVER BY GRADE Age category Total Total average Rate of employee
(No.) (%) new hires employees new hires (No.) (%) Terminations employees turnover

100,000 50 Under 30 years old 24,960 48,289 52% 100,000 40 Under 30 years old 19,945 48,289 41%
30-50 years old 6,849 46,220 15% 30-50 years old 9,979 46,220 22%
80,000 40 80,000 32
Over 50 years old 39 1,979 2% Over 50 years old 377 1,979 19%
60,000 30 60,000 24
Total 31,848 96,488 33% Total 30,301 96,488 31%
40,000 20 40,000 16
Female Male
20,000 10 Female Male 20,000 8
Age category Total Total average Rate of Total new Total average Rate of Age category Total Total Rate of Total Total Rate of
0 0 0 0 terminations average employee terminations average employee
Team Member Staff Manager Executive new hire employees new hires hire employees new hires Team Member Staff Manager Executive employees turnover employees turnover
Total new hires Total average employees Under 30 years old 19,919 34,432 58% 5,041 13,857 36% Total terminations Total average employees
(LHS) (LHS) (LHS) (LHS) Under 30 years old 16,257 34,432 47% 3,688 13,857 27%
30-50 years old 5,707 31,944 18% 1,142 14,276 8%
Rate of new hires (RHS) Rate of employee turnover (RHS) 30-50 years old 7,686 31,944 24% 2,293 14,276 16%
Over 50 years old 19 1,252 2% 20 728 3%
Over 50 years old 257 1,252 21% 120 728 16%
NEW EMPLOYEE HIRES BY GENDER Total 25,645 67,628 38% 6,203 28,860 21% EMPLOYEE TURNOVER BY GENDER Total 24,200 67,628 36% 6,101 28,860 21%
(No.) (%) (No.) (%)
Region (Country) Total new Total average Rate of Region (Country) Total Total average Rate of employee
100,000 50 hires employees new hires 75,000 40
terminations employees turnover
80,000 40 Bangladesh 2,997 5,555 54.0% 60,000 32
Bangladesh 1,624 5,555 29.2%
60,000 30 Dominican Republic 3 226 1.3% 45,000 24 Dominican Republic 75 226 33.2%
40,000 20 Haiti 2 722 0.3% 30,000 16 Haiti 1,628 722 225.5%*
India 2,437 3,515 69.3% 15,000 8 India 2,034 3,515 57.9%
20,000 10
Indonesia 2,191 5,547 39.5% Indonesia 1,784 5,547 32.2%
0 0 0 0
Male Female
Jordan 659 3,936 16.7% Male Female Jordan 1,106 3,936 28.1%
Total new hires Total average employees Kenya 804 3,599 22.3% Total terminations Total average employees Kenya 606 3,599 16.8%
(LHS) (LHS) (LHS) (LHS)
Singapore 2 5 40.0% Singapore – 5 0.0%
Rate of new hires (RHS) Rate of employee turnover (RHS)
Sri Lanka 22,371 72,104 31.0% Sri Lanka 20,889 72,104 29.0%
The values for recruitment and turnover of employees has USA 30 155 19.4% USA 46 155 29.7%
*With the closure of the Haiti Business Unit in mid-2024,
been taken from the systems in January, 2025. Vietnam 352 1,124 31.3% the total average number of employees decreased Vietnam 509 1,124 45.3%
Total 31,848 96,488 33.0% significantly, making the total terminations for the year Total 30,301 96,488 31.4%
appear higher than the total average and resulting in
more than 100% turnover rate.
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Engaging the Brightest job market. In 2024, MAS worked Country’s largest conglomerates
to upskill more than 3,000 students showcases the vast capabilities of
Young Minds by facilitating 59 guest lectures and Sri Lankan enterprises and
z 26 career fairs conducted workshops attended by opportunities in the job-market; with
over 2,000 students. the intention of motivating young
z 59 guest lectures, workshops, talent to remain in the Country or
and forums – attended by over MAS internship programmes provide
return to Sri Lanka once they have
5,000 students immersive, hands-on experiences
completed their studies.
across various departments; offering
z 39 skills for work sessions mentorship, industry experience, and Over the course of the 6-week
skill development opportunities for internship programme, selected
z 1,751 interns engaged students and recent graduates. In interns have the unique opportunity
addition to the signature internship to engage in projects, meet leaders
MAS took part in 26 career fairs
initiatives detailed below, the Group’s and subject matter experts, attend
during the year, including MAS Open
ongoing internship programme runs knowledge sharing sessions, and take
Days at state and private universities.
year-round, and engaged 1,751 part in various workshops across the
MAS Open Days is a recruitment drive
interns during 2024. three companies and industries. They
organised solely for MAS, where
gain a deeper understanding of each
we are able to provide one-on-one
organisation’s operations, and build
attention and advice to students on
essential knowledge and experience
employment opportunities that align
with their career goals. MAS, Dialog, and Hemas that would smoothen their transition
into the professional world.
Our engagement in career fairs and Summer Internship
recruitment events goes beyond Programme
recruitment, intending to develop
The Summer Internship Programme,
the Country’s future workforce by
in partnership with Dialog
nurturing young graduates across
and Hemas, is a longstanding
various disciplines. Skill development
initiative established 19 years,
programmes in the form of guest
providing a curated experience for
lectures, workshops, and forums are
Sri Lankan students studying in
prime examples of how some of our
private universities locally and or
internal subject matter experts share
global universities overseas. This
their knowledge, skills, and expertise
collaboration between some of the
on succeeding in the ever-evolving
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MAS Global Internship MAS Alumni Network:

Programme Redefining the Employee
The MAS Global Internship Experience Beyond Exit
Programme, in partnership with the Over the course of the year, the MAS
University of Oregon, USA entered Alumni Network expanded to include
its second year in 2024. Tailored for 47 former Deputy General Manager
postgraduate students, this year’s and above individuals from across the
cohort included three interns from Group. The network was formed with
the Sports Product Management and the goal of extending the employee
Sports Product Design programmes. experience beyond their point of exit,
Throughout the internship, the interns fostering ongoing relationships with
were provided with an in-depth look former employees.
at the Company’s capabilities, visiting
eight MAS facilities to gain valuable
insights. In addition, the interns were LEARNING AND
given the chance to travel and explore DEVELOPMENT
Sri Lanka’s best offerings, enriching
GRI 404-1, 404-2
their overall internship experience in
the Country. We adopted a well-rounded approach
Together, these initiatives help to training in 2024, blending a variety of
maintain our position as a leading methods and channels to best meet the
employer of choice for students, needs of our employees.
while also strengthening our brand For Team Members and Staff categories,
presence and drawing exceptional we focused on hands-on instructor-led
young talent to the organisation. training and blended learning formats,
while prioritising targeted self-paced
training for our Executive and Senior
Leadership teams. This approach ensured
that employees had access to the most
relevant learning opportunities tailored to
their roles and career progression.
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Many of our signature programmes and In 2024, with the objective of further TRAINING METHOD
self-directed learning options, empower enhancing the knowledge base of the (EXECUTIVE AND ABOVE GRADE) – Team member and
employees to take control of their own Executive to General Manager cadre, NUMBER OF HEADS BEEN TRAINED staff training hours
growth. Owing to the success of this we introduced an in-house, quarterly, (No.)
approach, we were able to deliver an Compliance and Labour Knowledge
2,537,457
12,500
average of 25 hours of learnings per Sharing Session. The new programme is Executive and above
10,000
employee in 2024. designed to equip participants with the training hours
7,500
latest insights on local and international
Group-wide talent reviews, conducted
by our Centre of Excellence (CoE) assess
labour compliance landscapes, ensuring 5,000 315,342
they remain well-informed of evolving 2,500
localised and region-specific challenges Total training hours
regulations and industry best practices. 0
to align talent development with regional
and global business objectives. These
Additionally, the sessions provide a Blended Instructor-led Self-paced
2,852,799
structured platform to identify and NUMBER OF HEADS BEEN TRAINED –
reviews play a vital role in promoting local Total headcount 2024
address common group-wide labour (EXECUTIVE AND ABOVE GRADE)
leadership development across global
compliance bottlenecks, fostering greater
operations, by assessing and enhancing
efficiency and regulatory adherence
GENDER WISE 115,077
talent within specialised functions, (%)
across our operations. Training hours
building functional bench strength,
identifying subject matter experts, and per head
NUMBER OF HEADS BEEN TRAINED – Female
supporting talent rotation. In 2024, these (EXECUTIVE AND ABOVE GRADE) 38
25
reviews were held in manufacturing GRADE WISE
facilities across Jordan, Kenya, Indonesia, (No.) Male
India, and Bangladesh. 62 AVERAGE TRAINING HOURS BY GENDER AND EMPLOYEE CATEGORY
General manager Divisional/
188 Functional director
NURTURING OUR 88 Grade Number of Man Learning hours
Deputy general
TALENT PIPELINE manager
employees trained hours per employee
CEO or MAS/apparel
The majority of training programmes 409
board director
Male 33,507 776,208 23.2
are designed for our Executive talent, Manager 10 Female 81,570 2,076,591 25.5
particularly young professionals. 1,273 Total 115,077 2,852,799 24.8
These programmes aim to introduce
our ways of working, enhance technical Assistant Grade Number of Man Learning hours
manager Executive hours per employee
expertise, broaden operational and 2,131 7,150
employees trained
industry knowledge, and develop Team member and staff 99,707 2,537,457 25.4
leadership capabilities. Senior Executive and above 15,370 315,342 20.5
executive Total 115,077 2,852,799 24.8
4,121
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SKILL DEVELOPMENT 2023 2024 Looking towards expanding the Technical

AT THE SHOP FLOOR Skills Development Programme, we
TSIs completing are actively pursuing establishment of
In addition to career advancement and
the certification 23 22 a Degree-offering module and are in
upskilling initiatives detailed under the
Empowering Women section, the following collaboration with relevant institutions to
skill development programmes express MAS also offers a Technical Skills develop an appropriate curriculum aligned
our broader commitment to growth and Development programme specifically with industry standards. This would be
development of employees on the designed for Team Leaders (TL) and Group especially beneficial to talented and driven
factory-floor. Leaders (GL). This programme equips employees who have advanced through
participants with the technical expertise and the ranks without a formal degree.
The Shilpi Programme, piloted in 2022, essential soft-skills necessary to excel in
is designed to certify Training School their leadership roles. The programme offers
Instructors (TSIs) or Sewing Trainers, a structured learning pathway leading to a
in order to enable them to better Certificate or Diploma; catering to various
understand sewing techniques and learning needs and career aspirations.
support them to train team members Programme content is regularly reviewed
in a more effective manner. by Subject Matter Experts (SMEs), MAS
The first batch of 25 participants, selected Technical Leadership, external industry
from the Group’s five main divisions, experts to ensure the curriculum alignment
completed their training in 2023. Following with up-to-date technical knowledge and
the pilot programme, we incorporated industry requirements. As part of the
feedback, evaluated outcomes, and refined program’s upliftment aspect, a corporate
the curriculum before launching the etiquette session, conducted by an external
second batch from January to December resource-person, was included and
2024. In addition, during the course of the conducted for both Certificate and
year, we carried out a density mapping Diploma participants.
exercise to analyse the success and reach The Certificate Level programme
of our Shilpi certification programme. concluded its sixth batch in June 2024
With completion of the second batch, the – with 42 participants successfully
Programme has now successfully covered completing the programme (at an 89%
almost 40% of our TSIs. completion rate). The Diploma level
programme is currently underway for its
second batch of 27 students participants
representing 13 MAS SBUs.
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Accredited equivalent NVQ standard Course duration 2023 2024

Certificate level graduates Production supervisor (sewing) – NVQ level 4 6 months 28 42

Diploma level graduates Textile and apparel manufacturing technology
(apparel sector) – NVQ level 5 24 months N/A 27 (Ongoing)

Programme name Programme duration Batch size Completed Retained – after Resigned – after Resigned – during Quit the
completion completion the programme programme

Certificate batch 6 November 2023 – July 2024 47 42 42 – 1 4

Certificate batch 6 % – – 89 100 – 2 9
Diploma batch 2 – ongoing November 2023 – December 2025 28 – – – 2 –

GLOBAL TALENT MOBILITY In 2024, MAS provided 127 employees In 2024, we implemented over 1,000
The MAS Global Mobility (GM) programme with the opportunity to go on international knowledge-sharing sessions across our
facilitates the movement of employees assignments. From this, 40 were short global footprint, positively impacting
across countries and regions for work. term assignments and 87 were long term over 100,000 employees. Building on
Employees can typically be sent on short assignments. The top three divisions were the success of our initiatives in fostering
term assignment (ranging from 3 to Intimates (67), Kreeda (23) and Silueta awareness, enhancing health practices,
12 months) and long-term assignment (13). The top three countries we sent and cultivating a supportive culture;
(ranging from 1 to 5 years). employees to were India (30), Kenya (25) we are committed to expanding and
and Bangladesh (22). The top three grades refining our interventions, conducting
Talent movement in this form serves that went on international moves were regular needs assessments, fostering
multiple purposes, including staffing Senior Executive (37), Manager (26) and open dialogue, and rigorously measuring
new or expanded plants and operations, Assistant Manager (20). our impact through consistent feedback
filling critical knowledge gaps by mechanisms.
deploying experts, and providing essential EMPLOYEE WELLBEING
oversight through experienced leaders. AND WORK-LIFE BALANCE
Furthermore, it significantly contributes We champion a comprehensive,
to employee development by facilitating four-pronged approach to employee
global networking, offering opportunities wellbeing, encompassing mental, physical,
to adapt to diverse regional customs, emotional, and financial aspects. We
regulations, working styles, and business implement tailored initiatives, guided by
environments, as well as handling country-specific principles, to meet the
critical projects and collaborating unique needs of each of our divisions.
with multinational teams.
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MENTAL hours. Additionally, employees have promotes problem-solving skills,

WELLBEING access to face-to-face consultations at enhances emotional regulation, and
In the context of Asia, mental health, 10 centres across the island, ensuring improves self-awareness, which are all
drug prevention, domestic violence, comprehensive support. essential for managing the pressures of
and suicide prevention are essential z MindCare: The MindCare programme a busy work environment.
elements of general wellbeing and is an initiative designed to develop z Employee Assistance Programme:
workplace productivity. Our dedication to Counselling skills of middle managers. The initiative offers confidential
advancing mental health and nurturing Rooted in the belief of fostering a counselling services to help employees
an environment that fosters our values of supportive work environment, this cope with personal challenges such
inclusivity, compassion, and support for programme aims to equip our middle as stress, family issues, addiction, and
every employee, go beyond conventional managers with essential Counselling mental health concerns. Employee
commercial goals. skills, transforming them into Barefoot Assistance Programmes typically
z BLOOM Project: A recurring programme Counsellors. While MAS is fortunate provide access to professional
that provides stress management to have dedicated full-time qualified counsellors, legal and financial advice,
workshops, counselling sessions, and counsellors to address employee and referrals to other resources.
resources to enhance mental resilience grievances, we recognise the pivotal role
PHYSICAL
and overall wellbeing. middle management plays in nurturing
WELLBEING
employee morale, managing stress,
z Substance Abuse and Suicide resolving conflicts, and ensuring overall Ensuring the physical health and
Prevention Awareness Programme: wellbeing. wellbeing of our workforce is paramount
Addresses the psychological impact at MAS. Through various initiatives and
of economic hardship by providing
z Art Therapy Sessions: Art therapy is programmes, we strive to promote healthy
personnel with tools to identify a powerful tool for supporting mental lifestyles and preventive healthcare
warning signs, seek aid, and cultivate a wellbeing in the workplace by providing practices, fostering a culture of wellbeing
supportive work environment. employees with a creative outlet to and vitality among our employees.
express emotions, reduce stress, and
z Sri Lanka Sumithrayo MAS Helpline: improve overall mental health. Through z Ergonomic Workplace Design: This
In 2024, MAS proudly marked the activities like painting, drawing, or process focuses on creating a work
second successful year of implementing sculpture, individuals can explore their environment that promotes comfort,
the Sri Lanka Sumithrayo MAS Hotline feelings in a non-verbal way, which reduces physical strain, and enhances
initiative. This dedicated mental health can often be easier than talking about productivity. By incorporating ergonomic
hotline serves over 70,000 Sri Lankan difficult emotions. Art therapy helps furniture and equipment, such as
employees, operating from Monday to foster a sense of mindfulness and adjustable chairs, sit-stand desks,
to Saturday (10:00 am – 10:00 pm), relaxation, allowing employees to keyboard/mouse setups, and proper
and connects them with mental health disconnect from work-related stress lighting, employees can maintain good
professionals during and beyond office and rejuvenate their minds. It also posture and avoid musculoskeletal
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issues like back pain or eye strain. FINANCIAL z Financial Literacy Programmes: Financial
Ergonomic workspaces are tailored to WELLBEING Literacy Awareness Programmes are
fit individual needs, ensuring employees As Sri Lanka’s economy continues its aimed at enhancing the financial wellbeing
can work efficiently without discomfort. recovery post economic crisis, financial of MAS employees. This comprehensive
z Medical Camps: Annual medical camps challenges persist for many. In response, programme, conducted at national and
with expert medical personnel provide the Company has rolled out a series regional levels, focuses on key areas such
free check-ups for all employees, of initiatives to strengthen employees’ as personal financial planning, effective
emphasising preventive health personal finance management skills and debt management, smart investing, and
measures and early detection of help them navigate the rising cost of living. savings strategies. Additionally, it equips
potential health issues. participants with the knowledge to identify
Entrepreneurship Development and avoid financial scams, promoting
z Sexual and Reproductive Health Programme: This initiative is a responsible money management.
Awareness Sessions: MAS conducts comprehensive entrepreneurship
comprehensive sessions on sexual programme aimed at equipping employees
z Bank and Goods Promotions for
and reproductive health, covering with the skills, knowledge, and mindset Employees: This initiative was a special
key topics such as the reproductive needed to successfully launch and manage banking and retail promotion that
system, menstruation, endometriosis, their own businesses. Training in key offered exclusive discounts and financial
PCOS, menopause, safe sex, and areas such as business planning, financial benefits. By partnering with banks
contraceptive methods. management, marketing strategies, and retail vendors, employees gained
leadership, and innovation, ensure that access to low-interest loan schemes,
z Spiritual Bliss: An initiative that utilised
participants are well-prepared to navigate installment plans, and special discounts
Yoga sessions led by a professional Yoga
the complexities of entrepreneurship on essential goods and services.
instructor, to foster holistic wellbeing
by promoting physical health, mental projects, while also contributing to soft-skills z Financial Counselling Services: These
clarity and spiritual rejuvenation. Open such as building confidence, enhancing provide employees with access to
to all, these sessions provide dedicated problem-solving abilities, and fostering professional guidance on managing
time for employees to prioritise self- resilience. Additionally, hands-on workshops their personal finances. These typically
care and relaxation. This initiative has cover practical skills in industries such include one-on-one consultations with
been carried forward from 2023. as cake-baking and beauty culture, with certified financial planners or advisors,
plans to expand into other sectors based who help individuals with budgeting,
z Zumba Sessions: Fun and energetic
on participant interest and market demand. debt management, saving, and long-
activity-based sessions to promote
As further support, we provide mentorship, term financial planning. The goal is to
physical fitness, reduce stress, and
networking opportunities, and access assist employees in making informed
encourage team bonding.
to real-world case studies, creating an decisions about their financial situation,
ecosystem where participants can learn while also providing support for specific
from experienced professionals and gain issues like credit management or
valuable industry insights. retirement planning.
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EMOTIONAL Depending on the level of intervention z Defensive Driving Training: This Benefits made available to employees within the organisation. It encompasses
WELLBEING required, sessions will range from 1.5 programme equipped drivers with the range from insurance cover for goal setting to provide clear direction,
Emotional wellbeing is a cornerstone to 3 hours, allowing adequate time for knowledge and skills to anticipate and medical needs, illness, and accidents; mid-year reviews to track progress and
of a healthy and thriving workplace discussion, skill-building, and reflection. avoid potential hazards on the road, communication and transport allowance; make necessary adjustments, values
environment. At MAS, we prioritise the z Gender Based Violence and Cyber through a combination of both practical and support for professional growth and assessments to reinforce the company’s
mental health and emotional resilience Harassment Prevention: This is an and classroom instructions. Participants wellbeing. core principles, and year-end reviews
of our employees through targeted initiative to raise awareness and equip who enrolled in the programme learnt to evaluate overall performance and set
In 2024, we took a major step forward in
programmes and initiatives. By fostering our members with essential knowledge to identify risky driving behaviour, future development plans.
employee welfare by extending Critical
open dialogue, providing support, and on identifying, preventing, and reporting understand the principles of safe
Illness Coverage (CIC) to Team Members, Through targeted development
promoting self-care, we aim to create a such issues. Among others, this aims vehicle operation, and develop proactive
ensuring broader financial protection and opportunities, MAS enables employees
work culture that prioritises emotional to educate members about the impact strategies for preventing accidents. The
access to essential healthcare for a larger to enhance their skills, advance in their
wellbeing and contributes to overall of GBV and cyber harassment, provide training covered topics such as hazard
segment of our workforce. In addition, we careers, and contribute meaningfully to
employee satisfaction and success. guidance on safe online practices and perception, space management, proper
worked with our business partners and the Company’s success. All Executive
Fostering a respectful and supportive inform members about the official following distances, and techniques for
service providers to increase the value and above employees undergo annual
workplace is key. channels to report such incidents. handling adverse driving conditions.
of Personal Accident Cover that is made performance reviews, while Staff and
z Renew and Restore: An innovative z Bring your Child to Work Day: Is an available to employees. This benefit will Team Member evaluations are conducted
initiative organised to give employees ENSURING SUSTAINABLE be realised from 2025 onwards. based on specific requirements – such as
and tailored intervention designed to
the opportunity to bring their children COMPENSATION FOR OUR PEOPLE Team Leader/Group Leader reviews, skill
enhance mental health and emotional
to the workplace, allowing them to GRI 2-19, 2-20 PERFORMANCE MANAGEMENT AT MAS: master evaluations, or skill matrices.
resilience across various departments.
emotionally connect with where their DRIVING GROWTH AND EXCELLENCE
This initiative responds to the growing In the 2024 Performance Management
Our sustainable and competitive
need for effective workplace support by parents spend their work days. This GRI 404-3
compensation packages go beyond the Cycle, conducted in early 2025, a total
offering targeted sessions that address initiative not only fostered a deeper Performance Management (PM) is
financial element alone, consistently of 9,417 employees were eligible for
specific challenges faced by employees. understanding and bond between a continuous process of identifying,
exceeding minimum wage and complying performance reviews.
Every session is customised to ensure parents and children but also created a measuring, and developing individual and
with country-specific regulations and
relevance and effectiveness, creating supportive and engaging environment team performance while aligning efforts
apparel industry standards. Our efforts
a supportive environment where for everyone involved. with organizational goals. In the fast-
extend to providing safe and conducive
employees can openly engage and z Music Therapy Sessions: As part of our paced apparel industry, where efficiency,
working conditions, fair and transparent
develop essential coping mechanisms. commitment to employee wellbeing, quality, and innovation are key to staying
pay practices that prioritise recognition
These sessions are conducted in small these sessions are designed to provide competitive, an effective Performance
and reward based on merit, and
groups to foster meaningful interactions a calming and rejuvenating experience, Management System is essential. At MAS,
opportunities for skill development
and a personalised experience. offering a dedicated space where PM is designed to ensure employees
and career growth.
employees can unwind, reconnect, and are equipped to succeed and grow
relieve stress through the power of music.
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EMPLOYEES ELIGIBLE FOR PERFORMANCE REVIEWS DIVERSITY OF GOVERNANCE BODIES AND EMPLOYEES
GRI 405-1
Employee category Male % Female %
PERCENTAGES OF INDIVIDUALS WITHIN PERCENTAGE OF EMPLOYEES
Assistant manager 891 72 349 28
THE ORGANIZATION’S GOVERNANCE PER EMPLOYEE CATEGORY
CEO 18 86 3 14 BODIES BY GENDER BY GENDER
Chairman 1 100 – – PERCENTAGE OF INDIVIDUALS – GENDER PERCENTAGE OF INDIVIDUALS – GENDER EMPLOYEE CATEGORY
Deputy chairman 1 100 – – (%) (%) Gender Team Staff Executive Manager
member
Deputy general manager 220 75 75 25 Female Male
20 30
Divisional/Functional director 87 80 22 20 Male (%) 59 19 15 7
Executive 2,294 58 1,649 42 Female (%) 89 6 4 1
General manager 140 79 37 21
Group director 3 100 – – Male Female Age category Under 30 30-50 Over 50
80 70 years old years old years old
Holdings board director 2 100 – –
Manager 634 78 174 22 Male (%) 14 15 1

MAS/Apparel board director 6 75 2 25 PERCENTAGE OF INDIVIDUALS – AGE PERCENTAGE OF INDIVIDUALS – AGE Female (%) 36 33 1
Senior executive 1,885 67 924 33 (%) (%)
Total 6,182 66 3,235 34 Over 50 years
2

30 – 50 Over 50
years old years old
60 40

30 – 50 years old Under 30 years old

48 50
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GRI 2-21, 405-2

MAS ensures equal remuneration for Recognition for Disability- Persons with Disabilities
employed
men and women in similar job roles, Inclusive Employment
with a strict policy against gender-based 435
In 2024, MAS was recognised
discrimination in all compensation and
in driving disability-inclusive Vision impaired
benefits practices. The remuneration
employment practices and awarded
packages for the staff and the annual
the prestigious Zero Project 21
compensation ratio are kept confidential
Award for 2025 for our Supported Hearing impaired
in nature.
Employment Process.
DIVERSITY, INCLUSION, AND FREEDOM The Zero Project, in partnership with
294
OF EXPRESSION AND IDENTITY FOR ALL the ILO Global Business and Disability Physically impaired
Our value proposition to employees includes Network (GBDN), is dedicated to
a commitment to create an equitable eliminating barriers for persons with 119
workplace free from discrimination and disabilities. By spotlighting exemplary
harassment where all decisions affecting Cognitive impaired
practices, the Zero Project aims to
individuals are made fairly, considering foster a more inclusive world aligned 8
individual merit, job requirements, and with the United Nations Sustainable
business needs. We expect all employees to Development Goals (SDGs) and
contribute to this by treating each other with the UN Convention on the Rights of
dignity and respect. Persons with Disabilities (UN CRPD).
The Supported Employment Process
EMPOWERING PERSONS
at MAS was recognised for its
WITH DISABILITIES
innovation, impact, and scalability
In 2024, our comprehensive four-pronged in an extensive multi-step awarding
approach to disability inclusion continued process that involved over 350
to guide our actions as we progressed experts and more than 300 hours of
in creating and improving an inclusive review. MAS was one the awardees
workplace where our colleagues with for 2024, selected from 522
disabilities can thrive. nominated initiatives and institutions
from around the world.
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During 2024, our Employees with Disabilities

continued to benefit from initiatives that create ENGAGE
Lable by MAS Dialog-MAS Enabler A highlight of the programme was
a supportive and enabling environment: z Supported Employment process the experience at the MAS Adaptive
in place Launched in 2023, our Programme 2024 Centre of Excellence, which houses
Homegrown solution for
ENABLE 41 adaptive clothing continued to
In collaboration with Dialog Axiata
PLC, Sri Lanka’s leading connectivity
Lable by MAS, an innovative adaptive
apparel brand designed for people
z Buddy systems z Annual engagement events deliver on its commitment to provider, MAS Holdings successfully with disabilities.
38 41 creating innovative clothing
that is inclusive and accessible.
launched the second iteration of the The programme concluded
z Sign language training z Sign language and emergency training Dialog MAS Enabler Programme with participants sharing their
Participating in the Abilities Expo in early July 2024. This initiative is
32 for buddies and parents of PWDs
in Fort Lauderdale, we introduced designed to enhance employment
reflections and key takeaways,

z Ensuring accessible workplace 30 new adaptive products to a wider opportunities for persons with
underscoring the transformative
impact of this exposure.
30 z JCC minutes communicated
to all PWDs in the SBU
audience, created direct connections
with consumers, and expanded our
disabilities (PWDs), offering them
meaningful workplace exposure The Dialog MAS Enabler Programme
Innovative, accessible tools and represents a pivotal step towards
23 while simultaneously educating
z
product tester network.
technology provided for PWDs employers on the value of inclusive creating more inclusive workplaces
(e.g. vibrating bracelets/bands, Engagement with disability networks Our partnership with Sri Lanka’s in Sri Lanka. Beyond empowering
z
hiring practices.
hearing aids, etc.) (such as the Deaf and Blind Association, National Paralympic Committee individuals with disabilities, it seeks
reached new heights as Sri Lankan The two-week pilot programme
10 and Marks and Starts Programme)
Para Athletes competed in the 2024 welcomed 14 undergraduates and
to reframe the national narrative
12 Paris Paralympics, wearing kits graduates who had visual, hearing,
around disability inclusion advocating
for equity, accessibility, and
designed and manufactured by Lable. or physical impairments from the meaningful participation in the
We also hosted an Felicitations to University of Kelaniya, University world of work.
EMPOWER
celebrate these athletes, upon their of Colombo, and University of
z Specialised counselling, mentoring send-off and return. Sri Jayewardenepura. Participants
or coaching engaged in immersive learning
32 experiences across various
departments within both companies.
z Leadership and soft-skill development
32 At Dialog, students explored customer
engagement through hands-on
z Providing new job opportunities experiences at service centers. At
and/or cross-functional roles MAS, they gained valuable insights
31 into product development and the
manufacturing process.
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COLLABORATION FOR Women at Work”. The meeting was attended

EQUITY AND INCLUSIVITY by representatives from many Sri Lankan a pool of over 80 trainers who are
We continue to drive the agenda for corporates including Brandix, Fortude, taking this conversation forward in
gender equity and are proud to be an Aitken Spence, Hayleys, Deloitte, etc. small groups.
initial signatory from Sri Lanka to the With the support and guidance
UNGC Target Gender Equality programme. of these partners, MAS has also
Additionally, partnerships with the Empowering Inclusivity developed a set of guidelines to
Grassrooted Trust, National Transgender Throughout 2024, we continued to support and facilitate employees
Network Sri Lanka, EQUITE Sri Lanka
carry out sensitisation conversations who seek assistance in going through
and our engagements with local and on people of diverse Sexual Orientation, a gender transition process in
global organisations such as UNFPA and Gender Identity, Gender Expression, and Sri Lanka.
the International Finance Corporation (IFC) Sex Characteristics (SOGIESCs); often
continue to bolster our efforts to create collaborating with other organisations
a more inclusive environment for all and institutions who are working
marginalised groups. toward similar objectives.
As a corporation headquartered in In celebration of PRIDE in 2024,
Sri Lanka, we maintain strong ties and MAS launched its homegrown
close connections with other trailblasing Empower Inclusivity microsite –
Sri Lankan corporates that are on the a public educational platform which
same journey. Celebrating International can be referred to anyone who wishes
Women’s Day 2024, MAS launched a new to learn more about this space. This is
podcast series entitled Conversations that our first public communication in the
Count – bringing together other private space of people of diverse SOGIESCs
sector parties like JKH, Unilever, Brandix, and is being utilised in our in-person
and Hirdaramani to share and discuss training programmes as well.
their work in this space. In 2024, we hosted
the 20th UNGC Gender and Diversity In partnership with the Grassrooted
Working Group Meeting in Sri Lanka where Trust, National Transgender Network
panelists from MAS, UNFPA, Diesel and Sri Lanka, and EQUITE Sri Lanka,
Motor Engineering (DIMO), and Sandbox we conducted two comprehensive
Consultancy shared their insights. The training-of-trainer programmes and
Working Group meeting created an sensitisation workshops for targeted
opportunity for MAS to share the progress employee categories; resulting in
made toward “Diversity and Inclusion for
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WORLD-CLASS The internationally recognised

WORKPLACES Attaining International management systems, and the certifications and accreditations we
processes, leadership, culture, and hold, such as ISO 45001 for Occupational
Ensuring our operations are world-class Benchmarks for our workforce engagement that fosters Health and Safety, serve as a powerful
is not an overnight achievement; it
involves concerted action and a sustained Workplace Safety a mature safety culture. external validation of our commitment
commitment to continuous development. MAS KREEDA recognised to world-class workplace standards.
RoSPA Health and Safety Awards
Our achievements during the year are the with Gold from IOSH UK These globally recognised endorsements
2024 – 10 Gold and 1 Silver Award
result of continuous engagement with our assess our compliance with a number of
Our commitment to a MAS KREEDA achieved a prestigious industry-standard indicators that attest
employees, celebration and reinforcement
zero-accident, zero-incident, and Gold (Proactive) – Level 9 (90%) in to the success of our H&S efforts. During
of our core values and purposeful culture,
zero-disease workplace, driven by Occupational Safety and Health (OSH) the year 2024, 21 of our SBUs achieved
and enforcement and improvement of
an interdependent safety culture, cultural maturity at the enterprise or maintained ISO accreditation for
stringent standards for health and safety.
has earned significant international level, through Business Assurance world-class health and safety practices.
recognition. In 2024, we received Certification provided by the Institute
ENSURING HEALTH of Occupational Safety and Health Our Lost Time Accident Frequency Rate
11 awards at the prestigious
AND SAFETY (IOSH), UK. IOSH is the leading global and Severity Rates reduced by 57%
RoSPA Health and Safety Awards
GRI 403-1, 403-2, 403-3, 403-4, 403-5, professional body for OSH, and their and 31% respectively, reflecting the
2024 – for our facilities in Sri Lanka,
403-6, 403-7, 403-8, 403-9, 403-10
Business Assurance Certification hard-earned success of efforts to elevate
Jordan, and Indonesia. This marks a
The Company’s outstanding H&S provides independent assurance H&S standards, improve risk management
major milestone in benchmarking our
performance during the year was against global benchmarks for practices, and create an interdependent
world-class OHS standards.
recognised with the receipt of 10 gold enterprise-level occupational safety safety culture across the Organisation.
awards and one silver award at the ROSPA The award programme pioneered by
and health management.
Awards in 2024. In addition, one of our the Royal Society for the Prevention
divisions received a proactive Gold-level of Accidents (RoSPA), now in its 69th
business assurance certification from year, has grown to become the largest
the Institute of Occupational Safety and Occupational Health and Safety
Health – UK (IOSH). awards programme in the UK. The
awards attract over 2,000 entries
yearly, from more than 50 countries
worldwide, representing H&S
programmes covering over 7 million
employees. These globally sought-
after accolades recognise excellence
in accident prevention, robust safety
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Health and Safety Achievement Snapshot 2024 61% of the reported near-misses and Category Number ACCIDENT CATERGORISATION
suggestions were actioned during the (%)
year and we have set ambitious SBU-level Total number of work-related Chemical
ROSPA Awards non-fatal injuries due to accidents
targets to increase action completion rates 2
(lost time accidents) Trip and fall Others
201
in the year ahead. We also maintained 3 (vehicle, animal
10 GOLD zero fatalities across our operations Total number of lost man
Ergonomic
related, water)
working days due to work-related 2
during the year. (strains,
31% reduction in 57% reduction in non-fatal injuries 1,400 pains, etc)
6
Incident Severity Rate (LTISR) Incident Frequency Rate (LTIFR) Recognising the slight increase in the Total number of injuries due to road
rates of road accidents with improved accidents that are work-related 71
53% increase in reporting, we have planned a number Total number of lost man working
Tools (Scissors Slip and fall
and trimmer) 38
Hazard-Reporting of SBU-level projects and initiatives to days due to road accident-related 24
promote and strengthen commuter safety. injuries 956 Contact with other objects
(doors, racks, tables)
Employee consultation and participation Health and Safety initiatives. A Kaizen Total number of non-fatal,
25
has been a cornerstone of our OHS non-work-related ill-health
approach is consistently taken; 21,047 Improving our Fire Safety
success in 2024. We conducted more incidents recorded 2,243
near misses recorded for 2024.
than 500 H&S committee meetings and In 2024, we completed implementation
addressed approximately 2,390 OHS WORLD-CLASS WORKPLACES of a comprehensive Fire Detection H&S PERFORMANCE SUMMARY
issues and suggestions during the year. (No.) Monitoring System that enhances fire (No.)
This was made possible by the 4,400+ safety at our operations – through real-
5,000 20

17.23
time monitoring that enables rapid
H&S Committee Members who acted as 4,000 response. The system was developed

13.48
16

11.91
dedicated H&S changemakers across
3,000 entirely by our internal teams, 12
all our SBUs. Additional engagements originating as a Kaizen initiative.

7.08
2,000 8
by almost 2,350 H&S point-persons

4.83
3.76
The new fire safety system precisely

2.93

3.2
functioning as Workplace Safety 1,000 4

1.38
1.02

0.36
0.27
Facilitators, as members in Chemical 0 identifies activated fire detectors 0
Members Meetings or call-points on a factory map; A B C D E F
Management Committees, and as
feeding into a centralised display in
Emergency Response Teams led to 2023
the Engineering office and guard-
2023 2024
convening of around 728 meetings for 2024
room. Real-time alerts provide clear A – Lost time accident frequency rate
2024. The 53% increase in hazard- location details, and SMS notifications (non-road accidents)
reporting and OHS suggestions, is inform key personnel instantly. B – Lost time accident severity rate (non-road accidents)

another testament to increased employee C – Lost time accident frequency rate (road accidents)
D – Lost time accident severity rate (road accidents)
awareness, interest, and participation in
E – Total lost time accident frequency rate
F – Total lost time accident severity rate
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Training and development 2023 2024

to ensure health and Special H&S training Participants 90,043 45,473

safety (e.g. electrical safety, chemical
management, and other hazard/
Hours covered 1,854.80 2,283
Training iterations 487 904
We conducted 904 specialised H&S risk-based trainings)
trainings during the year, covering General H&S training Participants 93,130 89,527
a wide range of areas including fire (e.g. annual refreshers and Hours covered 613 317.18
safety, electrical safety, chemical awareness programmes)
Training iterations 360* 266
management, confined space entry,
fall protection, laser and radiation *2023 data restated, correcting discrepancy in previous disclosure.

safety, machine safety, lockout and

tag-out procedures, ergonomics, and
contractor safety. These trainings
covered over 2,218 hours and Strengthening Employee Simultaneously, our Clear Vision
Initiative, in partnership with
engaged the participation of over Health and Vision VisionSpring, offered free eye
45,473 employees.
In 2024, MAS significantly amplified screenings to over 2,000 employees.
We also conducted over 266 its commitment to employee health Those diagnosed with vision
general H&S trainings, including and wellbeing through two impactful impairments were provided with
annual refreshers and induction health-focused initiatives. Our Health personalised prescriptions; with more
programmes on general H&S and Wellness Camp, generously than 300 employees receiving free
standards. These trainings reached supported by Lululemon through prescription glasses.
89,527 employees and totaled over their Vendor Grant, provided free
317.18 training hours. medical services to over 4,000
employees. The delivered over 3,461
medical tests, including blood tests,
cholesterol checks, and ECGs, with
participants also benefiting from eye
examinations, cancer awareness
programmes, women’s health and
subfertility consultations, urology
services, physical health awareness
sessions, and skincare consultations.
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OPERATIONAL CULTURE AND encourage employees to voice their

CONNECT ETHICS concerns whenever they experience
A foundational element of our Human In 2024, we made significant strides in discomfort or difficulty. Employees
Capital management strategy involves solidifying our ethical foundation and can choose the reporting method that
maintaining a strong operational connect cultivating a culture of transparency and best suits their comfort level. Trained
between employees, industry, and our purpose. The MAS DNA survey echoed Human Resources personnel are directly
communities; in order to ensure smooth the progress made – with nearly 90% accessible for open and confidential
and continuous functioning of the of employees understanding and being conversations to address a wide range of
organisation. Our ongoing work within this aware of our unique organisational DNA. concerns. Within groups, divisions, and
function continued to serve as proactive SBUs, designated code officers act as
Perhaps most significantly, over the past trusted points of contact for discussions
problem-solving hub, collaborating closely
four years we have witnessed a sustained on ethical conduct or policy compliance.
with business units to address and resolve
increase in employee confidence
a wide range of operational challenges. For those who prefer anonymity, we offer
to speak up, alongside widespread
In 2024, these efforts included provision of awareness of the grievance reporting several channels. Our anonymous hotline
assistance to 80+ employees impacted by channels that empower employees to service and online platform managed
heavy rains that persisted throughout the voice concerns freely. This is evidenced by third party global service providers,
fourth quarter. In addition, we launched a new by a significant rise in reported cases allow employees to report concerns
Compliance and Labour Knowledge Sharing from 2020 to 2024 – a positive outcome without revealing their identity. The DNA
Session; an in-house training programme, confirming our efforts to create a mature Helpdesk, accessible via the Company’s
conducted quarterly, aimed at enhancing the and transparent environment where website, provides another avenue for
expertise of our Executive and above cadre. accountability is valued. guidance or reporting potential violations.
The Programme equipped participants with We are also seeking to extend the hotline
the latest insights into local and international GRIEVANCE REPORTING to third parties to broaden our safety
labour compliance landscapes, ensuring they SYSTEM net. To further encourage reporting, we
remain well-informed of evolving regulations have strategically placed grievance boxes
GRI 2-25, 2-26
and industry best practices. Furthermore, across our facilities, providing another
these sessions provided a valuable forum for At MAS, we believe open communication layer of anonymity. Additionally, trained
identifying and addressing common labour- is the cornerstone of a healthy work Employee Relations (ER) representatives
compliance challenges across the Group, environment. We have implemented a are available to listen, address concerns,
leading to improved efficiency and adherence. robust reporting system that empowers and escalate grievances as needed.
A tangible outcome of these discussions employees to voice their concerns
was the formulation of our comprehensive through multiple avenues, ensuring every
Freedom of Association Policy. voice is heard. Our ongoing awareness
and education programmes actively
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EMPLOYEE ENGAGEMENT The survey also examines 43 2024 saw MAS continue the tradition of
AND VOICE management practices that contribute employee excellence in Annual Mercantile
At MAS, we believe a healthy organisation to these outcomes, pinpointing areas sports competitions. MAS employees
one capable of aligning to a shared vision, where MAS can excel and unlock the achieving multiple championship wins
executing strategies effectively, and Organisation’s full potential. A central across various disciplines including
adapting to change directly translates to dashboard to consolidate the survey swimming, table tennis, tennis,
high performance and long-term success. results has been introduced, with the athletics, and volleyball. This year was
This is achieved through a resilient support of the Group talent analytics team, particularly impressive, with our teams
culture, employee satisfaction, and talent to support data-driven decision-making. achieving some remarkable feats;
retention, which foster an engaged and such as phenomenal 11th consecutive
In addition to the survey, MAS made
productive workforce. championship wins in swimming and
significant progress in executing the 2024
table tennis.
In line with previous efforts in 2018 OHI roadmaps. A final evaluation at the
and 2021, we partnered with a reputed end of the year revealed a 95% completion Our participation in ten different
third-party this year as well to conduct rate for the Group Culture Roadmap. sports, sporting over 1,000 employee-
an organisation-wide pulse check survey, competitors, is a strong demonstrator of
Ongoing leadership development
aimed at continuously improving MAS’s employee engagement and internalisation
programmes, focused on equipping
organisational health and our ability of the organisation’s culture of health and
leaders across the organisation with the
to achieve strategic objectives. This wellbeing through sport.
necessary capabilities and tools to foster
comprehensive assessment analyses a psychologically safe environment, have
nine key areas: been instrumental in driving employee
z Motivation engagement and happiness. The existing
z Capabilities Team Care training, previously limited to
a specific cadre, is set to be adapted for
z Accountability broader accessibility, ensuring all leaders
z Leadership benefit from its principles. To support
z Innovation and Learning this, a Train the Trainer session was
z Coordination and Control conducted this year, enabling trainers to
deliver Team Care more effectively across
z Direction
the organisation. In 2024, the training
z Work Environment primarily focused on Assistant Manager
z External Orientation and Manager cadre, with almost 50% of
this group completing the programme
through these trainers and prior sessions.
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Sport Participants Championships Achievement in 2024 Remarks

in 2024 in 2024

1. Swimming 110 Mercantile Champions 11th Consecutive Year as of 2024

2. Table tennis 35 Mercantile Champions 11th Consecutive Year as of 2024
3. Tennis 45 Mercantile Champions 9th Consecutive Year as of 2023
4. Athletics 623 Mercantile Champions 6th Consecutive Year as of 2024
5. Hockey 21 Mercantile 2024 Runner up –
6. Badminton 36 Mercantile Division “A” runner up –
7. Rugby 31 Mercantile Participated –
8. Basketball 36 Mercantile Participated –
9. Volleyball 130 Mercantile Champions – Championship Men’s category Won in different divisions
Champions – Division A Women’s Category
2nd Runners Up – Super League Women Category
2nd Runners Up – Super League Men Category
10. Chess 15 Mercantile Participated –
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THRIVING CORPORATE
COMMUNITIES CITISENSHIP ACTIVITIES Number of Activities

GRI 413-1 Sustainable

Development Goals
994
Our vision for a better tomorrow
extends beyond the bounds of our Number of Beneficiaries
organisation, ensuring the upliftment
and empowerment of the communities
55 42 569
2,136,649
in which we operate. We believe that
Total Cost
initiatives implemented at grassroots
level have the power to positively impact 239 25 54
LKR 95,119,058
the entire community. As such, we strive
to work together to create a world where Number of Volunteers
everyone can thrive.
In 2024, MAS Holdings further
10 12 10
21,692
strengthened corporate citizenship efforts,
making significant strides in key impact
503 557 18
areas. All operations (100%) within our
reporting scope undertook community
engagement initiatives in 2024. Despite
a challenging business landscape, the 96 71 115
number of initiatives increased by 2.69%,
growing from 968 in 2023 to 994 in 2024.
Volunteer engagement saw an impressive
32.82% growth, with 21,692 employees 7 53
actively participating, reflecting a growing
culture of collective responsibility and
community involvement. While the number
of beneficiaries reached 2 million ,Our
community actions took a more focused
approach during the year; prioritising
high-impact transformative interventions
with the potential to create lasting change.
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OUR COMMUNITY COMMUNITY ENGAGEMENT RENOVATION OF SEETHAGANGULA “MATU PARAPURATA HUSMA PODHAK” – DIGNITY OF MOTHERHOOD PROGRAMME
ENGAGEMENT MODEL ROUND-UP 2024 AMBALAMA AT ADAM’S PEAK A BREATH OF FRESH AIR FOR THE NEXT (MAS INTIMATES, CASUALLINE)
The MAS Community Engagement Model MEAL DRIVE AND COMMUNITY (MAS BODYLINE) GENERATION (SHADOWLINE)
Multiple MAS business units conducted the
(CEM) uses a dedicated Community ENGAGEMENT PROGRAMME MAS Bodyline (BPL II) spearheaded MAS Kreeda – Shadowline launched holistic Dignity of Motherhood Programme
Engagement Team to ensure all (MAS INTIMATES) the renovation of the Seethagangula the initiative to promote a cleaner, plastic- aimed at improving wellbeing of mothers
stakeholders are considered. By Ambalama at Adam’s Peak; with the free environment. The project organised and babies before and after delivery. In
thoroughly analysing community needs, The year-long meal drive and other
compassionate initiatives organised Sri Lanka Army serving as the primary a 12km clean-up drive covering key areas 2024, MAS Intimates conducted 87 such
we tailor impactful initiatives and maintain partner under the approval of the Army like Awariwaththa Bus Stand, 18th Mile programmes, reaching 789 mothers
transparency in their implementation by MAS Intimates, in collaboration with
schools and communities, continued into Commander. Sri Lanka’s Seethagangula Post, Malgas Junction, and Amandoluwa. with knowledge, practical tips, music
and reporting. Of the total activities Ambalama holds historical significance Over 300 volunteers and 14 stakeholders and art therapy, and baby essentials.
implemented in 2024, 450 (45%) were 2024. Focused on uplifting vulnerable
groups, these projects provided nutritional as a community rest-stop along the participated, removing 30 garbage bags Additionally, the Hiyata cleaning team
directly aligned with our community sacred Sri Pada pilgrimage route; filled with plastic, polythene, glass, and of Casualline worked with the Medical
engagement model. support, health and hygiene awareness,
and community engagement; particularly offering shelter and respite to over rubber waste. Additionally, 80 fruit and Officer from Alawwa General Hospital, the
NUMBER OF ACTIVITIES BY CATEGORY for schoolchildren and children with 5 million devotees who undertake the flower trees were planted to improve the Ministry of Health – Kurunegala, doctors
OF INTERVENTION disabilities in underprivileged schools, annual journey to this revered site. local ecosystem, enhance air quality, and at Thalampitiya Hospital – Kurunegala,
(No.) orphanages, and elders’ homes. During Recognising its cultural and religious foster long-term environmental benefits. and the local Keells Super; to implement
the year 2024, the programmes ensured value, the renovation project was a similar programme at the Thalampitiya
150 carried out with requisite approval RENOVATION OF THE MINOR OT ROOM AT Hospital, Kurunegala. The initiative
regular access to nutritious meals for KARNOPHULI BEPZA (MAS SUMANTRA)
120
over 5,273 children and 3,307 community from the Department of Archaeology, supported and empowered pregnant
90
members across 17 participating schools ensuring all work adhered to heritage As part of MAS Sumantra’s ongoing efforts mothers through a range of educational
60 and community-based organisations, preservation guidelines. to improve healthcare infrastructure for and practical initiatives focused on
30 addressing critical gaps in food security. patients at BEPZA Hospital, the project enhancing the maternal experience and
0 expansion in 2024 provided surgical lights creating a supportive community for
A B C D E F and patient beds to improve the quality expectant mothers.
A – Education of care and improve patient outcomes.
B – Environmental Initiatives Proper lighting during surgeries is
C – Health essential for precision and accuracy,
D – Local connect while comfortable patient beds are key
E – Nation minded
to supporting patient recovery and
F – Sports
overall wellbeing.
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A Safer Tomorrow: The initiative encouraging Safety Champions

to involve their families and
Cultivating a National In a pioneering collaboration, MAS
communities in safety initiatives.
Kreeda partnered with the National
Safety Culture from Institute of Occupational Safety Early success
the Ground Up and Health (NIOSH) Sri Lanka to and expansion
launch “A Safer Tomorrow” – a
The challenge Launched in 2024, the programme
long-term national-level school safety
has been successfully implemented
As Sri Lanka’s economy evolves programme. This initiative aims to
in six schools across Sri Lanka, with
and returns to growth in the post- cultivate safety consciousness from
success of the project seeing the
economic-crisis era, the manufacturing an early age, empowering students
model replicated at three schools in
and industrial sectors will play a to prioritise their wellbeing and
Jordan. Apart from the immediate
significant role in creating jobs, advocate for safety within their
benefits – such as increased safety
bolstering export competitiveness, schools, homes, communities,
awareness, a more organised
and sustaining economic momentum. and future workplaces.
approach to accident-prevention,
However, despite ongoing efforts,
The programme adopts a structured and creation of peer-to-peer safety
preventable workplace accidents and
five-level framework, progressively networks within participating schools;
injuries are still common – leading
equipping students with safety the project aspires to develop a
to losses in productivity, increased
knowledge, skills, and practical generation of safety-conscious
healthcare costs, and diminished
experience. A core element is the leaders who will champion safety
quality of life for workers and their
Safety Champion Development in all aspects of life. By inculcating
families. Additionally, Sri Lanka has
Programme, where committed a far-reaching safety culture, the
the worst road fatality rate in South
students are formally inducted and project expects to improve safety
Asia, indicating a pervasive lack of
empowered to take on leadership outcomes for entire communities –
awareness that impacts the nation’s
roles. These Safety Champions guide and ultimately contribute to a lasting
human capital and economic progress.
their peers, organise safety events, reduction in workplace incidents and
In this climate, there is a dire need and receive ongoing advanced public accidents.
to instill a strong safety culture in training in hazard identification,
Sri Lanka’s younger generation; in risk assessment, and emergency
order to empower them and create a response. The programme also
ripple effect of positive safety practices extends beyond the classroom;
within families and communities.
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MAS ECO GO Upon project completion, a comprehensive

Awareness campaigns on
BEYOND Persons with Disabilities evaluation assesses impact, effectiveness,
The MAS Eco Go Beyond continued for (PWDs) conducted 13,613 and long-term viability. A crucial element
its 18th year, as part of the Company’s of EGB’s success is its continuous
Awareness campaigns for feedback loop, ensuring projects remain
long-term commitment to uplift
households conducted 314,626 aligned with objectives and continuously
sustainability education in Sri Lanka. In
2024, MAS continued collaboration with Student-led projects improve. Outstanding students and
29 schools, for the second consecutive initiated 51 projects are recognised, motivating
year, and saw implementation of 51 participants and fostering a broader
Students impacted 320,643
new student-driven projects. shift towards sustainability.
Schools involved 29
New trees planted 640,469
MAS EGB encourages students to
Green cover
implement projects covering a range
increased (sqm) 14,709,833.40
of topics, such as:
Compost generated (kg) 31,140
z Eco system restoration – Enhancement
Plastic collected for of Biodiversity (Conservation, Butterfly
recycling (kg) 59,517 Gardens, Birds attraction) and Green
Glass collected for
Cover Enhancement/Tree Plantation/
recycling (kg) 30,687 Afforestation
z Waste Management (Biodegradable
Paper collected for
Waste and Non-biodegradable Waste)
recycling (kg) 45,840
z Food systems – SMART Agriculture/
Iron collected for reuse (kg) 2,500 Organic farming/Sustainable Cultivation
Generated harvesting from z Water Conservation and Management
nutritious cultivation (kg) 11,476 z Energy Conservation and Management
Number of awareness z Sustainable Lifestyle (Environmental
programme conducted 3,478 responsible tours and trips,
environmentally friendly decoration,
5-S programmes
implemented 2,850 Responsible consumerism)
z Inclusivity – Multiculture promotion,
Trees distributed 92,551
disability inclusion – Adaptive solutions/
process/practices, Gender Equity
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MAS EGB First Place Rashmila led a significant riverbank landslide risk in the disaster- for students. Collectively, Hashin’s
protection effort along the Kalu Ganga prone area of Pahiyangala, Hashin projects contributed to the restoration
Winner 2024 River, an area affected by flooding cultivated and planted over 8,000 of over 45,000 plants and engaged
Ecosystem Restoration and erosion. saplings, enhancing soil stability multiple stakeholders, demonstrating
Rashmila Lasangi and reinforcing slope integrity. measurable environmental impact
She planted over 10,000 Mee,
Uduwa Kanishta Vidyalaya, Horana Additionally, he restored a land area with long-term community benefits.
Kumbuk, and Bamboo trees,
in Galgamuwa previously known for
As the first-place winner of the MAS helping to stabilise riverbanks and
frequent train-elephant collisions
Eco Go Beyond Schools Programme, safeguard local riverine ecosystems.
transforming it into a suitable habitat
Rashmila Lasangi spearheaded an This initiative was carried out in
for elephants.
outstanding ecosystem restoration collaboration with the Water Board. To
project with wide-reaching date, Rashmila has contributed over He also took on the conservation
environmental and educational 20,000 plants to the environment, of the critically endangered Wesak
benefits. Her initiative began with the building a strong community of Flower (Dendrobium maccarthae),
creation of a mini protected forest young environmental stewards and partnering with a tissue culture
within her school, featuring 190 setting a benchmark for youth-led facility in Baduraliya. Through
plants from 72 rare and endangered sustainability action. this collaboration, he successfully
species identified through the IUCN propagated 200,000 orchid saplings,
Red List. To promote awareness and supporting species recovery and
learning, she introduced informative biodiversity conservation. Recognising
name boards with QR codes, allowing MAS EGB Second Place the importance of preserving
students and visitors to access Winner 2024 water resources, Hashin initiated a
detailed information about each plant riverbank restoration project along 33
species. Beyond her school grounds, Ecosystem Restoration km of the Maguru River. He planted
Rashmila extended her restoration Hashin Lakshan 14,000 Kumbuk trees and 700
work to the Dikhena forest patch, Bellana National College, Agalawatta Betel Nut trees to combat erosion,
enriching its biodiversity by planting Hashin Lakshan implemented a enhance water quality, and restore
rare native species. This site now high-impact ecosystem restoration the riparian ecosystem. In addition to
functions as a valuable green space project within the Kalutara District environmental restoration, his project
that supports oxygen generation, soil and beyond. His work addressed supported education infrastructure
conservation, and immersive learning critical environmental challenges through the construction of an
opportunities for students. Tackling through practical, community- outdoor classroom, creating a
larger-scale environmental issues, focused solutions. To mitigate nature-integrated learning space
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MAS EGB Third Place paired with awareness campaigns

that built lasting behavior-change
Winner 2024 within households and schools.
Ecosystem Restoration Under the theme of sustainable
Asindu Navodya food systems, Asindu introduced
Sri Gnanodaya Central College, hydroponics and vertical gardening,
Divulapitiya cultivating over 53,000 vegetable
Asindu led a transformative plants (chillies, tomatoes, and
ecosystem restoration project brinjals), while also enabling
through the support of Linea Aqua home-based livelihoods in nine
Naiwala. His work was grounded in Grama Niladhari divisions. With
reforestation, climate action, waste over 76,000 plants contributed
management, and food security; and a student-led team in place to
combining ecological impact with sustain his work, Asindu’s projects
strong community engagement. reflect deep impact, empowerment,
Asindu planted over 22,000 tree and long-term sustainability.
saplings, including Kumbuk, Mee,
and fruit trees, across multiple
areas. He also collaborated with
a Turtle Conservation Project to
launch a 10,000-plant mangrove
restoration initiative, reinforcing
coastal ecosystems. Based on
scientific projections, these trees are
expected to absorb 80 metric tonnes
of carbon dioxide over 20 years. His
sub-project on waste management
led to the recycling of over 1,156 kg of
biodegradable and non-biodegradable
waste, through a structured system
based on 3R principles. This was
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MAS GIRLS IN STEM of female role models, mentors, z Muslim Ladies’ College
The MAS Girls in STEM programme and like-minded peers to offer z Saiva Mangaiyar Vidyalayam
ignites a passion for Science, Technology, guidance and support. z Sirimavo Bandaranaike Vidyalaya
Engineering, and Mathematics (STEM)
z St. Bridget’s Convent
careers amongst young women.
In 2024, the MAS Girls in STEM z Visakha Vidyalaya
To address the limited availability initiative was recognised amongst
of advanced science, technology, the Best Sustainability Projects at the
engineering, and mathematics (STEM) Best Corporate Citizen Sustainability
education in Sri Lanka, where only Awards, organised by The Ceylon
10% of schools offer it, and to expand Chamber of Commerce.
scarce opportunities for women in
these fields, MAS is taking action. Our
goal is to empower girls to challenge In 2024, the programme completed
stereotypes and thrive in these its third year, engaging 100 aspiring
male-dominated arenas. students from 10 leading girls’ schools
across Sri Lanka. Over a period of 10
Launched in 2022, the MAS Girls in
months, students explored seven dynamic
STEM programme aims to spark a
modules Wearable Technology, FemTech,
passion for STEM careers among young
GamerTech, WaveTech, Digital Product
women. This initiative empowers female
Creation, and Machine Build. While much
students pursuing science at A-level by
of the learning took place through online
providing practical learning experiences,
modules, students also participated in
valuable networking opportunities,
an in-person experiential day, which
and exposure to inspiring female role
offered them hands-on exposure to
models in STEM fields.
STEM subjects and the opportunity to
The programme explores cutting-edge develop innovative solutions to real-world
topics such as FemTech, wearable FemTech challenges.
technology, aeronautics, data analytics, z Bishop’s College, Colombo 03
biotechnology, and artificial intelligence.
To make learning dynamic and interactive, z Holy Family Convent, Bambalapitiya
we incorporate engaging activities like z Ladies College, Colombo 07
quizzes, presentations, and hands-on z Methodist College, Colombo 03
sessions. We also established a network z Musaeus College, Colombo 07
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Our Planet Changed for Good

Over the years, MAS has given
prominence to identifying, analysing, and
mitigating the environmental impact of
our operations; driven by a core principle
to leave our planet better than we found it.
Today, this pillar of the Plan for Change reaches beyond our
manufacturing locations; to advance environmental sustainability
within the industry, and effect positive change throughout
our sphere of influence.

TOTAL NON-HAZARDOUS
WASTE VALUE ENHANCEMENT AS
OF END-2024

76.2%
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LIMIT
EMISSIONS
Our actions to limit emissions, embrace the energy transition, and
inspire climate action, are allied with the concerted global effort to
tackle climate change. The commitments we have made, for our
business and our supply chain partners, reflect this responsibility
to align business strategies and ambitions with the journey toward
a low-carbon future.

OUR TARGET FOR 2025

(%) 25.2%
reduction of
Scope 1 and 2

24.04%
20.37%

8.52%
2022 2023 2024

*based on 2019 baseline

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In 2024, we achieved 24.04% absolute sustainable energy sources such partners. We also focused on refining emission footprint reduction, continue
reduction in our emissions footprint as biomass; and continuous energy and improving the calculation of our to expand our renewable energy
(measured against a 2019 baseline), efficiency improvements across our Scope 3 emissions. This involved capacity, strengthen our sustainable
surpassing our annual target of 21%. operations; coupled with strategic improvements to the methodology, biomass supply chain, and drive
This continues the incremental gains business adjustments. Renewables inclusion of new data-points, and enhanced engagement and impact
made over the past years, and marks now make up approximately 39% of increasing of accuracy for impact throughout our value chain.
strong and steady progress toward our energy-mix. calculations. In 2024 we also set in
our SBTi validated 2025-target of motion a series of strategic structural
We utilise emission-intensity and
25.2%. and cultural shifts to address and
energy-intensity as metrics to
reduce Scope 3 emissions in the
We have adjusted and restated prior analyse and monitor the efficiency of
years ahead.
years’ emission information, to reflect our operations and effectiveness of
new acquisitions, and changes in our emission-reduction initiatives. In Moving forward into 2025, we are
control, and removal of facilities from 2024, the energy intensities of both committed to intensifying our efforts
the Group’s operational boundary. Apparel Manufacturing and Textile across these crucial areas. We
As per these changes, and in order Production saw a significant decline, will capitalise on opportunities for
to more accurately represent the even though emission-intensities saw
Group’s actual emission footprint, a marginal increase.
MAS is in the process of proposing
As we continued initiatives to address
revised SBTi targets for 2030 in line
Scope 3 emissions and decarbonise
with an adjusted baseline and new
the supply chain; we achieved 45%
SBTi guidance.
spend coverage for obtaining SBTi
Our progress in 2024 is the effect of commitments: signifying almost half
a combination of strategic initiatives: of our suppliers by-spend who have
including continued scale-up of solar set their own science-based targets.
power generation and transformation
of renewable-energy management;
While this is a reduction from 2023,
reflecting the challenging business
OUR COMMITMENT FOR 2025
(%)
85%
our suppliers by spend and
strategic Power Purchase environment, we will continue to 100% of joint ventures in
Agreements (PPA) with reputed advocate for decisive action amongst Scope 3 investments, will
utility providers; validation of green our partners as we work toward the 50% 45% have science-based targets
energy through Renewable Energy
Certificates (RECs); prioritisation of
SBTi validated target of 85% suppliers
by spend and 100% joint-venture
36%
2022 2023 2024
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SCOPE 1 AND 2 – DIRECT AND INDIRECT 2019 2020 2021 2022 2023 2024 GRI 302-3, 305-4 In 2024, upon research and consultation with
EMISSIONS OF OUR OPERATIONS experts, we have adjusted the boundary of our
Target emissions Absolute emission reduction, coupled with Scope 3 emissions to not consider category
GRI 305-1, 305-2 (TCO2e) 184,894.87 177,129.29 169,363.70 161,598.12 153,832.53 146,066.95 successful implementation of process 11, use of sold products, in accordance with
In 2024, we continued to implement Actual emissions and production efficiency programmes, allowances in the GHG Protocol guidelines.
measures to reduce our direct (TCO2e) 184,894.87 149,427.93 171,132.02 169,150.49 147,227.19 140,455.14 saw reductions in energy and emission Additionally, newly acquired facilities were
(Scope 1) emissions – prioritising efficient Expected intensity of our Apparel Manufacturing included in calculations.
production process, especially for dyeing reduction (%) – 4.2 8.4 12.6 16.8 21 operations. Energy intensity stood at
operations; reducing onsite electricity 17.79 MJ/SH (19.18 MJ/SH in 2023), while GROUP GHG EMISSIONS 2024
Actual
generation from diesel generators; and emission intensity was recorded at 0.91 GRI 305-5
reduction (%) – 19.2 7.4 8.52 20.37 24.04
enhancing the benefits of sustainable kgCO2e/SDH (1.00 kgCO2e/SDH in 2023).
(TCO2e)
biomass, including for steam generation Similarly, Textile Production operations
to decrease the use of Heavy Fuel Oil GHG EMISSIONS AGAINST BASELINE SCOPE 1 AND 2 EMISSIONS BY SOURCE saw a significant improvement in energy Scope 1
64,449
(HFO). Scope 1 emissions for the year (TCO2e) (%) intensity to 106.69 MJ/kg, from 161.22
Scope 2
amounted to 64,449.48 TCO2e, while Scope 200,000 Others MJ/kg in 2023, even though emission- 76,006
2 emissions reached 76,006 TCO2e. 160,000
10 intensity increased to 12.63 kgCO2e/WP
120,000 Vehicular in 2024 (10.586 kgCO2e/kg in 2023).
Scope 2 emission reduction efficiencies Fuel usage Scope 3
included expanding our solar net metering 80,000 11 SCOPE 3 – EMISSIONS 1,225,959
system to cover 18 Sri Lankan facilities; 40,000
Biogenic
2024 Electricity ACROSS OUR VALUE CHAIN
selecting energy-efficient machinery when 41
0 38 GRI 305-3
pursuing new acquisitions; purchasing 2020 2021 2022 2023 2024
IRECs covering Sri Lanka, Jordan, and Target emissions (TCO2e) Our gross Scope 3 emissions in 2024
Vietnam; completing agreements on Actual emissions (TCO2e) amounted to 1,225,958.85 TCO2e, reflecting In 2024, we focused on refining and
RECs for all our Indonesia facilities – 2019 baseline Others a minor decrease from the previous year, improving the measurement and estimation
aiming for 100% renewable grid energy; 9 despite addition of new data points for of our Scope 3 emissions, including the
EMISSION REDUCTION AGAINST TARGETS trial of new databases for more accurate
and finalising financial Power Purchase upstream emissions related to purchased
(%) Vehicular
product impact calculations. This involved
Agreements for our IFI Facility in India. Fuel usage fuels. Purchased goods and services
2020 2021 2022 2023 2024 10 contribute the majority of our emissions along improvements to the methodology and use
0
2023 Electricity the value chain (67%); while upstream and of data points for foreign travel and capital
-5 Biogenic 52 goods, new data points for fuel transport
29 downstream transportation and distribution
-10
contribute an additional 18%. Employee emissions, attention to upstream emissions
-15 commuting (4%) and end-of-life treatment of related to fuel and purchased electricity, and
-20 sold products (5%) are the other significant, expansion of considerations for purchased
-25 addressable, categories of Scope 3 emissions. goods and services (category 1) to include
Expected reduction services-related data.
Actual reduction
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2024 Share (%) ENERGY RENEWABLE ENERGY BY SOURCE

Addressing emissions in z Onboarding supply chain partners
Ozone Depleting
TRANSITION (%)
to commit to SBTi.
the apparel value chain z Increasing recycled RM content in
Substances
GRI 302-1 , 302-2, 302-3, 302-4, 302-5 REC
Indonesia (GJ)
PPA (India)
1
(ODS) (TCO2e) 1,199.22 100 In 2024, our total energy consumption 6
The apparel value chain involves an product composition.
CO (kg) – 63
from non-renewable sources amounted to
intricate web of suppliers, service- Investing in recycling technologies Solar
z 972,507.41 GJ, with energy consumption (netplus or
providers, and business partners that enable fibre-to-fibre recycling. NOx (kg) – 25 from renewable sources standing at netmetering) 2024
involved in bringing products to (GJ)
SOx (kg) – 7 614,554.31 GJ; resulting in total recorded
market. Emissions across the value 15
Volatile Organic energy consumption of 1,587,061.72 GJ.
chain, as measured by Scope 3 OTHER SIGNIFICANT
Compounds Overall energy consumption reduced Bio mass (GJ)
emissions, continue to represent the EMISSIONS 78
(VOCs) (kg) – 1 marginally year-on-year, while energy from
largest share of emissions related to GRI 305-6, 305-7 renewable sources grew by almost 10%; REC PPA (India)
producing apparels. Particulate
as we increase energy-utilisation from Indonesia (GJ) 1
The Group’s environmental management Matter (PM) (kg) – 5 6
While measuring and addressing solar, biomass, and Renewable Energy
processes include regulations and
these emissions present a significant Certificates (RECs). Renewables now make Solar
monitoring of air quality and other
challenge, we believe that it also up approximately 39% of our energy-mix, (netplus or
air emissions from our facilities, in netmetering)
represents a tremendous untapped up from 35% the previous year.
compliance with local regulations and (GJ) 2023
potential for emission-reduction 13
international best practices. While our SHARE OF RENEWABLES IN THE
through impactful change.
operations do not use Ozone Depleting ENERGY-MIX
Alongside our efforts to improve data Substances (ODS) for primary processes, (GJ ‘000) Biomass (GJ)
collection and reporting, we are also products, or services, we account for the 80
2,000
working closely with our partners presence of hydrochlorofluorocarbon
to address and reduce future (HCFC) in Heating, Ventilation, and 1,600 We achieved an overall reduction in
emissions across the value chain. Air-Conditioning (HVAC) systems. Our 1,200 energy consumption in 2024, partly
Commitments to emission-reduction efforts to phase-out ODS are aligned to 800 aligned with the scale of business for the
by our suppliers, coupled with our regulator-driven stipulations in the areas 400
year, but also owing to conservation and
forward-looking product strategy; we operate, including Sri Lanka – where efficiency projects carried out at a number
0
are expected to deliver considerable HCFCs are planned to be phased out of the 2023 2024 of our major plants.
emission-reduction results in the market by 2030. Non-renewable (GJ)
years to come. Renewable (GJ)
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Sustainably sourced biomass remains a

Energy Management z High and low-pressure separation crucial component of our energy transition
in compressed air systems strategy, as outlined in our Approach to
at MAS KREEDA (53,400 kWh/year saving). Managing Energy and Emissions . In
GRI 302-4 2024, we continued to purchase biomass
z Innovative plant-level optimisations
Division-level energy management that divided the compressed-air from reputed vendors, as per the MAS
and engineering advances system to meet separate low- Sustainable Biomass Standard, with 5%
implemented during 2024 have pressure and high-pressure needs, of total biomass purchases sustainably
enabled MAS KREEDA to achieve thereby reducing overall load on sourced. In addition, we improved our
significant reductions in energy compressors. systems to disaggregate and record
consumption. These ongoing z Compressor room rearrangement biogenic emissions, from utilisation of
initiatives will help the Group at Shadeline (143,000 kWh/year biomass, at our facilities.
realise gross energy savings of over saving).
300,000 kWh (1,000 GJ) per year. Overhaul and rearrangement of
z

piping pathways and improvement

Project Prithivi:
z Continuous compressed-air leak-
rectification programme (65,400 of temperature controls in the Sustainable Biomass
kWh/year). compressor room; leading Supply for the Future
z Conducting a series of tests to to reduced transmission and
distribution pressure-loss and z Transitioning to cleaner energy
identify and rectify compressed- sources, such as sustainably
air leaks on the production floor. optimisation of compressor-use.
sourced biomass, is a colossal
Followed by assessments to z Installation of digital timers for
undertaking. MAS operations in
quantify effectiveness of lighting systems (39,600 kWh/
Sri Lanka, at the MAS Fabric Park
energy-saving measures. year saving). New digital timers at
(MFP) and Biyagama Export
Compressor room heat elimination our canteens allowed for improved
z Processing Zone (BEPZ), require
(5,600 kWh/year saving). automation of lighting control.
approximately 320 tons of biomass
z Improved insulation and exhaust- per day (112,500 tons per annum).
control for compressors and dryers
to reduce the overall compressor
intake temperature.
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With regard to solar PV generation, all

Project Prithivi, our sustainable plants per acre (based on a 3ft x MAS facilities in Sri Lanka transitioned
sourced biomass cultivation initiative 3ft spacing). Each mature tree is from Net Accounting and Net Plus
at MFP, is an ambitious initiative to expected to yield around 7 kg of schemes to the Net Metering scheme in
secure a sustainable energy-future biomass per harvest. 2024. Under the Net Metering scheme,
for MAS. The project focuses on z Energy Efficiency: Gliricidia wood excess solar energy generated by our
establishing and gradually scaling boasts a strong calorific value, facilities is fed back into the national grid,
up a traceable supply of biomass; typically ranging from 15 to 20 resulting in reduced electricity costs.
ensuring we meet our energy MJ/kg. This makes it an efficient This change has also enhanced energy
demands from cleaner sources, and effective renewable energy security at our locations and contributed
while responsibly managing potential source for our biomass-powered to significant reductions in emissions due
environmental impacts. operations. to the increased use of clean, renewable
solar energy.
Key Elements of Project Prithivi is a long-term
Project Prithivi initiative with a medium time-horizon
for returns. The first harvest, from 70
z Target Species: Gliricidia sepium, acres, is expected within three years.
a fast-growing, medium-sized We expect to gradually expand the
tree that reaches heights of 10-12 programme, which would improve the
meters (33-39 ft). This species is overall sustainability of our biomass
ideal due to its rapid regeneration supply. We have plans to enroll this
capabilities. new source of internal biomass
z Cultivation and Harvesting Cycle: supply, from Project Prithivi, with the
Once planted, the first pruning can SLS 1551:2016 standard; coinciding
occur just one and a half months with ongoing sustainable-sourcing
later. The initial harvest is planned processes that apply to our main
after a three-year maturity period, external suppliers of biomass. This
with subsequent harvests projected will enable stronger traceability from
twice a year, ensuring a consistent field to gate, preventing natural forest
supply of biomass. encroachment or illegal harvesting
z Scale and Yield: The current project and verifying biomass supply
spans over 70 acres, with a planting transparently.
density of approximately 4,800
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TRANSFORM OUR TARGET FOR 2025 Value enhance 80%

WASTE (%) of non-hazardous waste

GRI 306-1, 306-2

70.5% 76.2%
We are committed to innovating 63.8%
sustainable solutions that reduce the
fashion industry’s waste footprint – within
2022 2023 2024
our operations, and across the apparel
value chain. We are guided by the principle
of waste as a valuable resource that can
be transformed to create new value, while
also minimising environmental impact. In 2024, we made outstanding However, in order to align our
progress against our waste-related sustainability commitments with
Our efforts for value enhancement targets by driving new value current realities while still holding
of waste are fuelled by continuous enhancement initiatives, transforming ourselves to ambitious, forward-
innovation, sustained through ongoing waste streams across our operations driving standards We have re-
waste minimisation measures, and and value chain, and redoubling our established our overall total non-
enhanced through collaborative efforts to monitoring, train, and raise hazardous waste value enhancement
engagements and partnerships. awareness amongst our people. target to 80%, which is already a
stretched target. This recalibrated
While the overarching goal of 100%
goal is consistent with our
value enhancement remains extremely
expected performance and ensures
ambitious, we have made significant
transparency, accountability, and
progress in recent years through
credibility in our reporting.
careful study of the potential of waste
in terms of function, material, and By the end of the year, we exceeding
structure; close monitoring of waste our internal target by a significant
streams and waste management margin – achieving 76.2% of all
processes; and pioneering of non-hazardous waste value
innovative waste valorisation methods enhanced, up from 70.5% the
including recycling, reuse, and waste previous year.
to energy operations.
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RATIONALE FOR ADJUSTING OUR 2026. These realities have directly OUR WASTE 2023 2024
TRANSFORM WASTE TARGET impacted our ability to achieve the original FOOTPRINT Total waste Waste diverted Waste directed Total waste Waste diverted Waste directed
MAS’s fabric waste portfolio comprises target within the planned timeframe. GRI 306-3, 306-4, 306-5 generated from disposal to disposal generated from disposal to disposal
a complex and diverse mix of materials Despite these setbacks, MAS has made In 2024, total waste generated across our Hazardous
ranging from cotton, polyester, and substantial progress. As of end-2024, waste (MT) 898.89 62.37 836.52 1,000.54 83.62 916.92
nylon to blends incorporating elastane operations amounted to 23,929 MT, with
we have achieved 76.15% total non- a significant 13,954.51 MT diverted from Other non-
and other specialty fibers. When we hazardous waste value enhancement. disposal through preparation for reuse hazardous
set our original target in 2019 aiming waste (MT) 6,557.44 6,326.74 230.69 5,944.70 5,643.12 301.59
for 100% value enhancement of fabric To align our sustainability commitments and recycling – both onsite and offsite.
with the current realities while still Of the waste directed to disposal; the Non-
waste it was based on the belief that hazardous
textile-to-textile (T2T) recycling would holding ourselves to ambitious, forward- majority was disposed through energy
RM waste
soon be commercially viable at scale. At driving standards We are re-establishing recovery and sanitary landfilling, with
(MT) 16,652.94 7,791.21 8,964.82 16,983.96 8,227.77 8,756.19
the time, we were actively collaborating our overall total non-hazardous waste some non-hazardous STP sludge and
ash also being used for land application 24,109.27 14,180.32 10,032.03 23,929.20 13,954.51 9,974.70
with several innovative partners whose value enhancement target to 80%,
technologies showed promise in which is already a stretched target. as fertiliser.
supporting this ambition. This recalibrated goal is consistent
with our expected performance and
Over the past five years, we have pursued ensures transparency, accountability,
this goal with determination. However, our and credibility in our reporting.
journey has been shaped by significant
external disruptions, including the At MAS, we remain deeply committed to
COVID-19 pandemic, global economic advancing circularity in textiles, and we
headwinds, and delays in the development will continue to focus on this effort by
and commercialisation of key recycling z Investing in emerging solutions,
technologies. Several of the early-stage
z Partnering with innovators in the
solutions we engaged with faced critical
recycling space, and
hurdles ranging from difficulties
in validating processes, or scaling z Seeking scalable, commercially viable
challenges, to shifts in business focus or pathways to maximise the value of our
discontinuation of operations altogether. fabric waste.

While a few T2T recycling solutions have Transparency is a core value for MAS,
recently shown potential, their large-scale and we will continue to report candidly
implementation remains unlikely before on our progress, challenges, and
evolving approach as we work
toward long-term impact.
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WASTE DIVERTED FROM DISPOSAL WASTE DIRECTED TO DISPOSAL

Onsite Offsite Total Onsite Offsite Total Innovation for Effluent
MT MT MT MT MT MT
Treatment and
Hazardous waste Hazardous waste Management –
Preparation for reuse – 26.63 26.63 Incineration with energy recovery – 916.01 916.01
Recycling – 56.99 56.99 Sanitary landfilling* – 0.92 0.92
LINEA AQUA
Other – – – Other – – – The previous Sewage Treatment Plant
Total – – 83.62 Total – – 916.93
(STP) sludge, consisting of about 80%
water, was dewatered using a vertical
Non-hazardous waste Non-hazardous waste sand-bed filtration system. This
Preparation for reuse – 4,457.46 4,457.46 Incineration with energy recovery 3,588.21 5,230.48 8,818.69 method was both time-consuming
Recycling – 9,413.41 9,413.41 Sanitary land filling** – 34.91 34.91 and resource-intensive, requiring
Other – – – Other – dried STP sludge recurrent water removal by browser.
Total – – 13,870.87 (land application as fertilizer) – – 8.48 The Maintenance department of
Waste prevented – – 13,954.49 Other-ash (land application as fertilizer) – 195.71 195.71 LINEA AQUA Hanwella, brainstorming
Total – – 9,057.79 with other teams, proposed and
z Hazardous waste – Solid chemical waste, contaminated fabric, silicon glue, sludge, promptly initiated replacement of
*0.92 MT sent to sanitary landfill comprise of the glass wool sent to sanitary landfill from Texo facility renovation. This process
empty hazardous containers, contaminated packaging, E-waste, tube light, was approved and authorised by the Central Environmental Authority and carried out under the supervision of them. the vertical sand-bed with horizontal
liquid chemical, waste oil **34.91 MT Sent to sanitary landfill comprise of mixed fabric waste generated from MAS Kenya operations where the waste is
filtering tanks. This new initiative to
diverted to the sanitary landfill due to lack of waste energy recovery/co processing solutions. Currently the facility is working dewater Sludge effluent was not only
z Non-hazardous non RM waste – Paper, cardboard, polyethene, food, regiform, towards a minimising this waste category and co-processing solution.
more cost-effective, but also resulted
wood and wood pellets, glass waste, municipal waste in a host of environmental benefits,
z Non-hazardous RM waste – Fabric, foam, garments, plastic thread cone, efficiency gains, and cost-savings.
mixed waste, elastic, BPU, fabric dust, expired yarn, right-off
z Sludge volumes reduced by
24,000 litres per week
z Cost saving of LKR 5 Mn. per annum
z Enabled 70% internal water reuse
for other operations
z Lowered water intake and overall
CO2 emissions
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Looking to 2025/26, our strategies will

Successful implementation of this Innovations to Upcycle continue to focus on expanding textile-
process shift was recognised with to-textile recycling across more fabric
a bronze at the 2023 Future Fabric Waste types through active collaboration
Stars Awards. The MAS Brand Protection Unit (BPU) with solution providers and ongoing
receives excess written-off fabric trials. In addition, we will continue to
Going Zero Waste – from plants each month, and aims minimise waste generation itself, through
MAS SILUETA to give this fabric a second life. The continuous improvement projects and
Unit carries out a Reconsolidating and circular economy initiatives aimed at
R2 Project: Broadcasting (R&B) Project wherein greater resource recovery and reduced
excess written-off fabric is upcycled environmental impact. We expect that our
Re-Purposing Waste continuous work with fabric recyclers,
for use within MAS by in-house
As part of our efforts to add value design teams, to support small incorporation of new technology, and
to waste, facility-level teams and medium entrepreneurs, and to validation of further commercial use-
have pioneered the use of fabric manufacture products for sales at an cases for waste valorisation will result in
waste, foam waste, and polythene internal boutique for MAS employees positive progress in the years ahead.
to develop a variety of new and to purchase.
innovative products. The initiative WASTE MANAGEMENT AND CIRCULARITY
Fabric received is segregated Driven by our vision to pioneer circularity
currently produces items such as
according to category needs and at scale, we made significant progress
cartons, partitions, separators, paper
upcycled in fabric and finished- towards the Company’s internal circularity
books, calendars, soundproofing
good form. By doing so, the BPU targets that aim to reintroduce post-
panels, holders, ceiling sheets,
reduces excess production of both industrial raw material waste back into
files, mousepads, and storage or
Raw Materials and Finished Goods. the production cycle. This includes fabric,
packaging boxes.
In 2024, the Unit upcycled over yarn, foam, and any raw material used
22,000 kg of fabric, equating to a in manufacturing – introduced back into
water-saving of 830,000m3 and an the apparel and textile industry through
emission-saving of 222,000 kgCO2e. either chemical or mechanical recycling
to a higher or lower-value material.
Reintroduction can occur within MAS’s
own textile and apparel manufacturing
for new products or by supplying these
reclaimed materials as raw materials
to external textile and apparel product
manufacturers.
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Waste reduction projects, such as

Circularity through paperless workspaces and processes,
and cutting table efficiency improvements
Textile-to-Textile also continued to net positive results, as
(T2T) Recycling did our ongoing food-waste reduction
initiatives. Maintenance of point-wise
We broke new ground in 2024,
waste segregation and designated waste
engaging with textile-to-textile
stations/yards, coupled with bi-annual
recycling technology providers to
trainings for our waste handling teams
pilot commercial-level Initiatives
was instrumental in ensuring success.
for high-cotton-content fabrics
In addition, we continued to work with
(e.g. 100% and 95% cotton), for
carefully selected and regularly assessed
which viable recycling solutions
third-party partners for treatment
are already available.
and disposal.
Closed-loop T2T recycling plays
an important role in the circular
economy by reducing the demand for
virgin materials, retaining materials
within the textile and apparel
ecosystem, and enabling multiple
life-cycles for raw material inputs;
all while maintaining high levels
of traceability.
The Central Sustainability Team
worked to proactively identify
end-users and verify the diversion
of fabric waste into T2T recycling
streams. Successful implementations
in 2024 included mechanically
recycled cotton, for manufacturing of
socks and home-furnishing textiles,
which led to a verified 10.64%
diversion rate for fabric waste to
T2T recycling within the Group.
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RESPONSIBLE To this end, we are actively streamlining

CHEMICAL USE chemical management within our facilities,
implementing robust procurement
GRI 303-1 and 303-2
controls, forging collaborative partnerships
Practicing responsible chemical with chemical suppliers, and upholding
management in the apparel industry transparency through rigorous verification
gives us the means to minimise harm and and certification.
maximise positive impact – to achieve
far-reaching benefits for employees,
consumers, and environment. OUR TARGET FOR 2025 MAS chemicals
(Be zero toxic in our products and processes) at ZDHC MRSL
Our goal, to be zero toxic in products and
processes, involves a commitment to green (%) version 3.1
level 1 or above
chemistry practices and a continuous
journey to study chemical impacts, 99.8% 96%
incorporate regulatory requirements,
uphold industry best practices,
88%
and meet consumer expectations.

2022 2023 2024

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We made significant progress in 2024, All subcontractors achieved minimum Over the course of the year, we
strengthening responsible chemical use 81% compliance with ZDHC MRSL Version conducted around 100 RSL tests meeting Succes in this regard saw our Dye Innovation for Chemical
across our operations and supply chain 3.1 whilst three subcontracting facilities customer-specific requirements; Facilities enhance compliance in
by focusing on rigorous input standards, achieving 100% compliance. We also additional individual tests for bisphenol, 2024; achieving 95.4% Bluesign Management Excellence
process controls, and output compliance; continued monitoring of input chemical formaldehyde and phenol bases; and nine approved chemicals within 2024. In 2024, we introduced chemical
ensuring alignment with stringent compliance and ZDHC wastewater randomised RSL tests for key suppliers To support mainstreaming of this replacements and treatment cycle
environmental and safety standards. compliance for 55% of our spend base, across the value chain. commitment, we conducted staff optimisations at some of our facilities
up from 42% in 2023. training that included awareness on that led to reduction in the Mass
Our dye and embellishment facilities
achieved 96% compliance with ZDHC In 2024, we extended our monitoring Bluesign standards, assessed the to Liquor Ratio (MLR). Reductions
MRSL version 3.1 level or above of Tier 1 suppliers supplying wet raw Our Bluesign latest updated version of Bluesign to MLR are hard-won gains in our
industry; leading to cost-savings and
conformance against performance materials, to vendors comprising the top Commitment Black Limits for threshold limits,
process efficiencies, reduced water
InCheck criteria, up from 88% the previous 90% of our spend-base (80% in 2023). standards and guidance to inform our
In 2022, we began alignment of our and chemical consumption, lowering
year, as we caried out internal testing Similarly, in terms of wet operations, processes. We prioritised sourcing
chemical management with Bluesign overall energy costs, and lessening
of chemicals for version 3.1, replaced we increased screening to cover 62% of low-risk Bluesign-approved
– one of the most stringent global risk and impacts associated with
non-compliant products with compliant of our spend-base who had generated chemicals, and continued to continue
sustainable chemical certifications. wastewater treatment and discharge.
alternatives, and actively engaged with ClearStream reports through the ZDHC to encourage the use of Bluesign-
As of 2024, MAS Fabrics Private
chemical suppliers for updated chemical Gateway (43% in 2023). approved chemicals in all inputs Other projects for responsible
Limited – Intimo Division remains a
testing against the new ZDHC MRSL and in-house chemicals. chemical management and
Bluesign System Partner delivering
version 3.1 that was fully implemented by RESPONSIBLE CHEMISTRY sustainability, founded on green
Bluesign certified articles, and
November 2023. WITHIN OUR FACILITIES chemistry principles, included hot
two additional facilities have been
In 2024, we updated the Continuing to enhance chemical water recovery from dye baths, dye
Dye facilities demonstrated outstanding onboarded in obtaining Bluesign
MAS RSL Manual – Version 3.0 . management competence across our recipe optimisations using TDS, and
input compliance in 2024 – achieving system partnership. Recognising
In addition to alignment with the RSL workforce, we conducted comprehensive the use of natural dyes and non-
100% alignment with ZDHC MRSL version our commitment to sustainable
Manual, MAS has obtained 16 OEKO-TEX training programmes at all levels, and curing pigments.
3.1 level 1 or above conformance against Textile Production, MAS Fabrics
Standard 100 certificates, covering 22 specialised sessions for executive staff on
performance InCheck criteria (98% in Private Limited – Intimo Division was
facilities across the Group. As part of our RSL, ZDHC MRSL, Bluesign, and internal
2023), and utilising 95.4% Bluesign awarded the Bluesign Appreciation
commitment to implementing sustainable chemical management policies. To further
approved chemicals (94% in 2023). Award in 2024.
chemical management across our deepen expertise, executive staff received
Embellishment facilities made strong
operational footprint, 22 MAS facilities Dye Facility SOPs for chemical in-depth ZDHC CMS TIG training, resulting
progress in input compliance, reaching
completed Level 1 self-assessment, and procurement, aligned with the MAS in certification for 45 participants.
91% conformance against InCheck criteria
one facility reached level 2 in the ZDHC Chemical Management Manual,
in 2024, up from 75% in 2023. We also
Supplier to Zero certification programme. mandate the use of Bluesign dyes
completed the year with no incidents of
and auxiliaries for dyeing operations
non-compliance with ZDHC wastewater
discharge limits.
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the ZDHC Gateway. By year-end, 82% of

One of our facilities achieved a water raw material suppliers by spend base
savings of 11,800 m³ by introducing were onboarded to the Higg FEM platform
a new chemical series that reduced (75% in 2023).
the cycle time from 11 hours to 7
Similarly, we ensure subcontractors
hours and improved the MLR from
are monitored against ZDHC MRSL in
1:12to 1:8, with another facility saving
their production process, which serves
47,700 m³ of water by optimizing the
to restrict most chemicals of concern
MLR from 1:15 to 1:10. Additionally,
and meet brand-specific requirements.
two facilities collectively saved All subcontracting facilities achieved
18,700 m³ through effective hot a minimum of 81% compliance, with
water recovery initiatives. three reaching full 100% compliance
and are encouraged to use 100% ZDHC
CHEMICAL COMPLIANCE MRSL-approved chemicals in production.
ACROSS THE SUPPLY CHAIN Further all subcontractor facilities were
monitored for completion of verified Higg
For suppliers of fabrics, apparel
FEM and wastewater testing against
embellishments, or chemicals, the risk
ZDHC wastewater guideline. All eligible
of hazardous chemicals in products
subcontractor facilities were aligned with
are controlled through ZDHC MRSL
ZDHC WWG requirements for wastewater.
compliance assessment. We engage
Annual subcontractor forums are a key
and work with all major raw material
tool in raising awareness, communicating
suppliers and monitor input chemicals
expectations, and ensuring compliance;
for approximately 55% of our spend-base
while interim meetings serve as a
against the ZDHC MRSL (42% in 2023).
monitoring tool to evaluate compliance
Further RSL testing is also carried out for and progress toward targets. When
products and materials, if mandated by failures are found, or chemicals of concern
specific customer brands. Brand-specific likely to be regulated are identified, we
RSL requirements are also cascaded to work collaboratively with subcontractors
vendors and supply chain partners, and to find safer alternatives.
their confirmations, acknowledgements,
and self-assessments enable compliance
with the same. Whereas 62% of spend
base generated ClearStream reports via
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CHAMPION During the year 2024 we continued to lend CUMULATIVE BIODIVERSITY

BIODIVERSITY A key achievement for the year was support to a variety of ongoing projects CONSERVATION PROGRESS
the extension of our conservation including Leopard Conservation in Eastern (Acres)
GRI 304-1, 304-2, 304-3
footprint by 7,223 acres; including Sinharaja; invasive-removal at the Horton 25,000
The apparel industry, with its extensive expansion of the Kenya Conservation Plains National Park; reforestation in
20,000
global supply chains and reliance on project, Indonesia Reforestation Minuwanella; the Knuckles Reforestation
15,000
natural resources, bears a profound project, and Minuwanella Project; Rambapokuna Reforestation
responsibility in biodiversity conservation. Reforestation project; restoration project; and Mangrove Restoration in 10,000
Acknowledging the impact of our project in Rambapokuna and a new Trincomalee. Additionally, we successfully 5,000
operations on biodiversity, we actively mangrove restoration project in completed a two-year, 12.5-acre, 0
contribute to its conservation and Trincomalee. mangrove restoration in Kepuella, Galle – 2019 2020 2021 2022 2023 2024 2025
Target
restoration; working towards an ambitious on Sri Lanka’s southern coastline.
This substantial scaling-up of
pledge to restore habitats and enhance BIODIVERSITY PROJECTS BY ACREAGE
biodiversity conservation efforts Our largest project to date – the Kenya
ecosystem services in an area 100 times (%)
has enabled us to reach 79% of Conservation Project also saw expansion
larger than our physical footprint.
our 2025-target, with a cumulative in 2024. The project area increased by Afforestation Analog forest
Read about our model for area of 19,927.48 acres restored or 0.04 0.22
930 acres to reach a total extent of 8,275
biodiversity conservation and project conserved, including 1,561 acres acres by the end of the year. Similarly, Restoration Conservation
prioritisation in our areas of operation. verified by third-party professionals. the Blora-Ngawi Biodiversity Restoration 41.79 42.30
Project in Central Java, Indonesia also saw
a significant increase in restored acreage
OUR TARGET FOR 2025 Restore biodiversity – encompassing a project area of 7,470
Times (x) in 100x the space we acres across 2023 and 2024.
occupy (25,000 acres)
BIODIVERSITY CONSERVATION Invasive removal Forest garden
ANNUAL ACHIEVEMENT 15.52 0.14
(Acres)
As we work toward reaching our
79x 7,500
biodiversity goal for 2025, our
12,705 acres 19,927 acres 6,000
achievements hinge on strengthening
4,500 ongoing partnerships with government,
9,651 acres
51x 3,000 non-profits, academic institutions, and
39x 1,500 community organisations; which enhance
0 the scope, sustainability, and effectiveness
2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 of all our conservation initiatives.
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BIODIVERSITY CONSERVATION
IN ACTION: SUCCESS STORIES Panama In-Situ Turtle a well-known nesting hotspot for sea
turtles from October through May.
CONSERVATION Conservation Project
From October 2023 to June 2024, the
Our in-situ conservation projects Location: Panama, Sri Lanka project successfully protected 272
are working to preserve biodiversity,
Conservation Area: 10 Acres, turtle nests that would otherwise
safeguard natural ecosystems, and
3km Beach stretch have been lost to human interference
protect a species threatened by habitat-
or natural predation. Safeguarding
loss, human-animal conflict, and other Project Partners: MAS Intimates, these nests in-situ, minimised
anthropogenic impacts. We work with DIMO, Commercial Bank, Wildlife disturbance to the natural incubation
pioneering partners and promote holistic and Ocean Resources Conservation process and retained original nesting
and innovative approaches to conservation Society Ampara locations where parents could return
that can have a lasting impact.
Multiple species of endangered or in future years. Following the natural
By the end of 2024, our completed critically endangered sea turtles have incubation period, over 17,000 turtle
and ongoing Conservation projects been known to use Sri Lanka’s coastline hatchlings were safely released into
encompassed 8,428.69 acres, as a nesting ground. These majestic the ocean.
representing approximately 42% creatures, already under pressure due Such urgent and direct interventions
of our total achievement by area. to ocean pollution and climate change, by responsible corporations can
Our Kenya Conservation Project, at the also face threats on land, particularly dramatically increase the survival
Nairobi National Park Wildlife Dispersal during their nesting season, which can rate of new turtle generations,
Area, saw further development in 2024. have a significant negative impact on and contributing significantly to
The target area was expanded by 930 species survival rates. the conservation of these globally
acres, bringing the total project area up Three of Sri Lanka’s best-known vulnerable species.
to 8,275 acres. This ongoing project has a corporates came together to address
lofty but impactful ambition – to establish this critical issue, partnering with
secure areas for wildlife and local a local environmental organisation
communities by promoting community – Wildlife and Ocean Resources
conservation, conservation easements, Conservation Society. The project
and wildlife conservation leases outside focuses on a 3km 10 acres stretch
Kenya’s Protected Area and Reserves. of beach extending from Kunukala
Lagoon to Beedi Modara. This area is
part of a longer 17 km stretch that is
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RESTORATION
Our restoration projects aim to initiate, Blora Ngawi Biodiversity z Improving the quality of wildlife
support, or accelerate recovery of habitat through ecosystem
disturbed ecosystems, and strengthen
Restoration Project restoration and the protection
the communities and institutions that Location: Central Java, Indonesia of critical areas.
function as their environmental stewards. Restoration Area: 7,470 acres
z Increasing wildlife populations
Restoration methods vary from efficient (2023-2024) in KHDTK Getas by expanding
and cost-effective aerial restoration for adequate habitat and enhancing
heavily degraded areas; to resource- Project Partners: PT. Pesona protection efforts.
intensive multistage methodologies such Indonesia Tours, Universitas
as replanting, community engagement, Gadjah Mada, MAS Partners, MAS To achieve these goals, a meticulous
public awareness and education, and Capital, MAS KREEDA, MAS Intimates, and community-centric approach was
collaboration with local counterparts Silueta, MAS Active, Bodyline, Noyon, adopted. Land preparation involved
to develop and operationalise Trischel, Prym Intimates detailed planning and execution by local
comprehensive conservation plans. As at residents, ensuring ecological sensitivity
In 2023, we launched our second and providing stable employment.
the end of 2024, our Restoration projects, largest biodiversity project in terms of
both completed and ongoing, span 8,327.5 acreage, at Indonesia’s Central Java Over 527,460 trees from diverse
acres and account for about 42% of our region, known for its rich biodiversity. species, including Coffee, Moringo
project achievement by acreage. One year in, the Blora Ngawi oleifera, Indigofera, Senna siamea,
Biodiversity Restoration Project has Gliricidia sepium, Erythrina variegata,
successfully restored 7,470 acres of and Leucaena leucocephala, were
land; a significant re-establishment strategically planted. This scale of
of healthy forest landscapes and tree-planting significantly contributes
building of ecosystem resilience. to the restoration of vital habitat
for wildlife, and supports the long-
The project’s objectives focus on term health of the ecosystem. The
holistic environmental stewardship: collaborative framework between
z Developing a multi-stakeholder MAS, Universitas Gadjah Mada, and
forest management model PT. Pesona Indonesia Tours is a
encompassing forest protection, strong indicator of the potential for
development, land rehabilitation, multi-stakeholder projects to achieve
and animal habitat enrichment. sustainable conservation outcomes at
massive scale.
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Ittapana Mangrove Forest Core objectives of the project z Restoration of crucial fish
included: nurseries, supporting local
Restoration Project fisheries and potential ecotourism.
z Restoring degraded land to a
Location: Bentota, Sri Lanka healthy ecological balance. z Enhanced water purification and
Project Area: 1 acre retention, beneficial for local
z Addressing environmental
agriculture.
Planted Species: Bruguiera degradation from saltwater
intrusion and unsustainable z Reduced risks of coastal erosion
gymnorhiza, Bruguiera cylindrica, and storm damage, protecting
Cerbera manghas, Sonneratia alba anthropogenic activities.
coastal communities.
z Re-establishing thriving mangrove
Project Partners: Linea Aqua (Pvt) Ltd, ecosystems to boost biodiversity, z Opportunities for economic
Center for sustainability University of prevent erosion, and enhance benefits through sustainable use of
Sri Jayawardenapura carbon sequestration. revitalised mangrove resources.
Sri Lanka’s mangroves play a vital z Raising awareness and delivering Community involvement has been at
role in the health and resilience of the tangible benefits to local the heart of the project’s success. Local
island-nation’s coastal and riparian communities and other target residents established and managed
ecosystems. Mangrove forests are groups. two community nurseries, participated
unique intertidal ecosystems that in comprehensive training on
are critical for biodiversity, coastal By the end of 2024, the project has
mangrove care, and actively engaged
and riverbank protection, and the successfully planted 500 mangrove
in site clearing, planting, and ongoing
livelihoods of local communities. saplings from key species, achieving
maintenance. University students also
They serve as nurseries for fish and an impressive 94% survival rate. The
provided invaluable support with GPS
shellfish, provide nesting sites for project also completed a number of
mapping and data collection.
birds, and act as natural barriers critical steps for long-term ecosystem
against erosion. health, including the clearing of The project also facilitated numerous
invasive species, establishment of education and awareness sessions
Recognising their immense ecological a 25-ft buffer zone, and construction for university students, international
and socio-economic value, the of drainage canals to optimise school groups, and foreign delegates.
Ittapana Mangrove Forest Restoration saltwater levels. University-led research is now
Project was launched in 2023 to underway to propagate Kirala
rehabilitate a degraded one-acre The project has also contributed a
(Sonneratia alba) plants, to develop
site within the Ittapana Mangrove number of direct and indirect benefits
the Ittapana Mangroves into a hub
Conservation Forest in Bentota. to the community, including:
for continued restoration and further
knowledge sharing.
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INVASIVE REMOVAL AND long-term maintenance and restoration

HABITAT ENRICHMENT of natural vegetation, and enrichment Removal of Invasive Alien In 2023, MAS partnered with the same sequential order as the
Our projects respond to Invasive Alien planting that supports restoration of the Federation of Environmental initial clearance, ensuring that any
Species (IAS) that are disrupting areas of ecological balance. Species – Ulex europaeus Organisations (FEO) and the Ulex re-growth is addressed swiftly
high biodiversity value such as national Location: Horton Plains National Park, Department of Wildlife Conservation before it can flower and spread.
Since 2017, we have carried out IAS-
parks, which are often home to a number Sri Lanka (DWC) to address the threat of Ulex
removal and habitat enrichment projects Beyond direct ecological impact,
of endemic, endangered, vulnerable, europaeus. The main objectives of
across 3,092.08 acres, spanning seven of Conservation Area: 244 acres the project has catalysed invaluable
or threatened species. We work with this initiative are twofold: to remove
Sri Lanka’s protected conservation areas, relationships and mutual learning.
partners to carry out programmes for Project partners: Federation of IAPS prior to seed generation –
and accounting for around 15% of our total The DWC team deployed to Horton
targeted removal of invasive species, Environmental Organisations (FEO), preventing further spread and
conservation achievement by acreage. Plains National Park has worked
Department of Wildlife Conservation facilitating the growth of native
collaboratively with FEO, enabling
(DWC), MAS Intimates, Linea varieties; and to involve workers from
and extending the reach of both
Aqua,Trischel and Prym Intimates surrounding communities – fostering
organisations. An exemplar has been
local ownership and providing them
Target Invasive Species: broader community engagement
with stable income.
Ulex europaeus through the ENVFORCE Youth
By the end of 2024, we can report Alliance, and FEO’s local projects with
Horton Plains National Park is a
significant progress - including schools located in Dayagama; where
UNESCO World Heritage Site in the
completion of the first round of Ulex project teams raise awareness on
central highlands of Sri Lanka. It
europaeus removal for over 82% of conservation, biodiversity, and the
is a unique montane ecosystem
the identified areas. This remarkable importance of coexistence.
characterised by cloud forests,
achievement was completed
grasslands, and exceptional
ahead of schedule; testament to
biodiversity, including endemic flora
the dedication of field associates
and fauna. However, this fragile
and local community workers,
ecosystem faces significant threats
and their understanding of the
from Invasive Alien Plant Species
project’s rationale and urgency. The
(IAPS), particularly Ulex europaeus,
commitment of local workers, who
which has spready rapidly,
receive regular employment through
threatening the park’s ecological
the initiative, has been instrumental
integrity and the survival of its unique
in accelerating the removal process.
species, including endemic grazing
Phase 2 will commence following
herbivores like the Sambar.
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QUANTIFYING OUR
IMPACT goes as far back as 2017, with eight As part of our Leopard Conservation As part of the ongoing study, research Habitat Preference, Triggers, and
Despite the inherent complexity of conservation projects carried out Project, a team of well-known findings are already shedding light on Potential HWC Hotspots: Direct and
biodiversity conservation, which poses to-date. In 2022, partnering with researchers are conducting a this elusive predator and improving indirect evidence collected during
challenges to impact measurement and the Galle Conservation Society, MAS longitudinal study to identify the overall knowledge on the challenging the study indicates that leopards
outcome tracking, we are dedicated initiated its first single-species possible reasons for human-leopard topic of HWC. prefer forest margins, grasslands,
to quantifying our impact to assess conservation project - focused on conflict in the southwestern wet- or marshy areas over dense forest
Throughout the five-year period,
effectiveness, identify areas for the Sri Lankan leopard population in zone and propose measures that interiors. This finding is crucial as
396 leopard scat samples have
improvement, and refine future strategies. Eastern Sinharaja. would result in mitigating the these preferred habitats often border
been meticulously collected and
problem; using Eastern Sinharaja human-dominated landscapes,
The Sri Lankan leopard (Panthera analysed to identify prey species.
as a study area. The team is increasing the likelihood of
pardus kotiya), classified as an Samples were categorized based on
monitoring leopard behaviour in an encounters.
Research on the Endangered species (EN), is widely
anthropogenic landscape, and also
their aerial distance from the forest
Sri Lankan Leopard recognised as the sole apex terrestrial boundary to assess dietary variations. Based on ongoing research and
studying decades-worth of data on
predator in Sri Lanka. While identified conflict drivers, several
and Human-Wildlife significant research has focused on
human-leopard encounters in the Dietary Preferences: Analyses
proactive conservation actions have
area to identify HWC hotspots. Other revealed that 35.85% of scat
Conflict (HWC) leopard populations in the dry-zone,
objectives of the project include: samples contained bone particles of
already been integrated with the
scientific understanding of their project for implementation:
Location: Eastern Range, Sinharaja Sambar (Rusa unicolor), indicating
wet-zone counterparts, particularly z Estimating the density of
World Heritage Site, Sri Lanka that Sambar is a preferred prey z Education and awareness for tea
in fragmented forest ecosystems, leopard populations in forest
species for leopards in the Eastern plantation management, staff,
Project Duration: 5-year study/ remains limited. The Sinharaja World patches associated with tea
Sinharaja range. and workers on the importance
highlight, commenced in 2022 Heritage Site, a UNESCO Natural World estates where human-leopard
of leopard protection has been a
(ongoing) Heritage site and a global biodiversity encounters are high. Triggering Factors for Conflict:
key initiative. Similar education
hotspot, represents one such critical z Assessing prey densities and diet A considerable percentage of scat
Project Partners: Wildlife programmes have been conducted
wet-zone habitat. Despite their preferences of leopards, testing two samples contained bone particles
Conservation Society Galle, for schools in the study area.
protected status and presence within hypotheses: (i) that leopards are of domestic dogs, highlighting
MAS Intimates a significant contributing factor z Regular removal of snares
a national forest reserve, increasing drawn to estates due to a lack of
Resource Persons: Supun territorial overlap with human to human-leopard conflict. This around the borders of the Eastern
food in their natural habitat, and (ii)
Deshaprema, Madura De Silva, settlements, particularly tea estates suggests that leopards may be Sinharaja area is being developed
due to a preference for easy prey.
Sisira Darshana in the region, has led to a rise in preying on domestic animals, carried out with the active
z Gathering perspectives of the participation of tea plantation
Human-Wildlife Conflict (HWC); which potentially due to proximity to
Our commitment to preserving stakeholders from the estate sector; workers, cardamom pluckers,
is posing a significant threat to leopard human settlements.
biodiversity and conserving on leopards and the possibility of and voluntary groups. Snares
populations and human livelihoods.
Sri Lanka’s last virgin rainforest, human-leopard coexistence. are a major cause of accidental
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leopard mortality and injury in Since 2023, MAS has partnered Natural Regeneration: Significantly,
these transitional zones. Further, with the Department of Forest Avicennia marina was found to
collection of motorbike and three- Conservation to undertake a vital be regenerating naturally at the
wheel brake and clutch cables from mangrove reforestation project. restoration site alongside the planted
local sources aims to prevent these In 2024, to ensure scientific rigor Rhizophora mucronata.
materials from being repurposed and contribute to the long-term
Environmental Influences:
into snares by hunters. success of our restoration efforts,
Environmental factors such as salinity,
z Mapping and listing individuals who we worked with a research team led
tidal influence, and herbivory by
own cattle and goats around identified by prominent academics from the
terrestrial animals were identified
red zones (areas marked as high-risk University of Colombo and University
as key factors affecting the survival
for leopard attacks on livestock) is of Kelaniya.
and growth of Rhizophora mucronata
underway. This will support targeted The research project focused on seedlings. This understanding is crucial
engagement in the future. assessing the survival rate and growth for refining future restoration strategies.
performance of planted Rhizophora
Carbon Sequestration Potential:
mucronata seedlings, evaluating the
Early projections indicate that after
impact of environmental factors on
15 years, the restoration site will
Impact of Mangrove seedling survival and growth. Analysis
sequester approximately 4.822
from the research team would also
Restoration support documentation of associated
tonnes of carbon per hectare
per year after.
Location: Sambaltheevu Lagoon, fauna and flora in the area and
Trincomalee, Sri Lanka predicting the carbon sequestration
impact of restoration.
Area Conserved: 10 acres
Just nine months from project
Planted Species: Avicennia sp.
inception, our initial findings are
and Rhizophora sp.
highly encouraging:
Project Partners: Department of
High Survival Rate: Healthy
Forest Conservation, MAS Capital
restoration of Rhizophora mucronata
Research partners: University of was observed with an impressive
Colombo, University of Kelaniya 80.88% survival rate, indicating the
suitability of planting techniques
and site selection.
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Impact of Invasive thereby threatening the park’s towards ecosystem recovery and
delicate ecosystem balance and the increased ecological-niche availability
Removal biodiversity it supports. for the Park’s native residents
Location: Bundala National Park, and migrants.
Following our IAS-removal project at
Sri Lanka Bundala, conducted between 2018 and Support for Herbivores: A significant
Area Conserved: 844.76 acres 2022, we commissioned an impact positive outcome was observed,
assessment to study the effectiveness with increased grass cover in
Target Invasive Species: of our conservation efforts and add to cleared areas, which was twice that
Prosopis juliflora body of knowledge on understanding in non-cleared areas. This directly
Project Partners: Department of Wild and mitigating the ecological impacts supports and enhances the habitats
Life Conservation, Department of of Prosopis juliflora. for herbivores, providing crucial
Wild Life Conservation, Linea Aqua, forage and potentially leading to an
The assessment sought to assess
Bodyline, Noyon, MAS Capital, Trischel increase in their populations.
how faunal and floral diversity was
Bundala National Park, a Ramsar affected by the invasive removal, to Status of Other Invasive Species:
wetland and a UNESCO Biosphere determine if invasive removal directly Eupatorium odoratum and Lantana
Reserve, is a critical habitat for a supports herbivore populations within camara were observed in both
diverse range of flora and fauna - the Park, and to assess the status of cleared and non-cleared areas, with a
particularly as a wintering ground other invasive species in areas where higher abundance of Lantana camara
for migratory waterbirds. However, Prosopis juliflora has been removed. noted in cleared areas. This highlights
like many protected areas globally, a critical challenge that requires
Our initial assessment following the
Bundala has faced significant threats addressing.
Prosopis juliflora removal yielded
from Invasive Alien Species (IAS), with promising insights:
Prosopis juliflora being a dominant
concern. Prosopis juliflora is a highly Faunal and Floral Diversity: While
aggressive, fast-growing thorny further confirmation through
shrub that forms dense, impenetrable additional field visits is needed,
thickets. Its rapid spread displaces preliminary data suggests a non-
native vegetation, reduces grazing significant but higher diversity of both
lands, alters soil chemistry, and butterflies and birds in the cleared
negatively impacts water availability, areas; compared to uncleared control
areas. This hints at a positive trend
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SAFEGUARD
WATER
GRI 303-3, 303-4

Water is a vital resource across the apparel value chain – from raw
material inputs, to manufacturing processes, and the aesthetics Groundwater
and functionality of finished products. In a world where escalating 10%
population growth, human development, and climate-change induced
shifts are increasing the strain on our planet’s vital water resources, Apparel manufacturing
the apparel industry faces a unique imperative. (cut and sew operations)
Recognising this challenge, MAS embeds water stewardship as a 1,335.29 ml
core business strategy; actioned through collaborative efforts with
customers, partners, suppliers, and communities; investment in the
52%
capabilities, awareness, and engagement of teams; and continuous Third-party
improvement of technologies and processes. Textile production water
(textile manufacture and knitting)
83%
1,254.75 ml
48% Primary uses
z Domestic: Consumption,
cooking, sanitation,
OUR TARGET FOR 2025
65%* Primary uses landscaping.
(%)
reduction in our textile z Industrial (wet processing): z Industrial: HVAC
production water Pre-treatment, dyeing, printing,
intensities rinsing and washing. Conservation measures
z Technology adoption,
Conservation measures
50% infrastructure maintenance
43% z Product and process innovation and management
36% for waterless dyeing. z Greywater recycling
z Process optimisation and re-use
2022 2023 2024 z Water-saving culture
z Technology adoption,
infrastructure investment and practices
Achieve zero impact to MAS’ operations and
mitigate negative impact to the environment and community. and modernisation z Rainwater harvesting
*based on 2011 baseline
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OUR WATER SUSTAINABLE WATER

In 2024, overall water efficiency FOOTPRINT MANAGEMENT AT MAS
showed continued progress toward GRI 303-5 We continued efforts to reduce reliance
our 2025-target, reflecting an on freshwater sources by scaling up use
aggregated 50% water intensity Total water withdrawal amounted to rainwater harvesting and wastewater
reduction against the 2011 baseline. 2,590.04 ml in 2024. The majority of recycling. The volume of water recycled
This is a 12% reduction in water our water, almost 83%, comes from more than doubled, year-on-year, reaching
intensities of our Textile Production third-party sources. Groundwater 197.76 ml. Recycled water now meets 7%
operations and 7% reduction in water usage for the year stood at 271.81 ml. of our total water demand for the year.
intensity of our Apparel Manufacturing Water withdrawal is equal to the water
operations, against the previous year. consumption as at 31 of December 2024. Rainwater harvesting yielded 11.57 ml
in 2024; with the effects of seasonal
Our ongoing initiatives for water In 2024, we adopted the TEXO facility as and climatic variance, this water-source
conservation, in the form of daily a cotton mill falling within the Group’s currently meets less than 0.41% of
water-meter monitoring and operational and reporting boundary. Thus, our water-demand for the year. Water
balancing, installation of water- moving forward, it will also be included in recycling at our Sewage Treatment Plants
efficient fittings with adjusted the intensity reduction calculations. In 2024, (STPs) amounted to 197.76 ml, for the
flow-rates that are compliant the resulting addition to our water intensity year. This recycled water is used for
with MAS internal standards and calculations was 155.98 litres per kilogram. gardening and landscaping at the majority
international best-practices, regular Textile Production accounted for approximately of our facilities. One of our facilities
meter verification, proactive leak 48% of the Group’s water use, while Apparel carries out further multi-stage treatment
detection, and employee awareness Manufacturing accounted for roughly 52%. for wastewater, including Reverse-
programmes; all contributed to This distribution is largely unchanged year-on- Osmosis (RO), enabling recycled water at
reducing our water-intensity. year, while volume of water-demand is directly the facility to be used as input water for
associated with production volumes flushing and in cooling towers.
and scale of our operations. Working to reduce water intensity of our
industrial processes, we implemented a
2019 2020 2021 2022 2023 2024
variety of mini-projects across our dye
Groundwater (ml) 334.9 246.91 293.21 297.87 258.26 271.81 houses, including measures to optimise
Third-party water (ml) 1,629.33 1,446.86 1,810.68 2,238.42 1,574.29 2,318.24 material-to-liquor ratio and processes
Total water withdrawal (ml) 1,964.28 1,693.77 2,103.89 2,536.30 1,832.55 2,590.04 for reuse of hot water drained from the
dyeing operations.
Rainwater (ml) 2.17 11.57
Recycled water (ml) 94.90 197.76
Gross water-demand/water footprint (ml) 1,929.62 2,799.38
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Protecting Catchment employees from the Thalahitiya- pollutants and improve water quality. Existing water supply systems Kalpitiya region. Prior to the project
Yatawara area - which was chosen for Additionally, Kumbuk trees regulate included a Reverse-Osmosis (RO) completion, 350 local families
Areas and Aquatic the project implementation. While the water flow by absorbing excess water purification plant, capable of and approximately 100 Sri Lanka
Ecosystems project sought to enhance their and rainwater, reducing surface runoff, processing 10,000 litres of water Air Force and Civil Security Force
preserve the region’s rich ecosystem, and minimising the risk of floods. per day. The plant was installed and personnel relied on a tube well with
Kalu Ganga and Karasnagala
an intentional additional benefit of the maintained by the Sri Lanka Navy, but high salinity, forcing villagers to
watershed, Sri Lanka
project was to strengthen the natural even with this facility, the demand for travel 5km for water or buy bottled
Bodyline launched a landmark buffer along the riverbank; effectively clean water far exceeded its capacity. supplies, with the Air Force required
sustainability initiative in mitigating flooding risks and improving Community-Focused Recognising the urgent need for
to transport water from 50km away,
collaboration with the Government the resilience of both our employees on a weekly basis. The project created
of Sri Lanka and the Ministry of and the broader community.
Water Initiatives safe drinking water, Bodyline
access to safe, accessible water;
stepped in to install an additional
Environment; planted over 2,000 Kalpitiya and Anuradhapura Districts, drastically reducing the burden on
MAS KREEDA Campus completed RO plant capable of processing
trees along the Banks of the Sri Lanka residents and civil security staff.
a similar project during the year, 15,000 liters of water per day. Once
Kalu Ganga.
working to enhance the ecosystem Anuradhapura Pooja Bhoomiya is commissioned, this would more
The project also united over 250 quality of water catchment areas at one of Sri Lanka’s most significant supplement the existing system,
Bodyline volunteers, who contributed the Karasnagala watershed region; religious and cultural sites, drawing effectively doubling the capacity and
more than 1,000 volunteer-hours, planting 400 Kumbuk (Terminalia hundreds of thousands of pilgrims provide adequate purified water to
as they worked alongside local arjuna) and Mee trees (Madhuca and tourists each day. On average, meet the demands of visitors. To
communities to set up and ensure longifolia) , in collaboration with between 200,000 to 250,000 people further improve accessibility, drinking
long-term care of the newly planted Sri Lanka’s Water and Drainage visit the site, with numbers surging water tap-basins were also set up at
trees. Additionally, we partnered Board, local communities, and during special religious events high-traffic areas between the road
with MAS Eco Go Beyond (EGB) school children from the area. and holidays. leading to Jaya Sri Maha Bodhiya
project students, instilling in them a and Ruwanweliseya – a path used by
The local Kumbuk tree species was However, despite the site’s
lasting sense of responsibility toward nearly all the visitors to the area.
selected for these projects due importance, there was a significant
environmental conservation. This
to its significant environmental challenge: a shortage of clean A similar Community Water Project in
structured care and maintenance plan
benefits. It plays a crucial role in drinking water for many visitors. Kalpitiya was implemented through
ensures the long-term survival of the
water purification and flood risk Local raw-water resources had a collaborative effort between the
trees through dedicated support from
mitigation. With its deep root system, particularly high levels of hardness, Sri Lanka Air Force, MAS Capital,
responsible stakeholders.
Kumbuk stabilises riverbanks, making it unsuitable for safe and Bodyline. Since completion, the
Sri Lanka’s Kalu Ganga directly preventing soil erosion and reducing consumption without suitable project has significantly improved
supports over 800,000 local residents, sedimentation in waterways. Acting purification. access to clean drinking water
including a large number of MAS as a natural filter, it also helps absorb for isolated communities in the
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MAS Fabric maintains operations compliant generated at the Industrial Processing

with the ISO IEC 17025 Laboratory Zone. The composting system has
Park Management System. The Lab is the capacity to produce 2,000 tons
MAS Fabric Park (MFP) is an MAS- registered with Sri Lanka’s Central of Compost per annum. The massive
owned manufacturing zone housing Environment Authority (CEA), and impact of the project was recognised
a number of apparel and textile maintains compliant testing while at the MAS Changemaker Awards
facilities. MFP provides utility providing faster feedback, and 2023, under the Planet category.
services for each of its facilities: conducting R&D for all the
Photon Phase I and II, are housed
above process.
In-House Water Treatment and within MFP, with an installed capacity
Distribution, with a capacity of up Textile production effluent (wet of 22.84 MW across MAS facilities and
to 9,000 Cu.m/day. MFP treats and sludge management and in-house estimated annual generation of 29
distributes the water as per the SLS co-incinerations) – MFP handles GWh. The estimated carbon footprint
614 and WHO standards. This system almost 100% of the Group’s textile reduction from the Photon project
generates around 62% of the Group’s sludge volume. Sludge is dewatered amounts to around 17,800 TCO2e
total water requirement. from 75% M.C. to 25% M.C. using per year.
a Solar Drier (at Biyagama) and
In-House Wastewater Management Biomass Driers (at MFP). In-House
and Disposal, with an installed Co-Incinerations are carried out
capacity of up to 8,500 Cu.m/day. MFP at a newly commissioned 17 Ton
treats and discharges wastewater customised multifuelled boiler
according to national standards and (Biomass + Dried textile sludge). Of
globally accepted ZDHC protocols. the final output, heavy ash and slag
MFP CETP manages and treats are used for the production of cement
up to 60% of the total wastewater blocks (ECO Bricks).
generated by the Group.
MFP operates Sri Lanka’s very
An in-house water and wastewater first industrial composting project
quality testing lab, accredited by the implemented for Organic Waste
Sri Lanka Accreditation Board (SLAB),
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MAS Foundation for Change

Our Unique Strength:
The MAS Foundation
for Change (MAS FFC)
dedicates 100% of donor
funds to field projects, with
MAS Holdings covering all
operational costs

THE OCEAN STRAINERS ANNUALLY

CAPTURE FLOATING WASTE
AMOUNTING TO APPROXIMATELY

Million Kilogrammes
2.6
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Committed to sustainability since

inception, MAS Holdings furthered this Our Collaborative Investors, the drivers of positive
dedication with the establishment of the change, can be from the private or
MAS Foundation for Change in 2022. As Approach: Connecting public sector, or non-profits seeking
an independent non-profit organisation, Changemakers to fund proven, scalable solutions.
MAS FFC is dedicated to innovating Partnering with MAS FFC allows
The MAS Foundation for Change
and accelerating solutions to pressing them to directly target impactful
operates on the principle of
environmental and social challenges .
collaboration, connecting
projects and maximise the reach of CLEANER LIFE ON OUR ACCESS TO
their contributions. OCEANS PLANET WATER
To focus our efforts, we have identified a powerful ecosystem of
three key pillars: Cleaner Oceans, Life on changemakers innovators, We actively engage with international Eradicating the ongoing Protecting and restoring Improving access to
Our Planet and Access to Water. Through implementers, and investors to organisations like USAID, Parley pollution of oceans and terrestrial and marine fresh water in
these pillars, we strive to create a lasting address both global and local for the Oceans, SACEP, UNOPS, inland waterways ecosystems disadvantaged
impact in our communities. Our aim is to challenges. and IUCN; local authorities such as communities
lead by example, creating a ripple effect the CEA, SLLDC, WMA, the Forest
Innovators, the architects of
of positive change in the face of these Department, and the Irrigation
groundbreaking technologies and
global challenges. Department; and local corporations
practices, gain access to communities
and non-governmental institutions
in need and secure funding to pilot
working on the ground. These
or scale their solutions through our
partnerships directly support SDG
partnership network. Action Education Research Advocacy
17: Partnerships for the Goals,
Implementers, the on-the-ground enabling us to amplify our impact
experts with deep local knowledge, and accelerate systemic change.
understand the challenges faced
by communities and possess the
expertise to implement and maintain
solutions. Through our partnerships,
they gain access to innovative tools
and resources.
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CLEANER OCEANS Our efforts extend beyond waste We have nine ongoing targeted LIFE ON OUR PLANET COMMUNITY-DRIVEN
Our Aim: Reducing the ongoing pollution capture. Collected waste is diverted interventions for restoring sensitive Our Aim: Protecting and restoring SUSTAINABILITY
of oceans and inland waterways to sustainable, non-landfill solutions, ecosystems: encompassing 8,000 square terrestrial and marine ecosystems Community engagement is central to
including resource recovery and recycling metres of mangroves, 5,500 square our sustainability philosophy. Through
The waters surrounding Sri Lanka, rich in by community groups and authorities, metres of lake ecosystems, and 10,000 To further the Group’s work in
biodiversity, face a significant threat from enhancing biodiversity and ecosystem five recycling community centres and a
and energy recovery from non-recyclable square metres of lagoon habitats. government resource recovery centre,
plastic pollution. To safeguard these vital waste. Additionally, we are developing a services across 25,000 acres a footprint
marine ecosystems, immediate action Current data indicates, our 68 Ocean 100 times larger than our facilities we actively promote resource recovery
standardised monitoring and evaluation using innovative “waste to wealth”
is crucial. MAS FFC, through innovative Strainers capture approximately 2.6 the MAS Foundation for Change takes
system to create a comprehensive models. These centres serve as more
initiatives and enduring partnerships, is at million kilogrammes of floating waste the lead on large-scale conservation
database on floating waste in waterways. than waste management hubs; they are
the forefront of combatting floating waste annually. Of this, roughly 40% consists of projects that restore habitats and
including plastics, directly aligning with PET and other plastics. This intervention champion biodiversity. dynamic community spaces. By generating
UN SDG 14: Life Below Water. intercepts nearly 11% of the estimated 9 additional revenue from recycling, we
Impact to Date million kilogrammes of plastic emissions In alignment with SDGs 13: Climate empower local communities economically,
THE OCEAN STRAINERS (31 December 2024) that enter the Indian Ocean from Sri Action and 15: Life on Land, we fostering ownership and pride in building
INITIATIVE Lankan waterways each year. In 2024, our collaborate with partners to conserve a cleaner future. This aligns with UN
68 – Ocean strainers installed ecosystems. Our Foundation’s flagship
Launched in 2020, our flagship project, ecosystem restoration and community SDG 12: Responsible Consumption
employs a technology owned and 45 – Colombo District awareness initiatives benefited from reforestation project in Trincomalee, and Production, as we encourage our
developed by the MAS Holdings. These the contribution of 150 volunteers, which successfully restored six acres stakeholder communities to embrace
8 – Gampaha District of endangered mangroves, represents
“Ocean Strainers” are large-scale floating who dedicated a total of 570 hours. the circular economy.
waste traps that span the width of canals, 8 – Galle District a significant initial step in this vital
Our 2026 goal involves expanding our undertaking. Additionally, we partnered with the
intercepting floating waste before it 6 – Kalutara District Waste Management Authority, Western
network to 150 units by installing an
reaches the ocean. Province, to train 26 preschool
1 – Nuwara Eliya District additional 84 strainers within the next ACCESS TO WATER
Building on the success of our canal 24 months. This expansion requires teachers on programmes promoting
Our Aim: Improving access to fresh
deployments, the ocean strainers have LKR 85 Mn. in funding (approximately early childhood behavioural change
water in disadvantaged communities
been adapted for use in highland and 285,000 USD). By achieving our target, in waste management. This initiative
sensitive upstream ecosystems. Our we will increase our interception rate to Recognising clean water as a directly supports UN SDGs 4: Quality
location selection strategy prioritises both approximately 20% to 30% of the total 9 fundamental human right essential for Education and 11: Sustainable Cities
highly populated areas, especially in the million kilogrammes of plastic emissions. public health, community development, and Communities.
Western and Southern provinces, and and economic prosperity, our pilot
these vulnerable ecosystems. project in the Anuradhapura District
directly aims to supports UN SDG 6:
Clean Water and Sanitation.
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Disclosure of
Management of
Material Topics
(DMMT)
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Introduction
GRI 3-3

This section of the Impact report outlines MAS z Ensure stakeholders receive reliable, 2014, MAS has consistently prioritised and Foundational KPIs, and regularly and prioritise those most impacted by
Holdings’ approach to managing Material verified information to support informed sustainability. This process evolved further reviewed alongside broader business KPIs. or influential to operations, enabling
Topics, with a particular focus on mitigating decision-making and build trust in the in 2016 with external consultants and effective communication and partnerships
The SAC, including the CEO, advises on
Environmental, Social, and Governance company’s ESG management approach. input from employees, suppliers, and local throughout the organisation. MAS fosters
sustainability strategy, meeting quarterly
(ESG) risks. It details the company’s policies, communities, broadening our focus on strong relationships with regulatory bodies,
strategies, and actions aimed at minimising Sustainability at social and environmental sustainability.
and providing consultation as needed. CEOs
civil society, and institutions, working
review key reports, such as the UN Global
the impact of these Material Topics, while MAS Holdings In 2020, we launched the MAS Plan for Compact Communication on Progress
together to transform systems and create
upholding responsible and sustainable collective impact. The Company provides
MAS Holdings, headquartered in Sri Lanka, Change, rooted in three pillars: Products and Impact Review Report that provides
business practices. The Disclosures of regular updates on initiatives, compliance,
is a global leader in innovation, technology, Changed for Good, Lives Changed for stakeholders with a comprehensive picture
Management of Material Topics under GRI risks, and performance, advocating for
and sustainable solutions, with over Good, and Planet Changed for Good. These of how the Group is managing impacts,
3-3 are an essential part of the Impact positive change where collaboration is
100,000 employees across 14 countries pillars guide our approach to making a responding to sustainability-related risks
Review Report of MAS Holdings, following vital. With nearly four decades of expertise,
including India, Bangladesh, Hong Kong, lasting positive impact on the world, from and opportunities, and progressing against
the guidelines set by the Global Reporting MAS has developed a vertically integrated,
Vietnam, Indonesia, Sri Lanka, Singapore, sustainable products to improving lives sustainability commitments as well as,
Initiative (GRI) Standards. To guarantee the innovative ecosystem that partners with
China, Jordan, Canada, UK, the USA, Kenya and protecting the environment. The plan ensuring transparency and accountability.
accuracy of the information, the sustainability leading global brands. By maintaining
and the Dominican Republic. Our integrated was informed by regulatory monitoring, Senior leadership receives regular training
data presented in the report is verified by an stringent quality standards, MAS ensures
supply chain includes 50+ manufacturing consumer trends, and insights from on sustainability, while feedback from
independent third-party assurer. consumer safety while championing
facilities and design houses across our customers and partners, helping us internal and external stakeholders is
sustainability.
multiple nations. We partner with world- prioritize issues that impact our people, escalated through designated channels.
In alignment with the Global Reporting Initiative
renowned brands like Nike, lululemon, partners, and planet. We are committed Additionally, we periodically review Sustainability at MAS is more than
(GRI) Standards, this disclosure demonstrates
and Calvin Klein, while also creating our to championing change and advocating applicable legal requirements and ensure a commitment; it is a core principle
the commitment of MAS Holdings to
own market-leading brands such as for transformation, particularly where internal monitoring processes are in place driving our innovation and growth. By
transparency, accountability, and continuous
Become and GT Nexus. Beyond apparel collective effort is needed. As a company, to evaluate compliance with the same embedding responsible practices across
improvement in sustainability efforts.
manufacturing, MAS is a hub for innovation, the MAS Plan for Change extends our outcomes of compliance evaluations being our operations, fostering collaboration
addressing diverse needs through commitment to stakeholders beyond presented to the Board. Moreover, the with stakeholders, and aligning with
Objectives responsible business conduct to embrace Group’s governance process is empowered global standards, we strive to create
sustainable solutions. With ten specialised
The objectives of this document are to: divisions, we lead in Intimates, Athleisure, the prospect of positive change that is with adequate resources, robust policies, lasting positive impact for our people,
z Clearly define the policies, strategies, Wearable Technology, Adaptive Apparel and ingrained in our DNA. standardised procedures, and integrated communities, and the planet ensuring a
and management approaches employed more, shaping the future of fashion and KPIs that are cascaded across operations. better future for generations to come.
The Boards of Directors and senior
by MAS Holdings to address ESG risks sustainability. executives actively shaped Our Plan MAS is dedicated to driving sustainable,
and manage Material Topics effectively.
MAS Holdings’ journey of nearly four for Change, with guidance from systemic change through collaboration
z Provide transparency regarding the
decades in business has been driven the Sustainability Advisory Council across its ecosystem. Employees,
Company’s sustainability efforts and their by a relentless pursuit of change (SAC). This process prioritises critical customers, suppliers, and communities
alignment with globally recognised standards. and continuous improvement. From environmental and social issues through play pivotal roles in the MAS Plan for
z Demonstrate MAS Holdings’ commitment the early adoption of the UN Global ongoing materiality assessments. Clear Change. Stakeholder engagement begins
to fostering long-term sustainable Compact’s 10 Principles in the 2000s to sustainability goals are communicated with thorough mapping and the use of
growth and value creation through the establishment of material issues in across the company, supported by Hoshin an Impact-Influence Matrix to identify
responsible business practices.
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Our Approach to Products Changed for Good

Our sustainable product strategy Innovate and disrupt Source sustainably Pioneer circularity at scale
is motivated by the urgency of
environmental challenges, evolution Innovating the way products Partnering across the Closing the loop by using
of the industry – including increased are made so they can last supply chain to responsibly post-consumer waste to
longer, be good for the wearer, source and develop organic, make new products.
consumer awareness and customer
use less resources, and be regenerative, natural, and
acceptance, and our vision to be
recycled after use. recycled raw materials.
changemakers and disruptors driving
positive impact in the apparel sector.
At the heart of the strategy is our Material Topics
definition of sustainable products – as
those that are good for the wearer, good 1. Product and Process Innovation
for the planet, and good for business. We 2. Sustainable Materials
have set ourselves a goal – to generate 3. Responsible and Ethical Sourcing
50% of apparel revenue from sustainable 4. Supply Chain Management
products by 2025.
5. Circularity
Our sustainable product commitments
reflect MAS’ scale and capacity. With Aligned GRI Topical Disclosures
a revenue-based target to guide us,
we are working to ensure business 1. GRI 204: Procurement Practices
growth is directly linked to, and does 2. GRI 308: Supplier Environmental
not mitigate any advances in, the Assessment
sustainable product space. 3. GRI 414: Supplier Social
Assessment
We follow a comprehensive approach to
achieve this ambitious commitment, with 4. GRI 301: Materials
concerted work across three areas of 5. GRI 408: Child Labour
focus, all of which contribute to achieving 6. GRI 409: Forced or
this overarching target. Compulsory Labour
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INNOVATE AND in an undeniable urgency for action. The impacts, while catering to previously
DISRUPT global scale and reach of the fashion underserved consumer segments. By
Sustainability and innovation in the industry necessitate a rethinking of how being at the forefront of sustainable
apparel sector are inextricably linked. the industry can answer the climate fashion, our disruptive work with industry
They are vital to mitigating environmental challenge, while protecting and preserving pioneers can create new markets and
and social impacts at scale, and natural resources. attract new customer streams.
embracing the transition towards a Meeting consumer needs and regulatory Innovation to scale sustainable solutions:
circular, green, and more responsible demands: Growing consumers awareness Innovation to manufacture millions
future. They are also essential to meeting on what clothing is made of and how it of products with fewer resources,
changing consumer demands and evolving is manufactured, is driving an increased while making them longer-lasting and
regulatory requirements; fostering focus on sustainable fashion and more recyclable; can result in massive
growth opportunities and opening up demanding more sustainable alternatives. sustainability gains. As such, our
new avenues for business expansion. At the same time, regulations, such innovation and product sustainability
MAS recognises this imperative and has as those in the European Union, are teams actively pursue new and improved
embedded these principles in our Plan growing more stringent; demanding solutions that are industry disruptors.
for Change strategy and the core of our greater transparency, traceability, and Incorporation of innovative materials
approach to sustainable products. consciousness in line with the push also presents revolutionary solutions
toward a more circular economy. with the potential for exponential scale
WHY INNOVATION AND SUSTAINABLE
– accelerating the industry’s shift away
MATERIALS MATTER Business and growth opportunities: Our
from fossil fuel-based materials, and
Responding to environmental challenges: pursuit of Products Changed for Good
toward reduced chemical-use, improved
The apparel industry is seeing a shift consider what is good for the wearer,
biodegradability, and greater recyclability.
away from traditional and non-renewable good for the planet, and good for our
materials; toward responsibly sourced, business; this shift towards sustainable WHAT WE ARE DOING TODAY.
renewable, recycled, or sustainable products presents the perfect opportunity HOW WE ARE SHAPING TOMORROW.
materials that minimise negative social for positive change that is also good As a leader in sustainable manufacturing,
and environmental impacts. Addressing for business. Responding to these we recognise the importance of adopting
the sustainability of materials is essential business demands, through effective, a clear definition for sustainable products.
to minimise the environmental footprint of transparent, traceable, and independently One that is aligned with the needs of our
fashion, and address pressing concerns verifiable efforts builds trust; reinforcing stakeholders, and is ambitious enough to
around resource depletion, water the business compact and securing inspire our efforts, our supply chains,
consumption, and pollution respond. sustainability of our enterprise. Innovation and our customers.
Escalating environmental challenges, in this space can also spark the creation of
exacerbated by climate change, result products with positive social and business
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MAS SUSTAINABLE PRODUCT CRITERIA

Since launch of the MAS Plan for Change
RAW MATERIALS DESIGN/MERCHANDISING MANUFACTURING PROCESS SOCIAL in 2020, we have made tremendous
SOCIAL WELLBEING
progress. We have been diligently building
COTTON RAW MATERIAL SOURCING DYEING AND FINISHING
z More than 50% of the cotton used is z Percentage of product FOB/retail price goes capabilities, processes, and optimal
z 100% of raw materials on BOM sourced from z Body fabric and elastics are coloured
organically grown. L2 within the same country. L1 using at least 80% natural colourants directly to a social wellbeing initiative. L2 partnerships to deliver on our 2025 goal.
z More than 30% of the cotton used is
z Sustainable alternatives to cotton, polyester, (e.g., tea staining). L2 We continue to increase awareness and
recycled cotton. L2 and nylon generated from sustainable sources, z Body fabric and elastics in the product have EMPOWERMENT
z The cotton used is 100% REGEN and covers
with validation for the claims. L3 been re-dyed. L3 z Product enables and empowers women
knowledge of sustainable products across
more than 75% of the garment. L2 z Monomaterials – single material usage per z Product has been dyed/finished through (FemTech); persons with impairments our enterprise; from product design teams
garment. 100% of fabric items in BOM made Bluesign approved system partners. L2 (physical, mental, or situational) to lead to customer-facing units, merchants,
NATURAL MATERIAL ALTERNATIVES with exact same composition. L2 more normal lives. L3
More than 30% of fabric materials used are
z Product uses only digital colouration for
z
embellishments and base fabric colour. L3 and partners.
made up of jute, bamboo, coir, modal, lyocell,
etc., as an alternative to cotton. L2 ENGINEERED KNIT z Product uses 90% less water than traditional
z Product designed for engineered knit, which has dyeing and finishing methods. L3 ≥ One L3 = Gold ≥ Two L2 = Gold Additionally, we are improving
SYNTHETICS the effect of eliminating fabric cut waste. L3 z Product uses 90% less energy than traditional One L2 = Silver ≥ Three L1 = Silver transparency across the supply chain
z Over 75% recycled synthetic content used dyeing and finishing methods. L3 – working with even more suppliers,
in the product. L3 DESIGN FOR LONG LIFE z Completely undyed product. L2 ≤ Two L1 = Bronze
z Over 65% recycled synthetic content used z Product contains anti-stain, anti-snagging, and partners, and brands to verify
in the product. L2 anti-odor finishes/techs to prolong lifetime of
CIRCULARITY Silver and Gold are only considered for the achievements, pursue certification, and
the product. L1 KPI but Bronze will continue to be tracked. improve traceability and transparency
RECYCLED/NATURAL ALTERNATIVES
*Does not include bactericidal finishes/yarns* POST-CONSUMER WASTE
z 50% of raw materials produced using
across the apparel value chain.
z More than 30% of fabric is made of recycled z Product designed with increased durability and
natural alternatives. L2 repairability to prolong lifetime of the product. L1 post-consumer apparel waste. L3
z 30% of raw materials produced using
WOOLS COMPOSTABLE PACKAGING post-consumer apparel waste. L2
z Procurement aligns with Responsible Wool z Polybags used for garment packaging is
Standard (RWS) L2 compostable. L1 DESIGN FOR POST-CONSUMER
z Over 75% of the wool content is from recycled z Product is designed to be 100% recycled,
wool content used in the product. L2 RECYCLED PACKAGING post-consumer use. L2
z 100% of polybags used for garment packaging
BIODEGRADABLE is 100% recycled. L1
z Product is marketed as a fully PRE-CONSUMER
compostable/biodegradable product, with PAPER-BASED z 80% of product made using pre-consumer
necessary data to support claims. L2 z 100% paper-based packaging (includes waste. L2
corrugated carton boxes, dyes, and inks used z 30% of product made using pre-consumer
BIO-BASED in packaging to be natural/water-based/ waste. L2
z 30% of fabric used is from bio-based vegetable-based and naturally decomposing/ z Any products whose business model eliminates
alternatives (corn starch, soy protein, castor recyclable). L1 customers’ product inventory waste. L3
oil, lab-grown, etc.). L2
z 80% of trims and auxiliaries manufactured DESIGN FOR REUSE
using natural alternatives sourced from z Product enables a shift over from single-use
waste of other industries. L1 to reusable. L3
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Setting an ambitious We track our progress through annual Engaging stakeholders in

goals and interim targets. In 2023, developing and delivering
course and tracking we surpassed our internal revenue sustainable products
our progress target, achieving 34% of revenue
Our definition for sustainable
from sustainable products. By the
Our approach to sustainable products is aligned with the needs
end of 2024, this figure increased
products places sustainability at of our stakeholders, including
to 40% – within striking distance
the heart of our core business; by customers and consumers. To stay
z RAW MATERIALS: z DESIGN AND MERCHANDISING: of our goal of 50%. The success
Origin and raw material composition of Material-use efficiency and product longevity setting stringent criteria to define ahead of the curve in a rapidly
of our achievements was made
products – Directly impacts what products through design and merchandising – and rate sustainable products, and evolving industry, we are listening
possible by adoption of sustainable
are made from. MAS prioritises traceable Processes aim to increase utilisation of by setting an ambitious goal - to to the voice of our stakeholders:
raw materials, pursuit of positive
material sources and implements controls monomaterials (improving recyclability) and generate 50% of apparel revenue partners, regulators, customers,
social impact, improvements in
aimed at increasing recycled or regenerative innovative technologies such as engineered from sustainable products by 2025. and consumers who are at the heart
manufacturing processes, and
raw material content, exploring natural knit. Products are designed for reuse, In an industry where the boundaries of growing demand for sustainable
material alternatives, and introducing recycling, and longevity, with sustainable innovative design and merchandising.
of technology and innovation are apparel.
bio-based and biodegradable materials. packaging incorporated at the design stage. constantly evolving; we have set Review our efforts in 2024, including
We recognise the urgency to shift
objectively verifiable criteria to define an innovative partnership with
toward sustainable materials, and
sustainable products. Ambercycle .
are working with our stakeholders
Sustainable product criteria are to embrace sustainable materials
monitored monthly, assessed by a Progress made and successes achieved throughout our operations. Read
central team and cascaded to all are not just our own, they are the about our supply chain commitment
product design and merchandising outcome of engagement with industry and supplier engagement actions.
teams across our divisions. innovators, the ongoing efforts of
Furthermore, we continually review, vendors and partners across the supply
z MANUFACTURING PROCESS: z SOCIAL IMPACT: refresh, and update these criteria to chain – including Tier-3 suppliers, and
Material and energy use in manufacturing – Social contribution – Influences how reflect the latest advancements and the commitment of our partner-brands
Process controls promote concepts and products contribute to social wellbeing, industry trends – new criteria are in offering more sustainable options to
techniques such as natural and waterless empowerment, diversity, and inclusivity. added, and those no longer relevant their customers.
dye technologies, undyed finishes, and Includes products in the FemTech and are removed.
Bluesign chemistries. Adaptive Wear space, such as Femography
and Lable by MAS.
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SOURCE environmental footprint is significant and traceability; leading to intensified scrutiny are crucial to minimising waste, designing Despite these challenges, we hold that
SUSTAINABLY spread wide across the apparel value chain. on the supply chain. With these demands for circularity, and reintroducing recycled sustainable sourcing is a critical lever
The global apparel supply chain is From the perspective of a manufacturer, in the fashion industry, ethical sourcing input materials into the production in delivering on our promise of Products
characterised by its extensive and the upstream supply chain includes energy- practices – including independent process through closed-loop solutions. Changed for Good; and we are determined
interconnected nature, spanning intensive processes, emissions, chemical- verification, certification, and accreditation to continue efforts to collaborate
use, and water-consumption – across every – are rapidly becoming prerequisites for RAW MATERIALS (RM) with industry partners and improve
numerous countries and involving a SOURCING
multitude of stakeholders. Sustainable stage of the production process. And as the effective supply chain management. transparency and traceability measures
sector grows, it can contribute to resource We approach sustainable sourcing of across the apparel value chain – to
sourcing, within this ever-expanding value Mitigating business risks and seizing
depletion, pollution, and climate change on a raw materials through a comprehensive improve acceptance, availability, and
chain, is of paramount importance to opportunities: Beyond an ethical
global scale. Manufacturers occupy a niche strategy that prioritises partnership use of sustainable raw materials.
business success and a crucial means to imperative, effective management of an
where their initiatives and investments can across the supply chain to responsibly
address the significant environmental and expansive supply chain is also essential
inspire change and create tangible impact source and develop organic, regenerative,
social impacts of the industry. for management of business risks
both upstream and downstream; driving natural, and recycled raw materials –
As consumers and brands increasingly associated with the availability and pricing which help mitigate the sector’s negative
wider adoption of sustainable practices
prioritise sustainability, circularity, of raw materials. Geopolitical shifts, environmental impacts.
across the apparel value chain.
functionality, adaptability, and traceability; climate change, and other disruptions
Social and ethical responsibility: The only exacerbate risks. Diversifying We are promoting the switch to more
we take up the challenge of exploring new
apparel supply chain spans multiple material sources, investing in sustainable sustainable and traceable cotton, working
solutions and alternatives by expanding
continents, includes diverse communities, alternatives, and supporting suppliers can to purchase and use man-made cellulosic
our reach and empowering our suppliers
and employs large workforces across help build a more resilient supply chain; fibers from closed-loop sources, and have
across the textile and apparel value-chain.
the globe. Guaranteeing fair and safe which in turn can contribute to business been carrying out extensive groundwork
This ongoing effort has translated into
labor conditions, upholding respect for success. While managing and monitoring to source and integrate regenerative
the expansion of sustainable, recycled,
human rights, and ensuring compliance suppliers across continents can present cotton into our product-mix. We prioritise
and Environmentally Preferred Materials
with ethical best-practices throughout challenges, following demand-signals and sourcing environmentally preferred
(EPM) across our product lines; including
the supply chain is an enormous and maximising opportunities can also unlock materials with adequate traceability and
organic and regenerative cotton, recycled
continuous challenge. Social and labour competitive advantages and a multitude certification, while continually investing
polyester, and eco-friendly dyes.
compliance across this expansive of strategic benefits. Rethinking of supply in future materials and seeking natural
SUSTAINABLE SOURCING AND THE network is an urgent priority with chain economics to mitigate risk and alternatives to synthetics.
GLOBAL APPAREL INDUSTRY entire regions, sectors, suppliers, and address future needs can be crucial for Bringing the use of sustainable raw
Addressing environmental impact: From eventually brands – facing increased risks long-term competitiveness. materials to a commercial scale is a
raw material production or extraction; to associated with poor labour conditions long-term effort, with impediments due to
Facilitating the transition to a circular
textile and garment dyeing, treatment, and and non-compliance in the supply chain. premium pricing, price fluctuations, ethical
economy: As the apparel industry takes
manufacture; and eventually consumer- Aside from sustainability-related risks, considerations, climate change impacts,
on the challenge of shifting towards a
use and end-of-life; the apparel industry’s regulators and consumers are pushing for sociopolitical instability, regulatory
circular economy, strategic supply chain
greater accountability, transparency, and developments, and the gap between
management and sustainable sourcing
consumer aspiration and action.
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Traceability and with regulatory requirements implementing and enhancing

and reputation management by traceability measures across our
certification for the mitigating non-compliance risk, apparel value chain.
materials we source reputational risk, and related fines
This involves active collaboration
and legal disputes.
MAS employs stringent with industry partners to
environmental and social thresholds, z Certifications often involve improve compliance, adoption
and leverages well-established traceability and transparency certifications, and maintain requisite
systems, standardised processes, mechanisms that allow MAS to documentation; thereby increasing
and robust networks; in order to offer track the origin and journey of visibility upstream and broadening
products and solutions that adhere to materials throughout the supply the availability of sustainable
In a competitive industry, chain. This transparency helps raw materials for our customers.
globally accepted sustainability and
certifications and sustainability identify and address any issues By prioritising transparency and
traceability standards, and brand-
standards have grown to become or risks related to raw material traceability, we aim to build resilient
specific requirements.
a business necessity for retailers, sourcing, such as environmental strategies adaptable to potential
We offer our customers a diverse apparel manufacturers, and degradation, deforestation, or disruptions and ensure the integrity
portfolio of ethically sourced, raw-material processors and human rights violations. of our sustainable sourcing efforts.
sustainable, certified, and verified producers alike. z Our sustainable products and
products, bearing industry-accepted Explore the advancements we
z Our efforts to source certified solutions utilising certified raw
certifications, and meeting traceability achieved this year in our journey
raw materials contribute to materials serve as a differentiator:
best-practices. Our sustainable toward Improving digital traceability
management and mitigation of setting MAS products apart and
product offering is a direct result across the supply chain.
business risks. Since certified creating access to new markets
of continuous engagement and
materials often come with and customers that prioritise
enhanced transparency across our
assurances of quality, safety, and sustainability.
supply chain, and incorporation of
compliance with environmental
environmentally preferred materials Recognising the increasing criticality
and social standards, ensuring
such as organic or regenerative of transparency and traceability
certification can mitigate risks
cotton, recycled cotton, recycled prompted by emerging regulations,
associated with potentially negative
synthetics, and manmade cellulosic client guidelines, and consumer
environmental or social impacts.
fibers (MMCF). expectations; we are proactively
It also supports compliance
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MANAGING OUR PRIORITY Priority raw material Environmental or social factors Business risks or opportunities Management strategy
RAW MATERIALS (PRM)
Cotton/Cellulosic Climate change, water usage, Impact to the availability Source regenerative cotton,
MAS utilises the Textile Exchange’s
materials land use, land degradation, of cotton, volatility in pricing switch to more sustainable
Materials Terminology Guide to define
material sourcing from and traceable cotton, purchase
Priority Raw Materials (PRM) that make places of conflict manmade cellulosic fibres (MMCF)
up a significant share of the raw materials from closed-loop sources, source
in our products. Sustainable sourcing of natural materials with traceability
some of these raw materials, such as and certification
cotton, also pose material risks to our
business and the value chain through Synthetic materials Climate change, emissions, Change in the product mix and Invest in materials of the future,
their potential impact on ecosystems and environmental impact of orders from customer due to seek out natural alternatives to
and communities. In order to sustainably non-renewable fossil fuels, change in customer demands synthetics, explore partnerships
potential for micro-plastic to access to recycled synthetics
manage such impacts and business risks, Increase use of sustainable
pollution
we have management strategies in place natural materials
for each PRM. Changes in regulations with regard
to the fossil fuel industry and
with regard to synthetics due to
micro-plastics
Higher prices of synthetics, which
are now some of the lowest cost
fibres for textile manufacture
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OUR SUPPLY CHAIN We actively engage with our suppliers with a supplier agreement. All onboarded SUPPLIER ENGAGEMENT MAS’ supplier management strategy
COMMITMENT to pursue sourcing of sustainable suppliers are required to sign and agree AND CONNECTIVITY and cascaded sectoral action-plans
MAS operates in 14 countries, with raw materials; ensure environmental to comply with the Code. Beyond requiring While selection, onboarding, and provide a clear roadmap for our teams to
manufacturing facilities in ten countries compliance, including the phasing out suppliers to comply with all applicable allocation of suppliers is closely tied to follow. The strategy prioritises strategic
and design houses in five. Working with hazardous chemicals and restricted national laws and regulations, the Code the needs and standards of customers sourcing, aligns with national imperatives,
a number of leading partner-brands, substances; encourage energy efficiency outlines a number of requirements, and particulars of specific products, we and emphasises proximity sourcing to
we depend on a large number of and emissions reduction; and promote standards, and best practices, and sets out employ a comprehensive sourcing and foster strong local relationships. This
external vendors and suppliers for raw social compliance and ethical business a guideline for greater transparency and procurement strategy that ensures fair, commitment to local suppliers has
materials like fabric and lace, as well practices. Our pursuit of environmental traceability across the supply chain. These equitable, and sustainable supply chain yielded multiple benefits, including
as packaging, labeling, chemicals, and compliance and efficiency improvements standards guide engagement between management. The strategy prioritises the increased operational efficiency, stronger
dyes. Our engagement with suppliers across the apparel supply chain can MAS and suppliers, and the interactions needs of our business and customers, relationships, and positive impact on local
extends beyond direct suppliers (Tier contribute to significant reductions in of suppliers with their own stakeholders. aligns with our growth strategies, communities, industries, and value chains.
1) to include Tier 2 and Tier 3 suppliers waste generation, chemical discharge, Our complete Vendor Code of Conduct is provides suppliers with essential and
in key sectors and regions. Our supply energy-use, and emissions. available online Corporate website streamlined management support, and
chain commitment extends to building With an extensive supply chain spread Meeting traceability and transparency delivers outstanding value to cultivate a
a resilient and transparent supply chain across the globe, successful supply chain requirements, we exercise due diligence in best-in-class supplier base. Digitalisation
that prioritises sustainability. We believe management and effective monitoring screening and onboarding new suppliers, is a key tool in our arsenal for increased
that developing a sustainable and ethical and enables us to deliver on our broader while continuing to monitor and empower efficiency, integration, and data analysis
supply chain is a robust and viable way to sustainable product strategy. Supplier existing suppliers through a variety of that supports decision-making.
drive adoption of sustainable products. best practices also play a vital role in assessments, audits, and other activities. Our expanding supplier ecosystem
Our commitment exceeds initial due achieving the environmental and social Vendor onboarding includes standard requires diligent management to ensure
diligence and screening of suppliers to objectives of our customers, and the wider Mill Evaluation visits and signing of MAS’ procurement competitiveness, security
a deep engagement across the value expectations of end-consumers. Vendor Code of Conduct. of supply, and sourcing agility; all while
chain; fostering a stronger commitment The MAS Vendor Code of Conduct (VCC) upholding the highest environmental,
to ethical business practices that align serves as a binding agreement between social, and ethical standards. This is
with our procurement standards, including MAS and its suppliers, going hand-in-hand achieved through proactive supplier
anti-bribery, anti-corruption, and non- relationship management complemented
solicitation. by ironclad due diligence, continuous
assessment, and stringent controls.
Ethical sourcing Ethical business practice Intellectual Property and Environmental compliance Social compliance
product stewardship

Including human rights Including anti-bribery, Including data protection Including environmental Including labour practices
and trade compliance anti-corruption, and and product safety protection and and health and safety
fair competition performance standards
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SUPPLY CHAIN COMPLIANCE monitor subcontracting wet operations SOCIAL STANDARDS AND COMPLIANCE THE CIRCULAR ECONOMY
Inspiring climate action AND PERFORMANCE against local discharge regulations and The MAS VCC includes highly detailed AND SUSTAINABLE FASHION
Our commitment to sourcing sustainably ZDHC Wastewater Guidelines (WWG) standards for social and labour Upstream environmental impact:
and environmental and empowering the apparel sector through annual testing, and extend compliance that encompass fair Circularity prioritises using recycled,
progress involves a multi-pronged approach to our oversight to cover Tier 2 suppliers treatment; recruitment and employment renewable, or upcycled materials,
managing environmental and social supplying wet raw materials. The ZDHC contracts; working hours, leave, and lessening the demand for virgin natural
Leading the way beyond regulatory
impacts across the supply chain. Gateway is an important tool that enables wages; benefits and compensation; health resources with a significant environmental
requirements, we work with
suppliers to provide timely, standardised and safety; and effective grievance- footprint, or fossil fuel-derived synthetics
our suppliers to improve their ENVIRONMENTAL STANDARDS reports, and maintain compliance handling. The Code also upholds freedom that can contribute to greenhouse gas
environmental performance – AND COMPLIANCE against guidelines. of association and collective bargaining emissions. Circular thinking in raw
through energy efficiency, emissions
MAS sets stringent requirements including to ensure worker voices are heard and material sourcing encourages adoption of
reduction, and other improvements
minimum standards and controls in involvement is ensured. environmentally preferred materials with
that benefit their own operations,
improve competitiveness, and
line with national regulations, customer Sustainable sourcing: We encourage suppliers to adopt
lower environmental footprints, promotes
requirements, and industry best-practices. more sustainable or regenerative
result in positive outcomes for the Ensuring product safety compliance tools such as the Higg Facility
agricultural practices, and incorporates
environment. We utilise the Higg Facility Environmental Social and Labour Module (FSLM), which
Module (FEM) tool from the Sustainable
and stewardship innovative new closed-loop materials
Our commitment to the Science- utilises assessment tools and processes
Apparel Coalition (now Cascale) to assess MAS’ commitment to eliminating made from waste streams.
Based Targets initiative (SBTi), and outlined by the Social and Labour
environmental management standards, hazardous chemicals and restricted Convergence Programme (SLCP). In Design, merchandising, and production:
the ambitious target of reducing
ensure national and industry regulations substances extends to the supply addition to suppliers onboarded to Higg System-change, aligned with circularity,
emissions by 25% by 2025 serves as
are met, and facilities are in compliance chain. Our processes to ensure FSLM, some MAS divisions also conduct at the design-level can result in higher-
a catalyst for our efforts to advance
with industry standards. A significant produce safety and stewardship audits of labour practices. quality, greater-durability garments that
climate action across the supply
portion of our RM spend-base have through responsible chemical use, can withstand prolonged use; thereby
chain. We work with our key suppliers
to adopt the SBTi methodology and
adopted the Higg FEM platform for self- and the performance of our supplier PIONEER CIRCULARITY AT SCALE indirectly reducing material consumption.
assessments, with many also seeking facilities, is detailed in the section Consumers, retailers, manufacturers, In addition, designing for recyclability,
establish clear and measurable
out independent third-party on-site Our Planet Changed for Good – and regulators around the world have through the use of mono-materials
targets for emissions reduction.
assessments and verification. Responsible Chemical Use come to realise that the apparel industry’s or other means, can facilitate easier
These efforts are in line with our
(page 146). traditionally linear model – manufacture, recycling at end-of-life – improving the
commitment to ensure 85% of our For chemical management and water
suppliers by spend and 100% of joint stewardship, we ensure suppliers comply To ensure product commitments are sell, discard – is unsustainable. uptake of waste diversion initiatives.
ventures in Scope 3 investments will with Zero Discharge of Hazardous met, we closely track several operational Recognising this shift towards circularity, Other changes at manufacturing, such
have science-based targets by 2025. Chemicals (ZDHC) standards and metrics impacting quality, reliability, and where materials are kept in use and as efficient cutting techniques, utilisation
guidelines. Assessments and inventory efficiency. Some of the KPIs measured waste is minimised, we actively prioritise of surplus materials, and waste-
checks through the ZDHC gateway ensure include First Time Through (FTT) and circular thinking in our operations, minimisation systems can directly reduce
ongoing compliance of suppliers. We On-Time Delivery (OTD). partnerships, and products. or waste during manufacture. Circular
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thinking, by responsible brands, can OUR APPROACH TO CIRCULARITY Source sustainably Customers Supporting circular
encourage design and marketing concepts We actively explore avenues to advance design & merchandising
such as repair-reuse-resale, which can Re-incorporating recycled materials
circularity in our operations through
maximise value and extend the lifespan into the production cycle.
a dedicated team and collaborative Partner for scale Supporting customers to
of products; thereby reducing the demand approach across the entire value Sourcing renewable or regenerative implement circular design
for new production. chain; including material sourcing – materials that reduce the need for for products that are durable,
Downstream environmental impact: re-incorporating recycled materials virgin resources and/or fossil-fuel reusable, repairable, and
and sourcing renewable/regenerative based inputs. Working with collectors, recyclable.
Innovations related to durability and the
materials, product design – designing for segregators, recyclers, and
incorporation of biodegradable natural Implementing transparency and Promoting sustainable and
re-use and recycling, and manufacturing customers to manage the
fibers, can help reduce the downstream traceability that are informing eco-friendly packaging.
advancements and waste management end-of-life of products to drive
use-phase impact of microplastic- design and optimising recycling
innovations across our own operations. upcycling, repurposing,
shedding - a significant environmental or repurposing. recycling, or composting.
concern. End-of-life apparel waste is The MAS Circularity Team comprises
a major downstream environmental specialists in fabric technology, waste Collaborating across the value
impact, but one that can be addressed by management, partnerships, and business Suppliers
chain for product and material Customers
circularity as creative re-use and recycling development, and achieving circularity at reuse and recycling.
can result in diversion of apparel waste scale is enshrined in our Plan for Change. Logistics providers
from landfills and incineration. In addition, Our circularity network spans a number of
incorporation of natural raw materials, geographies and includes multiple supply
designed for safe biodegradation, can chain stakeholders: recyclers, sorters,
also minimise waste-related impacts. solutions providers, innovators, reverse-
As circular principles evolve, scale, logistics partners and more. Connecting Circularity Transform waste Sustainable
and find increased adoption; textile-to- partner
across national borders and industries, we manufacturing
ecosystem
textile recycling and other innovative are making progress in mapping networks Transforming waste by
technologies are improving the volume and partners to promote circularity, and minimising waste generation,
of products at end-of-life that can be are extending our engagement beyond valourising suitable waste, and
recycled; resulting in closing the loop immediate (Tier 1 suppliers) to include promoting recycling.
and reducing extraction of further Tier 2 suppliers. Recyclers Logistics providers
virgin resources. Our Planet Changed for Good
In addition, the MAS Sustainable Product through sustainable manufacturing:
Criteria and rating system are also Segregators
conserving resources, reducing
informed by circularity principles – chemical use, and maximising
ensuring our efforts for sustainability water recycling.
through circularity are integrated in the
core line-of-business.
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SOURCING materials, the majority of our packaging PARTNERING FOR

SUSTAINABLY products come from sustainable certified SCALE
We work with suppliers, partners, and sources and we work with customers A fundamental component of our efforts
innovators to responsibly source and and suppliers to source reclaimed and/ to circularity across the value chain is
develop recycled and regenerative raw or recycled materials wherever possible. engagement with a circularity partner
materials. This includes adopting and network. This network serves as the
TRANSFORMING
investing in initiatives such as circular or foundation for a robust reverse supply
HeiQ’s AeoniQ™ WASTE
regenerative yarns like chain for efficient movement of materials
and Ambercycle’s cycora® – to expedite As part of our commitment to the back into the production cycle.
their reach, scale, and commercial adoption. environment outlined in the Plan for
Change: Our Planet Changed for Good Recent collaborations, such as our
SUPPORTING CIRCULAR DESIGN pillar, we focus on minimising waste work with CIRCULOSE , an award-
AND MERCHANDISING generation, valorising suitable waste, and winning Swedish textile-to-textile
We work with partner-brands to promoting recycling. Our efforts include recycling initiative, are scaling access
innovate the way products are made, and partnering and establishing networks to high-quality recycled materials.
implementing circular design principles to convert RM waste into new yarn and
for durability, reusability, repairability, developing projects to separate and
and recyclability in products. This means recover materials from garment waste.
wherever possible, we produce apparels Our initiatives extend to addressing
that can last longer, use fewer resources, waste outside our operations – exploring
and be recycled after use. Our active avenues to scale synthetic and natural-
innovations include the utilisation of fibre recycling and reincorporation of
mono-materials to improve recyclability post-consumer waste into the production
and employing innovative technologies process. Innovative partnerships and
like engineered knit (E-knit). projects such as Cellucycle, are delivering
impressive results through closed-loop
With a global production footprint and recycling of cotton-polyester fleece waste.
almost all packaging materials sourced
externally, our experienced merchandisers
and customer-facing teams play a key
role in ensuring packaging is sustainable.
While customer-nomination is the primary
driver behind selection of packaging
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Our Approach to Lives Changed for Good

At the centre of our ability to be a Introduced in 2020, the MAS Social women’s empowerment is not achieved Childcare facilities and flexible work
Material Topics potent force for good is an evolving Sustainability Scoring Tool (SS Tool) through a single programme, but through arrangements are crucial enablers that
social compact with our employees and integrates key social sustainability KPIs a holistic ecosystem. address practical realities and alleviate
1. Empowering Women communities; a partnership built on into our group strategy deployment, the significant burden of caregiving that
To this end, we employ a framework for
2. Sustainable Compensation shared values and mutual benefit that is Hoshin Kanri. often disproportionately falls on women.
women’s empowerment that integrates
3. Diversity, Equity, and Inclusion shaping industry norms. These proactive policies and investments
This tool effectively cascades our economic, social, and political dimensions,
4. Learning and Development in infrastructure allow our women to
As a global apparel manufacturer with social impact ambitions throughout and considers ten broad areas that we feel
pursue and maintain employment as they
5. Health, Safety, and Wellbeing a significant presence in South Asia, we the Organisation, from leadership to are crucial to creating workplaces where
balance professional ambitions with family
6. Engaging and Purposeful understand the scrutiny our industry employees. Individual facility scores, our women can thrive.
obligations. In turn, these structural elements
Culture faces regarding labour practices. We are calculated monthly, quarterly, and z Career advancement
in our workplaces enhance overall work-life
7. Community Development committed to demonstrating a departure biannually, are tied to CEO performance. z Skill development integration, and reduce the need for women
from those norms, investing in training, Collated data is rigorously validated by
z Women’s health and SRHR to choose between career and care.
Aligned GRI Topical Disclosures development, and equitable compensation. pillar and divisional leads and shared with
We aim to provide careers, not just jobs, by senior management. Finalised scores are z Preventing gender-based violence Creating and uplifting role models is a
1. GRI 405: Diversity and Equal implementing these principles across our shared with the CEO’s office and other means to inspire even more women, while
z Creating role models
Opportunity diverse operations. Senior Management personnel. unconscious bias training helps recognise
z Unconscious bias training
2. GRI 401: Employment and reduce internalised systemic biases,
Beyond our factories, we are committed to z Childcare and maternity support
3. GRI 404: Training and Education EMPOWERING while challenging systemic norms and
community development, acknowledging z Mentoring and sponsorship for women
4. GRI 406: Non-Discrimination the intrinsic link between our success and
WOMEN disparities. Mentoring and sponsorship
5. GRI 402: Labour Management Given that women constitute a significant z Recruitment, retention, and create pathways for inspired and
the prosperity of the regions in which we
Relations majority of our global workforce, women’s promotion strategies empowered women to take up leadership
operate. This involves partnerships and local
empowerment is not just an ethical z Flexible work and family
positions, strategic recruitment, retention,
6. GRI 403: Occupational Health initiatives aimed at long-term sustainable
imperative; it is a core business strategy. friendly policies and promotion policies solidify these
and Safety growth. We are acutely aware that the
Our work in this regard involves directly gains – ensuring our workplaces suitably
7. GRI 407: Freedom of Association efficacy of these programmes and their
addressing gender gaps specific to the Career advancement and skill development respect, and retain the women who
and Collective Bargaining ability to address complex socio-economic
apparel sector, and persistent structural not only allow our women to excel at their empower our global operations.
realities requires ongoing assessment.
8. GRI 413: Local Communities inequalities existing in the various jobs, they also provide fundamental tools Women’s empowerment programmes
HOW WE DRIVE SOCIAL countries we operate in. for economic independence. Programmes integrate targeted interventions with
that address women’s health and SRHR,
SUSTAINABILITY Recognising this pivotal role women broader system-change; wrought
alongside those preventing and addressing through policy support, infrastructural
To ensure our social responsibility play in the social sustainability of our
gender-based violence are working investments, affirmative action, and
translates to tangible impact, we employ enterprise, we prioritise diversity, equal
to safeguard women’s physical and addressing of unconscious bias. This
a robust tracking system aligned with opportunity, and women’s development
psychological safety. reflects the understanding that individual
the social pillar of our Plan for Change. across our operations. We believe true
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empowerment requires systemic change the performance management process, cultivating a supportive and inclusive implemented and independently managed
that tackles the root causes of gender starting from the Group CEO, to all CEOs work environment. We further amplify across all our SBUs. Additionally, MAS Organisation’s (WHO) work on SRHR
inequality, including gaps in resources, of Strategic Business Units (SBUs), as this commitment through internal and has standardised maternity and paternity as fundamental human rights and the
skills, and rights. These efforts are well as the entire HR fraternity across the external media campaigns that spotlight leave policies across the Group. Maternity International Labour Organisation’s
nurturing an enabling environment that business. Progress is measured along inspirational women. leave is a mandatory provision that we (ILO) findings on the detrimental
can attract, retain, and empower our with all business KPIs in our main make available to all pregnant mothers impact of GBV on workplace
MAS has consistently celebrated women
female talent to excel. strategy process. across our operations, in line with legal productivity and women’s wellbeing.
who surpass limitations and reach
requirements. By preventing and addressing these
We are also proud signatories of the UN Our targets for representation of women new heights, recognising them as an
issues, we aim to safeguard our
Women’s Empowerment Principles since in management and in manufacturing inspiration to the organisation and Similarly, all fathers are entitled to
female workforce and contribute to
2011, members of the UN Global Compact leadership are set as strategic reward- beyond. Elevating them as role models paternity leave. Wherever possible, we
broader societal progress.
since 2003, and one of the first Sri Lankan based goals for leadership. Over the years, and sharing their success stories is a core attempt to provide benefits that surpass
signatories to the UNGC’s Target Gender we have worked on many interventions strategy for promoting gender equality regulatory requirements in order to better
Equality programme. to support and develop more women across our operations. support our workforce. For example, since MEANINGFUL
into the leadership pipelines, leading to January 2023, MAS KREEDA pioneered EMPLOYMENT
To ensure these commitments and ENABLING ENVIRONMENT AND
incremental changes in this indicator. additional childcare and dependent care
conversations translate into lasting AFFIRMATIVE ACTION GRI 401, 404, 405
There are also bi-annual checks and leave for all employees.
impact, we continuously engage with the At MAS, we believe in prioritising our
quarterly progress reports sent to the Our operations extend across fourteen
women across our operations, regulators employees while extending support
Group CEOs office, which help business countries, including customer-facing and
and policy-makers in government,
schools and universities that are inspiring
teams to check and adjust interventions to their families and communities. We Addressing Women’s support functions in North America and
along the way. champion policies and infrastructure
young minds, and other stakeholders that enable women to achieve their full
Health, Sexual and Singapore. The diverse MAS workforce,
who are committed to empowering In addition to the priority focus areas rich in unique perspectives, skills, and
potential in the workplace. This includes Reproductive Health abilities, fuels our impact through the Plan
women and shifting mindsets towards outlined below, our policies, process, advocating for and implementing childcare
diversity and inclusion. We also work with and initiatives for talent acquisition and and Rights (SHRH), and for Change.
facilities, lactation rooms, flexible work
government and non-government bodies, retention, learning and development, arrangements, and comprehensive Gender Based Violence To support our workforce our greatest
international organisations and subject- employee wellbeing, DEI, health and parental leave policies, which attract and strength we leverage advanced technology
experts to understand gaps and needs, safety, culture and purpose, and employee Over the last few years, we have
retain female talent while fostering their significantly deepened our focus on and talent analytics, ensuring seamless
and to identify the best ways to go about engagement; all apply to, and benefit, the wellbeing and career advancement. integration, compliance, and optimisation
addressing these. women in our organisation. crucial areas such as Sexual and
Reproductive Health and Rights of our HR systems.
Going beyond basic support, our ‘Dignity
Having leadership buy-in is a crucial part WOMEN IN MANAGEMENT of Motherhood’ programme, carried out by (SRHR) and Gender-based and In line with our commitment to Meaningful
of this journey. The efforts in this space At MAS, we are actively paving the way for MAS Intimates provides holistic pre and Intimate Partner Violence (GBV/IPV). Employment, all our staff including
are therefore governed and strategically more women to lead. This commitment is post-natal care for mothers and babies. This underscores our recognition, factory-floor teams across our global
driven by the Board of Directors, with the demonstrated through strong leadership Similar division-driven programmes are aligned with the World Health operations, are classified as full-time
commitments and KPIs embedded into support, accountability, and a focus on
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employees. The majority of our workforce internal and external branding materials. participate in workshops, and immerse
are employed on a permanent basis, with Recruitment decisions are based solely themselves in Sri Lankan culture. These Transparency and accountability The MAS 70:20:10
employment status confirmed after a on merit, guaranteeing a fair and inclusive events also enable us to establish are fundamental to our L&D
probationary period. A smaller portion are hiring process. We continuously improve valuable connections with international strategy. We uphold compliance with Philosophy
employed on fixed-term contracts, based our recruitment strategies, measuring universities for future programmes. international standards and integrate Our multifaceted approach ensures
on operational needs and in compliance success through KPIs such as internal anti-corruption policies into our employees feel empowered in
with local labour laws. However, a mobility, first-year performance, first-year LEARNING AND training programmes, reinforcing their roles and contribution to the
significant proportion of employees in retention, and recruitment lead times. DEVELOPMENT our reputation as a responsible and organisation’s strategic goals.
Jordan, Kenya, and Vietnam are engaged GRI 404-2 ethical corporate citizen.
STRENGTHENING LOCAL Experiential Learning (70%): We
on fixed-term contracts.
TALENT PIPELINES A robust Learning and Development (L&D) prioritise experiential, encouraging
TALENT ACQUISITION To strengthen ties with future talent, strategy is no longer a mere benefit, employees to gain insights through
AND RETENTION MAS actively participates in career fairs, but a necessity. We believe a culture of GRI 404-1 real-world application.
including dedicated recruitment events continuous learning creates a resilient and
GRI 401
Through MAS Education, our central Social Learning (20%): Social learning
at key state and private universities. We innovative workforce. Through upskilling
learning hub, all employees from team fosters knowledge sharing through
With approximately 75% of our workforce offer personalised guidance to students, and multiskilling, our employees receive
members to executives have access to peer interaction and mentorship.
based in Sri Lanka, MAS operations and providing insights into our business roles tailored learning opportunities, enabling
them to excel in their roles and advance technical and leadership training, strategic Formal Learning (10%): Formal
employees were significantly impacted and expectations. These engagements
their careers. Through their success, and cross-functional learning initiatives, training programmes aim to bridge
by the country’s economic challenges, maintain our brand presence among
we ensure MAS remains competitive, and self-learning opportunities that drive skill gaps and provide up-to-date
affecting both hiring and turnover rates. future job seekers and contribute to
agile, and primed to navigate a dynamic career growth. knowledge.
workforce capability development. We also
OUR CORE VALUES facilitate skill development programmes business landscape.
IN RECRUITMENT to prepare graduates for the evolving We continuously evaluate our training
At MAS, talent acquisition extends beyond world of work, and cultivate strategic programmes and actively seek feedback
filling vacancies; we seek individuals partnerships with universities and from our employees to stay ahead
who resonate with our core values professional bodies. of industry trends, adapt to evolving
and purpose. We aim for candidates to market needs, and ensure that our skill
understand our organisation’s ethos, BUILDING GLOBAL
development initiatives remain relevant.
driven by purpose and shared values. Our PARTNERSHIPS FOR TALENT
As the future of work evolves, so do we.
employer value proposition embodies MAS extends its talent acquisition efforts By staying informed on the latest talent
this commitment, with diversity, equity, globally by participating in international trends and best practices in capability
and inclusion as fundamental principles. events that offer students from around building, we ensure that we remain at the
As an equal opportunity employer, we the world the opportunity to experience forefront of our industry.
ensure these principles are reflected in all our facilities, gain business insights,
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LEADERSHIP SKILL DEVELOPMENT LEARNING AND direction. Divisions prepare their

AT SHOP FLOOR LEVEL: DEVELOPMENT CYCLE budgets against IDP requirements,
z A structured framework has MAS employs a comprehensive learning taking into account the above
been developed to enhance core cycle that comprises six components, considerations.
competencies among Group which drive the organisation’s learning 5 Nominations call out – The process
Leaders (GLs). and development initiatives each year. of calling out nominations for the
z The Shilpi programme equips The components of the L&D cycle are signature programmes offered by the
GLs with instructor skills, enabling interconnected and interdependent, and COE. Divisions are required to indicate
them to effectively deliver training to therefore all essential for successful their budgeted headcount for each
their teams. implementation of the L&D strategy. signature programme and IDPs are
z Certification and diploma programmes prioritised during this process.
1 Competency Assessment – Evaluates
focus on refining soft skills and 6 Execution of L&D Interventions –
the expertise of the job-holder
enhancing technical knowledge for GLs. Implementation of COE-led learning
against levels of competence required
to perform the job-role. programmes according to the pre-
TRAINING AND DEVELOPMENT determined programme calendar.
AT EXECUTIVE LEVEL AND ABOVE: 2 IDP Formulation – Identifies Divisions can run their own
z A standardised learning and
skill-gaps based on the skills and programmes as required, at
development (L&D) Policy ensures a levels required for the role. This divisional level.
streamlined learning experience across also sets out competencies to be
all divisions. developed, thereby guiding learning
BUILD BACK
interventions required to close or
z A template is used to track the 70% BETTER
minimise the skill gap.
experiential learning component, We continuously evaluate our training
facilitating improved evaluation and 3 HRD sign off on IDP – The process of programmes and actively seek feedback
feedback. vetting prepared IDPs from a human from employees to stay ahead of industry
z Development programmes incorporating
resources perspective to match skill trends, adapt to evolving market needs,
essential technical competencies are gaps with training resources, in order and ensure that skill development
provided for senior staff. to best align and plan competency initiatives remain relevant. As the future
development. of work evolves, so do we. By staying
z Quarterly forums for divisional L&D

champions foster communication, 4 Budgeting – Following signoff, a informed on the latest talent trends and
collaboration, and the sharing of best Learning Menu is developed and best practices in capability building, we
practices, ensuring synchronised circulated along with the Learning ensure that we remain at the forefront of
learning and development efforts Catalogue. Budgeting guidelines align our industry. The MAS Build Back Better
across MAS. with the business context and future initiative exemplifies this approach.
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Strategic priorities
overheads, strengthening talent through
What? Why? Sub levers Sub lever scope
100% secured talent pipelines for critical
roles, and establishing an ideal structure To ensure that Attract and retain Manning To move towards
Global footprint across MAS. the required talent global technical optimum utilisation
and capability talent to support Leadership of resources while
A footprint to 40% outside TALENT is available to growth maintaining ideal
Technical Talent
Sri Lanka by 2024 support the 3 pillars material flow which
The Talent Pillar was specifically aimed (agility, productivity Securing the global would support
at developing talent and strengthening and GFP) and drive leadership pipeline in enhancing
capabilities to support long-term MAS’ long-term to drive MAS productivity
Agility long-term
organisational goals with a special manufacturing and
operations strategy manufacturing Build and sustain
15% agile capacity across focus on manufacturing. The initiative strategy globally ready,
MAS by 2024 focuses on attracting and retaining global inspirational
Right skill set leaders who drive
technical talent, cultivating a strong to support the manufacturing
leadership pipeline, and enhancing skills manufacturing and excellence in MAS’s
Productivity to ensure adaptability in the evolving operations strategy aggressive growth
manufacturing environment. plans
Manufacturing overhead Optimising manning
as a percentage of sales at z Optimising Resource Utilisation and the structure Enhancing the
21% by 2025 (Manning): Ensuring that resources are right technical
Changing nature of
skill set to support
effectively allocated to meet evolving global manufacturing
manufacturing and
business needs. landscape
Talent operations strategy
z Building Globally Ready Leaders
100% secured talent pipelines for (Leadership): Developing leaders who
critical roles and ideal structure can sustain manufacturing excellence
across MAS and drive organisational growth across
global markets.
The Build Back Better initiative was z Enhancing Technical Skills
implemented across MAS from 2022 (Technical Talent): Strengthening
onward, with a focus on expanding the technical expertise to augment
Group’s global footprint, enhance agility standards of quality and innovation
by increasing capacity spread, improving in manufacturing processes.
productivity by controlling manufacturing
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TECHNICAL early 2023 with a comprehensive review Technical competencies

TALENT of existing technical competencies, which To assess technical
The Technical Talent sub-pillar of the needed updating, seemed outdated, or Original framework developed by Deloitte, required revamping to competency, identify gaps
Build Back Better initiative focused was misaligned with evolving demands of reflect advancements. 154 outdated and redundant competencies, and develop technical
the industry and the organisation. Guided established a decade ago, no longer relevant to evolving industry needs. talent in manufacturing.
on enhancing technical skills across
job families and roles within the by product technical experts, we evaluated Reduced to 8 technical competencies with the input from product experts,
manufacturing community. This initiative and refined these competencies to ensure SMEs, and Group Ops leads. To be dynamic and relevant.
spans the Group’s key legal entities relevance and adaptability to the current
and includes positions ranging from business landscape.
Technical Training Manual
Executive to General Manager, across 16 A collective of carefully
KEY STEPS OF THIS PROCESS INCLUDED: curated and focused
job families in the manufacturing scope. Existing technical trainings were Division-specific training led to technical knowledge to
Developing technical talent within the Competency Refinement: From an initial inconsistencies. Programmes were redundant and repetitive. address the technical
Group was identified as a key factor to list of 154 technical competencies, the Manual developed to ensure standardisation and consistency skill gaps.
drive efficiency and productivity, facilitate programmed focused on 20 core areas across all divisions.
multidisciplinary rotations, and deliver that aligned with the Group’s strategic Repository of all existing technical training programmes.
innovative solutions aligned with market priorities. This framework also built a
trends and customer demands. foundation for technical competency
development of other job families across Ideal Profile
The initiative also provides a platform for To identify and develop
the business. the ideal technical
employees to acquire the product-related
Outlines key capabilities (Knowledge, troubleshooting, continuous talent required to bring
technical expertise necessary to excel Dynamic Framework: Competencies improvement). out the potential of the
in their roles while addressing technical were redefined to reflect current industry organisation’s talent.
skill gaps and developing the training standards, technological advancements,
programmes to build capability. It also and organisational needs.
fosters retention through opportunities for
Competencies are the bridge that aligns
career progression, continuous learning, the Business and Talent strategy
and talent rotation within manufacturing.
Setting and standardising technical
competencies was an element of our Business Strategy Talent Strategy
approach that defined the set of technical Deciding where to play, how to win, drive Getting the right talent, with the right
skill required to effectively perform growth and maximise long-term value. abilities, in the right roles, at the right time.
specific job roles. Our journey began in
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CREATING IDEAL 3. Check and Adjust Approach STEPS IN COMPETENCY Self-Assessment – An employee assesses
PROFILES z Regular Assessments – Periodic ASSESSMENT him/herself with the required levels of
1. Ideal Profile Overview reviews to keep competencies The IDP deployment of technical proficiencies under each competency
aligned with evolving needs. competencies, as with the Technical while giving examples of demonstrating
z Defines the essential technical skills
z Stakeholder Feedback – Engages Competency Framework, follows the the required behavior.
and expertise required for a specific
SMEs, managers, and employees for same process. Agreed Assessment – The Line Manager
job role.
z Outlines expectations for
real-world validation. assesses the employee with required
troubleshooting abilities, technical z Performance Tracking – Monitors the Self levels of proficiency to perform the
capabilities, and contributions to impact of competencies on employee Assessment job and the actual levels of proficiency
innovation. effectiveness. possessed by the employee and identify
z Continuous Improvement – Updates
the skill gaps together. This is a One-
z Designed with input from the Group
on-One conversation between the Line
Operations Core Team and SMEs to based on industry trends and
Manager and the Employee.
ensure accuracy and standardisation. operational feedback.
Manager Submit for Employee Mark Developmental Requirements –
Ethical business practices are deeply Acknowledgement Identify the skill gaps and marking off the
2. Impact of the Ideal Profile
embedded in our learning initiatives. current proficiency levels of the job holder.
z Enhances Performance – Provides
Whether through the MAS DNA E-learning
clear competency guidelines to modules, virtual, or in-person training Manager Submission –
improve job effectiveness. sessions; we provide our employees with The Line Manager submits the rating for
z Drives Innovation – Encourages new the knowledge and tools to navigate the Mark Dev. employee acknowledgement.
ideas and solutions for operational complexities of the business world Requirements
Employee Acknowledgement –
excellence. with integrity. Final agreement between Line Manager
z Supports Career Progression – Helps and Employee on the given ratings for
At MAS, we take a data-driven approach
employees identify skill gaps and to capability building, identifying skill each competency.
grow professionally. gaps through a structured competency Agreed
z Ensures Consistency – Establishes assessment process and deploying Assessment
standardised technical competencies targeted training programmes to
across teams. address them.

Employee
Acknowledgement
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COMPETENCY INVESTING IN Regular performance reviews and PERFORMANCE BUILDING FUTURE LEADERS:
FRAMEWORK GROWTH career development discussions are MANAGEMENT SUCCESSION MANAGEMENT AT MAS
MAS follows a competency-based In a constantly evolving work landscape, integral to our strategy. We provide The MAS Performance Management (PM) A strong pipeline of capable talent is
learning approach that cascades to MAS is at the forefront of talent constructive feedback and foster system provides a continuous process critical for filling key leadership roles.
creation of individualised learning plans development by staying informed accountability, empowering employees designed to empower our workforce in Our robust Succession Management (SM)
for employees based on their current on the latest global L&D trends and to achieve their full potential and career the dynamic apparel industry. It focuses process ensures this through structured
level of competence. This approach helps best practices. We conduct regular aspirations. All executive and senior on identifying, measuring, and developing identification and development. This
employees gain the specific knowledge, assessments of our L&D programmes and employees undergo annual performance individual and team performance, process is continuously refined, to allow
skills and abilities they need to excel encourage employee feedback, ensuring reviews, while team members and other directly aligning efforts with our enhancements and adapt to evolving
in their current role; or to progress to our skill development initiatives are staff are evaluated during probationary overarching organisational objectives. talent needs. Critical areas requiring talent
another role as could be defined by a aligned with changing market demands. periods and career transitions. This comprehensive approach includes safeguarding are regularly identified,
Succession Development Plan (SDP). clear goal setting, mid-year reviews for and the process is adjusted accordingly.
Ethical business practices are integrated TEAM LEADER AND GROUP
progress tracking, values assessments to Leadership KPIs measure the process’s
Competencies create a link between the into all learning initiatives, from MAS LEADER DEVELOPMENT
reinforce our core principles, and year-end effectiveness and ensure accountability.
abilities of the job holder and the expected DNA E-learning modules to virtual and MAS provides a Technical Skills evaluations for overall performance and Our SM process is integrated with other
level of expertise for the job-role, which in-person training, equipping employees Development programme specifically future development planning. talent management functions. We leverage
enable the organisation to clearly define to navigate business complexities with designed for Team Leaders (TLs) and our performance management system
skill-gaps. integrity. We have adopted a data- Group Leaders (GLs). This programme Through targeted opportunities, we enable
and surveys to identify high-potential
driven approach to L&D, identifying skill develops both technical expertise and employee growth and skill enhancement.
The MAS Competency Framework talent and critical leadership roles,
gaps through structured competency essential soft skills, enabling participants While all Executive levels and above
has established two main streams of providing a clear overview of our
assessments and deploying targeted to excel in their leadership roles and adapt undergo annual reviews, Staff and Team
competence – leadership and technical. talent landscape.
training programmes. The Group’s to evolving industry demands. Member evaluations are tailored to
These are further sub-divided to ascertain
L&D function tracks training hours and specific roles and skill requirements.
14 criteria for leadership competence, and The programme offers a structured
conducts assessments to measure
specific technical competence defined by learning pathway with certificate, diploma,
effectiveness and optimise our investment.
the nature and job-specific subject matter and degree levels, catering to diverse
This translates into specialised skill
expertise required. learning needs and career aspirations.
enhancement programmes such as
MDP, EDP, BCE, MCL, Elevate for senior To ensure relevance, both the certificate
leadership, and mechanic training and and diploma programmes are periodically
self-employment skills programmes for revised to reflect updated industry
team members and staff. requirements.
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TALENT GOVERNANCE CAREER MAPPING AND

Critical Role Talent Review Process
AND REVIEW TALENT ROTATION
The Talent Board, comprising members A phased approach is taken to introduce
Critical Role Survey Benefits of the process: Benefits of the process: High Potential Survey from MAS Holdings, Apparel, and Career Mapping within MAS, as a strategic
z Understanding of z Understanding of your
Innovations Boards, drives the Group- tool to help employees align their career
Critical Roles required talent landscape. wide talent review process which is held aspirations with organisational goals.
Performance bi-annually. These reviews assess critical This process and framework aims to
for the business. z Understanding impact
Management Process
z Focus on the
role pipelines, high-potential talent, provide a clear pathway for growth
of loss and risk of
development interventions, and leadership through meaningful experiences and
succession pipeline loss of Talent.
Critical Role List mobility plans. This process supports a skill development; by supporting internal
for these roles. z High Potential
culture of continuous learning and growth. mobility, preparing employees for diverse
z Retention and Leaders and NINE BOX PROCESS Global plant talent reviews complement roles, and fostering personal and business
Development of talent. Technical Experts.
this process, ensuring we address talent growth.
challenges across all locations.
In addition, the Company’s talent rotation
To complement these initiatives, Centre of process promotes internal mobility;
Succession Pipeline List Succession Pipeline Creation High Potential Employee List Excellence Talent Reviews are conducted encouraging employees to explore new
to assess and enhance talent within opportunities across divisions and areas
specialised functions. These reviews help of expertise. Together, these programmes
build functional bench strength, identify foster robust talent-growth and support
subject matter experts, and support talent the Company’s intention to cultivate an
Succession pipelines are created for all critical roles. rotation. By ensuring the right individuals agile, future-ready workforce.
Identified high potentials through the nine box process are placed in critical roles, MAS secures
both immediate operational needs and TALENT
are added to the pipeline as potential successors
of the critical role. long-term business continuity. RETENTION
We employ a structured approach to
SUCCESSION DEVELOPMENT identify and monitor critical talent
AND PLANNING movement monthly. A comprehensive
Customised Succession Development suite of retention strategies, including
Plans (SDPs), aligned with target roles, are competitive compensation and benefits,
created for individuals in talent pipelines. growth opportunities, a positive
These plans are developed using MAS’s organisational culture, employee well-
70:20:10 learning philosophy. being initiatives, and talent conversations,
is implemented across the MAS Group to
nurture and retain this vital talent pool.
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EMPLOYEE WELLBEING INVESTING IN OUR BEYOND WELLBEING:

AND WORK-LIFE BALANCE MENTAL WELLNESS ADDITIONAL SUPPORT Drive Fair and
A positive work environment is built We recognise that mental health, Many of our programmes go beyond core Performance Sustainable Equitable
upon the fundamental wellbeing of substance abuse prevention, domestic wellbeing dimensions, offering additional
our employees. We recognise that abuse assistance, and suicide prevention elements such as legal guidance and
wellbeing drives growth, satisfaction, are vital to fostering a healthy and support. Additionally, to further assist
and resilience, and therefore champion productive global workforce. Our our employees, most of our SBUs have
a holistic four-pronged approach commitment to these concerns aligns appropriately included creche and day
encompassing mental, physical, with our foundational values of inclusivity, care services, as described in the sections
emotional, and financial wellbeing. compassion, and support for our team, detailing our programmes that are
In addition to these core areas, MAS transcending typical business goals. empowering women.
extends further support to employees,
including legal assistance and guidance. MEASURING IMPACT AND COMPENSATION AND
DRIVING IMPROVEMENT BENEFITS
Ensuring employee wellbeing and Attract and Mobilise
work-life balance is a core commitment We utilise regular surveys and feedback GRI 401-2, 2-19, 2-20 Realistic
Retain Talent Resources
within our Meaningful Employment mechanisms to assess the effectiveness Our commitment is to guarantee fairness
sub-pillar. To achieve this, we implement of our wellbeing initiatives and identify and equity for all within our workplace.
a diverse range of health promotion areas for enhancement. Continuous This commitment is evident in our
programmes focused on both physical needs assessments further inform the competitive compensation packages,
and mental wellbeing. Much of the customisation of our programmes to meet which consistently exceed minimum
infrastructure and policy support we have the diverse requirements of our team. wage standards. We categorically reject
in place creates an enabling environment discrimination in our compensation and
Recognising the sensitive nature of well-
not only for women, but for all our staff. benefits practices. We firmly believe that
being topics, MAS designs all programmes
Acknowledging the diverse requirements to ensure confidentiality and provide safe recognition and reward at MAS should
of each division within the international spaces for employees seeking support. be based exclusively on an individual’s
context, MAS grants each division the Information on accessing these services is contributions to the Company’s success,
autonomy to implement customised readily available to all employees. irrespective of social factors.
wellness programmes. To support the
health of our workforce, we ensure every
Strategic Business Unit (SBU) has access
to in-house healthcare professionals and
well-equipped treatment facilities.
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STANDARDISED REMUNERATION employee wellbeing, engagement, Our Equal Opportunity and INCLUSIVE EMPLOYMENT FOR
POLICIES AND PROCESSES retention, and empowerment to meet Propelling Professional Anti-Harassment Policy applies PERSONS WITH DISABILITIES (PWDS)
organisational needs. comprehensively to all stakeholders
We employ a standardised and Growth employees, candidates, advisors,
MAS adopts a rights-based approach to
accountable approach to ensure The Group’s compensation practices disability, aligning with the International
MAS encourages continuous clients, vendors, partners, and visitors
sustainable compensation for employees include an annual increment process that Labour Organisation (ILO) and the United
professional development by guaranteeing a safe and respectful
across the Group. The Compensation adjusts salaries, aligning with our rewards Nations Convention on the Rights of
reimbursing pre-approved annual experience across all interactions
Committee, comprising key members framework, considering employee Persons with Disabilities (2006). This
professional membership fees, up to with MAS, both inside and outside
of our apex governing body, Group-level categories, addressing organisational shifts the focus from a medical model to
a specified limit, for Executive-level our premises.
senior leadership, HR, Finance, and the needs, and adhering to global best a social model, recognising the rights and
Compensation and Benefits (C&B) Team, practices. and above employees in Sri Lankan To establish a uniform Freedom of potential of individuals with disabilities.
oversees all compensation decisions, SBUs. This benefit, effective from Association (FOA) Policy across all MAS
MAS provides employees with benefits their start date, empowers employees Our Supported Employment Process
including increments and bonuses. divisions, we conducted a comprehensive
such as medical, illness, and accident to remain current with industry provides personalised assistance and
review of existing policies, consulted
Guided by an internal charter that outlines insurance, communication and transport trends and refine their skills, accommodations to facilitate successful
with internal and external experts, and
processes, authority, and scope of allowances, and support for professional benefiting both individual growth workforce integration for employees
studied relevant ILO conventions to align
oversight, the Compensation Committee development and wellbeing. These and organisational expertise. with disabilities. Supported Employment
with global best practices. Based on
endorses annual increments and makes, benefits are delivered equitably, while Officers work directly with these
these insights, an FOA Policy was drafted
vets, or approves key C&B decisions based also considering specific job roles and employees, ensuring they receive
and translated into three languages for
on their business impact. A compensation designations. CULTIVATING AN INCLUSIVE the necessary support to thrive and
accessibility, reaffirming MAS employees’
subcommittee supports routine and AND RESPECTFUL WORKPLACE contribute meaningfully to the Company.
fundamental right to freely associate and
internal C&B matters. We adhere to best MAS actively maintains an inclusive work express themselves. Following leadership Our strategy for creating an inclusive
practices and fairness protocols outlined Recognising Long-service environment that champions diversity, alignment, the policy is scheduled for workplace for PWDs focuses on four
in the Group’s Compensation and Benefits inclusion, and freedom of expression and
MAS values employee loyalty, formal rollout across the organisation by key investments:
Centre of Excellence (CoE) guidelines. identity. We strictly prohibit discrimination
demonstrated through our the first quarter of 2025.
and harassment. All individual-related z Employ: We value the unique talents
COMPREHENSIVE AND EQUITABLE ‘Experience and Recharge’ and perspectives each employee brings.
decisions are made fairly, considering
COMPENSATION AND BENEFITS long-service leave. Senior Executives, True inclusivity is realised by fostering
business needs, job requirements, and
after five years of continuous service, an environment where all individuals
Our compensation and benefits strategy merit. We expect everyone to contribute
are entitled to a 5-day break, while can excel and contribute their best,
is designed to be comprehensive and to this environment by treating each other
Assistant Managers and above irrespective of challenges.
equitable. We provide fair and competitive with dignity and respect.
enjoy a 10-day break. This benefit
remuneration, aligned with market z Enable: We empower employees
recognises the dedication of our
standards, industry benchmarks, and with disabilities through essential
long-serving team members and
individual performance. Our benefits support systems, including a buddy
is granted every five years.
surpass national mandates, prioritising system, sign language training, and
accessible technology.
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z Engage: To build a sense of community wherein we have made a pledge to uphold WORLD-CLASS OUR COMMITMENT TO WORKPLACE enhancement, mental health support, and
and belonging among employees non-discrimination and to foster diversity WORKPLACES HEALTH AND SAFETY stress management resources. Potential
with disabilities, we organise annual and inclusion with freedom of expression GRI 402, 403 GRI 403-9, 403-10 work-related ill-health from exposure
engagement events, like outings and and identity for all. to hazards such as noise, chemicals,
gatherings. We also partner with Employee safety and wellbeing are a and vibration are also monitored. To
The need for sensitisation was also
disability networks for community
identified through feedback received
Our Commitment: fundamental responsibility at MAS. We support our long-term aspiration for zero
initiatives, offer accessible JCC foster a proactive and interdependent accidents, incidents and diseases, we are
through internal surveys. Reflecting Be first-in-class for working
minutes, and provide sign language and safety culture, driven by a shared establishing annual targets for incident
on this need, we partnered with the conditions in our industry
emergency training for families and commitment to eliminate accidents, frequency and severity rates across all
Grassrooted Trust due to their wealth
friends of persons with disabilities. incidents, and diseases throughout operational levels. Our efforts aim to
of experience and expertise in this
z Empower: We promote autonomy by MAS is dedicated to establishing our operations. improve overall employee wellbeing,
space. Having begun with Focus Group
providing PWDs new job opportunities or world-class workplaces that prioritise contributing to productivity, satisfaction,
Discussions (FGDs) to understand We are establishing annual targets for
cross-functional roles, enabling them to safety, security, and employee and sustained engagement with MAS.
current levels of awareness in this space, incident frequency and severity rates
achieve their full potential. Additionally, sensitisation workshops were developed, engagement. We aim to cultivate a rich across all operational levels, while
we offer specialised counselling, and roll-out was initiated in small but and purposeful culture that fosters maintaining our long-term aspiration.
mentoring, and avenues for leadership steady steps across the Group. productivity and a sense of belonging,
and soft skills development. ensuring our facilities provide an ideal, A healthy workforce is essential for
With the understanding that collaboration comfortable, and secure environment our long-term business success. To
SEXUAL ORIENTATION, GENDER IDENTITY, is essential for SOGIESC progress, MAS for our teams to excel. this end, we have implemented diverse
GENDER EXPRESSION, AND SEX continues to partner with organisations programmes focusing on physical and
CHARACTERISTICS (SOGIESCS) such as The Grassrooted Trust, the We aspire to global leadership in mental health. These initiatives include
National Transgender Network Sri sustainable, ethical, and people-centric programmes for non-communicable
In 2022, MAS began a programme
Lanka, and EQUITE Sri Lanka. Together, business practices. We go beyond industry disease prevention, eye protection,
for sensitisation regarding People of
we develop comprehensive training or regional standards by actively listening nutrition promotion, breast cancer
Diverse Sexual Orientation, Gender
programmes, identify support system to employee needs and benchmarking our awareness, reproductive health
Identity, Gender Expression, and Sex
gaps, establish access processes, raise performance against global best practices.
Characteristics. This was a need
mandated through our Equal Opportunity awareness, and train internal facilitators
and Anti-Harassment Policy as well as our to lead SOGIESCS sensitisation across all
Meaningful Employment pillar under the organisational levels.
Company’s 2025 Plan for Change strategy;
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OUR OCCUPATIONAL HEALTH AND MAS implements a robust Occupational Employee representatives across our campaigns, promotional competitions,
SAFETY (OHS) FRAMEWORK Health and Safety (OHS) management Strategic Business Units (SBUs) serve and systems that recognise and reward
GRI 403-1, 403-4, 403-5, 403-7, 403-8 system across our global operations, on active Health and Safety (H&S) responsible actions. H&S is also integrated
covering all employees and contract committees, acting as changemakers to into departmental KPIs.
Our Sustainability workers across the Group. This system influence leadership and peers.
MAS Plan for Change Impact Report surpasses legal requirements and aligns HAZARD AND RISK
Strategy
Training, knowledge development, and MANAGEMENT SYSTEMS
with international standards such as ISO
competency development in OHS are
45001, ILO standards, industry-specific GRI 403-2
Pillar of the crucial for effective H&S management.
Lives Changed for Good frameworks like the Social and Labour Through our OHS framework and
Strategy We methodically identify required
Convergence Project (SLCP), and globally management system, we proactively
competencies and knowledge for each
recognised standards for responsible identify potential hazards and risks at all
job role and individual, as part of our
business, such as SMETA. operational sites. A dedicated, skilled team
Our hazard identification and risk assessment
Creating World-Class Workplace
Commitment Our OHS commitment extends to on- framework. This enables us to establish performs regular hazard assessments,
site service providers, partners, and a comprehensive training schedule prioritising control measures based on a
stakeholders. To manage and mitigate covering general safety standards and risk management hierarchy that includes
Our North Star Goals/Aspirations business interruptions and impacts job-specific safety information and elimination, substitution, engineering
associated with OHS issues, emergencies, protocols. Our H&S training covers a controls, administrative controls, and
and disasters, we employ an overarching wide range of areas, including fire safety, personal protective equipment (PPE).
framework. This framework includes electrical safety, chemical management, Our hazard identification process
developing and periodically reviewing confined-space entry, fall protection, incorporates internal procedures for
Zero Zero Zero SBU-level, Divisional, and Group-level laser and radiation safety, machine accident and incident investigation to
Accidents Incidents Ill Health disaster management plans. We also safety, lockout and tag-out procedures, determine systemic root causes and
conduct mock drills, internal, and external ergonomics, and contractor safety. prevent recurrence. We rigorously
audits to ensure all relevant stakeholders analyse incidents using methodologies
To facilitate reporting and engagement,
are informed and aware of disaster and such as 5-Why Analysis, Fishbone
MAS offers various channels for
crisis management plans and protocols. Diagrams, and 8-Step Problem Solving.
employees to report near-misses, safety
Achieved through an interdependent safety culture A strong safety culture requires active suggestions, and Kaizen improvements We also disseminate learnings from
participation from all stakeholders, (continuous improvement initiatives), all incidents and analyses across our
particularly our teams. Employee including mobile apps, QR codes, operations, driving a proactive safety
awareness and engagement are vital for WhatsApp groups, paper forms, and culture. We continuously invest in
adhering to safety protocols, maintaining Fuguai tags (F-tags) placed on machinery. improving problem-solving skills through
compliance with standards, and upholding We reinforce employee participation in the MAS Operating System (MOS), which
a safe and healthy work environment. OHS through safety inductions, awareness cultivates a sense of safety ownership.
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We take a comprehensive approach to hazard identification, including evaluating the OPERATIONAL demonstrates MAS’ commitment to fair STAKEHOLDER ENGAGEMENT
potential impact of occupational exposure to chemicals, heat, noise, vibrations, CONNECT grievance processes and responsible AND TRANSPARENCY
and other factors on employee health and wellbeing. GRI 402-1, 407-1 corporate practices.
Our commitment extends to fostering
MAS prioritises a people-first approach, Operational Connect unites HR operations strong relationships with all stakeholders,
Banning leaders from each division. This platform including law enforcement, regulatory
Elimination purchasing/using upholding the principle of freedom
of association as outlined in ILO facilitates the resolution of potential authorities, schools, hospitals, and the
restricted chemicals
Convention 135, which concerns worker shop floor issues and drives a unified wider community. A dedicated community
representatives. This is implemented HR Operations strategy – “One MAS”. grievance mechanism enables local
Replacement of
Substitution through functioning workers’ councils: the The Connect also enables the sharing of residents to voice concerns related to
chemicals with less
toxic chemicals Joint Consultative Committee (JCC) and best practices for the broader group and MAS operations, which are reviewed
the Employee Representative Body (ERB). community, creating a comprehensive and addressed appropriately.
Introduction of Representatives are democratically elected understanding of the operational landscape.
Engineering BUSINESS STRATEGY
lifeline systems for annually by employees. JCC/ERB meetings
Control To empower representatives, HR COMMUNICATION
fall protection
require a recommended quorum of 75% of Operations has digitised operational
employee representatives. Management data and implemented robust data MAS prioritises open communication
Following electrical
Administrative ensures fair elections, efficient issue capture mechanisms, enabling actionable through a multi-layered stakeholder
safety procedures for
Control collation, and timely grievance responses. engagement approach. Annual and
electrical installations insights and data-driven decisions. HR
Representatives advocate for shop floor Operations, in collaboration with GHR biannual town hall meetings provide
Use of face shield and heat- employee interests, addressing a range Talent Analytics, facilitates knowledge employees with insights into the
PPE resistant gloves and clothing business landscape, customer trends,
of issues and ensuring all departmental sharing on best practices and develops
for welding activities and strategic direction. While the specific
voices are heard. HR operational dashboards (e.g., ERB/JCC,
H&S Accident, TM and Staff Recruitment). notice period for operational changes
EFFECTIVE EMPLOYEE REPRESENTATION These dashboards allow MAS to analyse may vary depending on the complexity
AND COMMUNICATION shop floor sentiment, health and safety of the change, plant and divisional
Monthly JCC/ERB meetings serve as statistics, and internal recruitment trends, leaders conduct regular briefings,
a problem-solving platform, where ensuring compliance with international fostering a shared understanding of
representatives and management labour standards and fostering a organisational goals and strategies.
collaborate on remuneration and working culture of inclusivity, transparency, Transparency is paramount during
conditions to achieve mutually beneficial and continuous improvement. operational changes, with employees
solutions. Transparency is ensured informed in advance to allow for review,
Senior Management plant visits and an feedback, and revisions, building trust
through certified minutes, shared for clear open-door policy provide employees
communication. The JCC/ERB also plays a and strengthening engagement.
direct access to leadership, ensuring their
crucial role in dispute resolution, involving concerns are heard and addressed.
senior leadership when necessary. This
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LEADING INDUSTRY shop floor. This further extends to ensure A PURPOSEFUL To further empower our team to engage
CHANGE employees’ general wellbeing issues such CULTURE MAS Changemakers: in meaningful projects, we introduced
as relocation facilities, food, compensation In 2021, a powerful movement was a global “Leave for Volunteerism”
Driven by the HR Operations function, MAS
for property damages etc. are promptly launched to ignite a deeper understanding
Forging a Brighter Future programme for executive and above cadre
seeks to shape industry standards and
addressed during adverse climatic of our Company’s purpose. One hundred To truly celebrate our purpose-driven in 2023. It was heartening to observe that
practices, guided by our core values of
conditions. senior leaders, including our CEOs, strides, MAS unveiled the inaugural the Leave for Volunteerism saw elevated
fairness and equity, thereby establishing
took on the mission of weaving MAS’s MAS Changemaker Awards in 2023. acceptance and utilisation in 2024 to
MAS as a leading force within both HR Operations also provides legal advice
core purpose into the very fabric of This was a powerful moment to either partake in MAS-driven CSR projects
industry and national spheres. for manufacturing consolidation efforts
their leadership approach and daily spotlight and reward individuals or engage in other activities focused on
and addresses potential complications
Through strategic relationships with key operations. While their efforts sparked a who live and breathe MAS’s purpose, community upliftment and environmental
with the relevant internal and external
governmental and industry stakeholder: ripple effect, divisional and SBU Purpose affecting a tangible impact on people, conservation.
stakeholders, playing a vital role in
specifically, by partnering with Ambassadors lead dynamic workshops processes, products, and our planet.
supporting effective problem-solving and OUR DNA: MAS CODE
organisations such as the Department across our entire workforce. Through We also commended teams and
legal adherence. This proactive approach OF CONDUCT
of Labour and Foreign Employment, these interactive sessions, our employees departments who made significant
safeguards MAS and our employees 2016 marked the launch of our official
the Board of Investments Sri Lanka, the have begun discovering their own progress toward their Plan for
during challenging times Code of Conduct. Beginning with senior
Joint Apparel Association Forum (JAAF purpose, aligning professional aspirations Change milestones.
Sri Lanka), and the Sri Lanka Apparel EXPERT HR ADVISORY AND with personal fulfilment. Our success leadership, it was then rolled out to all
The response was overwhelmingly managerial levels in 2017. This marked a
Exporters’ Association (SLAEA), HR POLICY DEVELOPMENT has inspired us to progressively expand positive. The dedication of our pivotal moment: the start of a structured
Operations contributes to critical industry our network of Purpose Ambassadors
The HR Advisory function serves as “Changemakers” inspired us to launch approach to ethical standards and
dialogues and policy formulation. to connect with our global team in their
a central hub for expert advice on an ongoing programme to share professional conduct. Understanding that
native languages. Through focus groups, their stories through internal flyer
PROACTIVE CRISIS MANAGEMENT employment and labour law at the Group leadership sets the tone, we made it a
employees expressed a desire for a campaigns across the MAS Group.
AND LEGAL COMPLIANCE level. Its focus is on developing and priority to embed the MAS DNA among
stronger connection between their daily To maintain consistency and fairness,
implementing policies that standardise our executives and above. Their role in
In HR Operations, our disaster and work and MAS’s overarching purpose. In we established clear recognition
and simplify existing labour practices shaping our organisational culture and
crisis management efforts during response, we are implementing employee- criteria and shared them with our HR
across the Company’s divisions. This demonstrating ethical behaviour was,
adverse weather and natural disasters, driven strategies to bridge this gap. By teams, enabling recognition at both
includes providing support in areas such and is, essential.
in collaboration with the Asia-Pacific fostering a shared sense of purpose, MAS divisional and group levels. We take
as Employee Lifecycle Management (ELM)
Alliance for Disaster Management (APAD), is building communication, empowerment, immense pride in our employees who We are taking a phased approach to instill
and social, labour, and health and safety
include scenario identification, proactive belonging, and ultimately, productivity and embody the spirit of changemaking, integrity, accountability, and transparency
compliance, by considering local and
dissemination of relevant data on adverse organisational success. and we are committed to celebrating at every level of MAS. Through targeted
international labour standards to ensure
weather conditions to better prepare our their contributions to positive initiatives and ongoing engagement, we
adherence to labour law. By the end of 2024, completion rates for
plants for potential operational disruptions global change. are building a shared commitment to
the purpose workshop rollout reached
and safety risks, and the establishment upholding the Code of Conduct across our
92% of the Executive and above cadre, and
of communication guidelines for the diverse workforce.
90% for Staff and Team Members.
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Our ultimate goal is to cultivate a culture of responsibility and trust, a workplace built AN INFORMED AND z Equal Opportunity and Anti-Harassment emphasises the importance of avoiding the
on strong ethical principles and professional excellence. And importantly, our Code of ENGAGED WORKFORCE Our Equal Opportunity and Anti- exchange of anything, tangible or intangible,
Conduct, including our grievance handling mechanism, was designed with input from our harassment Policy prohibits that could create bias in an employee’s
The Social Sustainability Scoring Tool
internal stakeholders and key groups throughout the apparel value chain. discrimination, harassment and retaliation performance of their role at MAS. These
tracks completion and comprehension,
based on factors such as race, gender, measures promote transparency and
Values Behavioural Pillars while separate reports are submitted
age, religion, sexual orientation, disability, mitigate the occurrence of corruption and
to the Audit Committee for continuous
or any other protected characteristic potential conflicts between employees’
programme improvement.
z Honesty and Integrity z Respecting People unrelated to job performance. We expect external activities and their responsibilities
z Trust and Mutual Respect z Protecting Assets The MAS DNA comprehensively promotes employees to treat each other with within the Organisation.
z Freedom with Accountability z Valuing Customers ethical conduct, equality, confidentiality, dignity and respect, fostering an inclusive z Vendor Code of Conduct
data protection, and regulatory culture where diversity is celebrated, and
z Humility z Sustaining Relationships Our Vendor Code of Conduct outlines
compliance within our workplace, differences are valued. The policy includes
z Passion for Excellence z Nurturing Communities expectations for our external partners
aligning with the core principles of our procedures for reporting incidents to
z Entrepreneurial and Innovative z Competing Ethically Code of Conduct. To ensure ongoing regarding business practices, ethical
ensure complaints are promptly and
z Giving Back z Complying with the Law awareness and engagement, we employ behaviour and compliance. It aims to
thoroughly investigated, and appropriate
a multifaceted approach with: focused cultivate a network of trusted partners
corrective action is taken.
groups, flyers, posters, and educational who share our commitment to ethical
videos and regular refresher training z Conflict of Interest and Transparency conduct, contributing to the overall
Policies
sessions. To prevent situations where personal integrity of our supply chain ecosystem.
interests might conflict with the z Confidentiality, Data Protection,
Code of Conduct Related Policies Administrative Policies Refresher training utilises practical
Company’s interests, our Conflict of and Intellectual Property
z Equal Opportunity and z Information System Usage Policy examples, discussions, and case studies
Interest Policy requires employees to
Anti-harassment Policy Flexible Working Policy to illustrate policy application in real- Confidentiality, data protection, and
z
disclose situations where personal
z Conflict of Interest Policy life scenarios, engage employees at all intellectual property (IP) policies are
z Leave Policy interests, relationships, or political and
Gift Policy
levels and foster dialogue, clarification, integral to the MAS DNA. Refresher
z financial interests could potentially
and a deeper understanding of our trainings cover safeguarding confidential
z Social Media Policy influence their decision-making or
Company values. Employees also receive information, respecting copyrights, and
z Confidentiality Policy actions within the Company.
guidance on equal opportunity, anti- handling intellectual property responsibly.
z Intellectual Property Policy harassment and diversity awareness. Our Gift Policy provides a clear framework The importance of responsible social
The Social Sustainability Scoring Tool for giving and accepting gifts from third media usage is also emphasised
tracks completion and comprehension, parties, requiring approval for all gifts, in the MAS Social Media Policy,
while separate reports are submitted including training, entertainment, or any educating employees on maintaining
to the Audit Committee for continuous other form of benefit. A comprehensive professionalism and protecting the
programme improvement. gift registry tracks all gifts received or Company’s reputation online.
given, regardless of value. The Gift Policy
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OUR REMEDIATION issues across departments or locations, sponsor for national and international The CEM uses a dedicated Community Responsibility (CSR) budget and activity
PROCESS enabling targeted interventions to address games, forging strategic partnerships Engagement Team (CEM Team) planning, and is required to conduct a
underlying causes. Maintaining this with athletes and creating performance- responsible for analysing community minimum of one corporate citizenship
Our approach to investigations,
centralised platform fosters trust among engineered garments to support their needs, public requests, and employee activity per month at phase three level.
consequence management and
employees and stakeholders by ensuring diverse athletic pursuits. suggestions. This ensures that all our
centralised data recording and reporting COMMUNITY GRIEVANCE
access to consistent and up-to-date operations include local community
demonstrates our commitment to HANDLING
information. It also streamlines reporting THRIVING engagement, allowing us to plan annual
fairness, accountability, transparency, MAS Holdings has established structured
and upholding organisational integrity.
processes, reduces administrative COMMUNITIES activities tailored to the specific needs and
burdens, and facilitates compliance GRI 413, 203 interests of each stakeholder group. process in which the company receives,
When a concern is raised, we initiate with regulations and internal standards, addresses, and resolves concerns
Our CEM benefits from a thorough or complaints raised by individuals,
a thorough investigation guided by providing a clear audit trail.
stakeholder mapping system. Utilising
standardised protocols to ensure fairness, Our Commitment: a data-driven approach, we list all
groups, or organizations within the
objectivity, and consistency. This process CHAMPIONING EMPLOYEE communities where MAS operates. This
WELLNESS THROUGH SPORT Be an enabler for positive impact stakeholders in a central document and mechanism ensures open communication,
begins with gathering evidence, interviewing
in all communities we work in plot them on Google Maps, facilitating accountability, and transparency, fostering
relevant parties, and documenting findings, Beyond manufacturing performance easy identification of relevant individuals trust and strong relationships between
leading to a comprehensive analysis for sportswear for renowned brands, MAS or groups when organising activities in MAS and its surrounding communities.
effective resolution. champions employee wellness through
OUR COMMITMENT TO specific locations.
To determine appropriate actions in response active engagement in sports. To this end, Each Strategic Business Unit (SBU)
POSITIVE IMPACT
to employee wrongdoing, we employ a we actively encourage our employees CORPORATE is essential in clearly displaying or
to pursue a healthy work-life balance At MAS, our priority is supporting CITIZENSHIP
structured Consequence Management effectively communicating the available
and enhance their physical and mental vulnerable groups, including people
Framework. This framework considers We have structured clear guidelines methods for community members to
wellbeing through sports. MAS provides with disabilities, the elderly, women,
both the intent behind the misconduct and and methodologies, focusing on six key raise grievances. This ensures that
a platform for sports enthusiasts to and children.
its impact on the Organisation. We evaluate categories for our corporate citizenship communities are aware of how to voice
the severity of the offense across impacted compete, showcase their talents, gain MAS’S COMMUNITY ENGAGEMENT activities: Education, Environmental their concerns and feel confident that their
areas, including finances, service delivery, recognition for achievements, and pursue MODEL (CEM) Initiatives, Health, Local Connect, Nation issues will be taken seriously.
employee morale, reputation, and the their athletic aspirations. Minded, and Sports. These categories are
GRI 413-1 MAS has also established a reporting and
environment. Based on these measures, we Competing in Sri Lanka’s mercantile further divided into six subcategories:
monitoring system to track community
take proportional and fair disciplinary action, sports arena fosters strong teamwork, To build and strengthen relationships with Capacity Building, Wellness, Donations,
grievances received and addressed. This
reinforcing a culture of accountability and a competitive spirit, and a drive for the communities in which we operate, we State-Run Programmes, Disaster Relief,
allows for timely follow-up, accountability,
ethical conduct at all levels. excellence – qualities that translate employ the MAS Community Engagement and Infrastructure Development.
and continuous improvement in how
seamlessly into a professional Model (CEM), a strategic approach that To ensure transparency and track progress, community concerns are managed.
All reported cases are recorded on a
environment. This boosts morale and ensures all stakeholders are considered. we maintain a centralised corporate
central platform, providing a real-time
instills a sense of purpose-driven support This model provides transparency citizenship dashboard, “Panthera.” To
overview of investigations, actions taken,
and strategic thinking within our corporate regarding activity implementation and empower localised action, each division
and outcomes. This dynamic tool allows us
culture. We also serve as a clothing reporting mechanisms. controls its own Corporate Social
to identify trends, patterns, and recurring
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Our Approach to Our Planet Changed for Good

We consider environmental sustainability Complementary to these initiatives, the ENERGY, EMISSIONS, Even fabric-types can have a significant
Material Topics a non-negotiable mandate integrated MAS Foundation for Change focuses AND THE APPAREL SECTOR influence on net energy consumption and
in how we do business, and deeply on scalable projects, partnerships, and Energy and emission intensity of emission. While natural farmed-fibres
1. Energy and Emissions ingrained our organisational DNA and community-initiatives that are working may contribute to emissions through land-
production: Manufacturing of apparels –
Management strategy. A core pillar of the MAS Plan toward cleaner oceans; protecting and use change and ecosystem destruction,
from raw material cultivation or extraction
2. Waste Management for Change – Our Planet Changed for restoring ecosystems that are critical to and processing; to fabric manufacture, synthetic fibres derived from fossil fuels
3. Chemicals Management Good – sets ambitious targets for our life on our planet; and improving access and ultimately garment production and can have an even higher carbon footprint
4. Product Stewardship business: to manage and minimise the to water. finishing – involves multiple stages than some natural fibers. In addition, the
environmental footprint of our operations, of energy-intensive processes. While issue is complicated by the changes in
5. Water Stewardship
extend our influence to the apparel LIMIT apparel manufacturers are seeking out customer-demand and the advent of fast-
6. Biodiversity Conservation supply chain, and champion positive and EMISSIONS fashion, which has exacerbated the issue
sustainable sources of energy, many
Aligned GRI Topical Disclosures
transformative change at a local, national, Climate change stands as a defining regions involved in material production through rapid production of large volumes
and global scale. challenge of our era, and MAS is and apparel manufacture are still heavily of apparels with shorter lifespans –
1. GRI 302: Energy committed to being part of the solution. reliant on fossil fuels to power their demanding more energy and resources.
Our projects and programmes are
2. GRI 305: Emissions proactive, collaborative, target-driven, Our actions to address emissions in industries. This reliance directly translates
OUR EMISSIONS
3. GRI 306: Waste science-based, and aligned with national manufacturing, and across the supply to an additionally large emission-footprint
IN CONTEXT
4. GRI 303: Water and Effluents priorities and international standards. chain, include adopting cleaner energy associated with energy generation for
and driving decarbonisation through a apparel production. Managing emissions in the textile
5. GRI 416: Customer Health They prioritise compliance and across our and apparel value chain is complex;
own operations, and wherever possible – variety of means.
and Safety Complexity in materials, supply chains, with factors like product design and
6. GRI 303: Water and Effluents leverage our influence to catalyse better We have aligned our climate ambitions and lifecycle: A significant portion of composition, sourcing strategies, intrinsic
environmental practices across the supply with the Science Based Targets the apparel industry’s carbon footprint energy-needs of processes, structural and
7. GRI 304: Biodiversity chain and community. initiative (SBTi) as part of the Group’s falls under Scope 3 emissions – indirect technological limitations in production,
MAS also integrates environmental environmental strategy and Plan for emissions occurring throughout the value and systemic challenges associated with
considerations into the Company’s Change. This commitment translates to chain; from raw material extraction to energy sources of different countries and
approach to sustainable products; by ambitious emission-reduction goals of our the end-of-life of apparels. This includes geographies; all affecting emissions and
prioritising and incorporating sustainable own operations: aiming for a total 25.2% emissions from transportation of goods emission-intensity.
raw materials in products, designing for absolute emission reduction, against our across the globe, and the energy-cost or
longevity and recyclability, and working 2019 baseline. And an inspirational target emissions that result from disposal of
with partners to address environmental for our suppliers – 85% of our suppliers by apparel waste.
impacts of apparels across their lifecycle. spend and 100% of joint ventures in Scope
3 investments, having science-based
targets by 2025.
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Scope 1 Scope 2 Scope 3

What it entails Direct emissions from use of biomass and on-site fossil fuels Indirect emissions as a result of purchased electricity, Emissions across the value chain: Primarily as a result of extraction,
in our equipment, machinery, and fleet. heat, and steam that power manufacturing operations processing, and transport of purchased raw materials upstream; waste
and ancillary functions. generation in operations; and downstream distribution, use, and end-of-life
treatment/disposal of apparel we manufacture.

The challenge Cleaner sources like bioenergy come from a largely unregulated Energy-intensive processes, and systemic/structural limitations Quantifying emissions and identifying hotspots across a broad supply chain,
and informal biomass industry, which poses sustainability risks of energy-providers who rely on fossil fuels for energy-generation. remains challenging. This is compounded by varying and evolving methods
surrounding feedstock production and availability. for assessment, data collection, and verification.
Achieving concrete emission reductions requires concerted, collaborative
efforts from both upstream and downstream entities, and relies heavily on
market forces, global regulation, and technological advancement.

Our response Responsible sourcing and use of biomass is ensured through the MAS continues to scale-up renewable energy generation and Our Plan for Change includes an ongoing commitment to waste transformation,
Group’s Sustainable Biomass Standard; developed in line with consumption – through investments in solar, initiation innovation, circularity, and sustainable sourcing.
international best-practices and local adaptations of PPAs, and purchase of RECs and iRECs.
These hold great potential for decarbonisation across a range of areas,
Prioritising fast-growing, sustainable fuelwood – such as Gliricidia, We are in the process of claiming iRECs for the Group’s large including elimination of waste; innovation and design for product longevity
presents an innovative solution to GHG reduction. solar generation footprint in Sri Lanka, which would unlock and closed-loop solutions at end-of-life; and groundbreaking partnerships
further reductions. sourcing alternatives to fossil-fuel based or virgin raw materials.
Stringent energy management and ongoing energy efficiency
gains are also driving emission reduction.
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HOLISTIC APPROACH At a facility-level, we monitor energy and ENERGY TRANSITION energy security, and reduce overall We take a proactive and responsible
TO DECARBONISATION carbon intensity by division and activity. Industries across the globe are adopting energy costs. Similarly, Power Purchase approach to sourcing and utilising
The MAS decarbonisation programme, This empowers Senior Management, a critical shift towards cleaner energy Agreements (PPAs) with energy-providers biomass in our operations, with
in line with SBTi commitments, involves engineering, and sustainability teams sources, and addressing dependence and purchase of International Renewable stringent measures in place to record
systemic and structural change across to make informed, timely, and strategic on fossil fuels. Our ethos of striving Energy Certificates (iRECs) enable our purchases and ensure traceability. In
the Group’s entire operational footprint. decisions that keep our decarbonisation for change, and long-standing climate facilities to source renewable energy at regions where the biomass industry
Guided by Our Plan for Change, which efforts on track. We calculate the carbon and sustainability initiatives tackle this scale while we continue to invest toward lacks regulation, MAS has been at the
functions as a forward-looking blueprint, footprint of our operations monthly, and head-on. building in-house renewable energy forefront of promoting sustainable
we employ a holistic approach that verify our emissions annually with an generation capacity. practices in the sector.
independent third-party – the Sri Lanka Green energy projects such as MAS
amplifies synergies and maximises the In Sri Lanka, we have consistently
Climate Fund, operating under the ambit Project Photon, the Group’s Solar PV CERTIFIED BIOMASS
impact of our environmental initiatives. engaged with regulators and suppliers
of Sri Lanka’s Ministry of Environment. footprint, generate clean energy, enhance Bioenergy, obtained from biomass,
comprises a renewable and clean energy to drive sustainability in the industry. We
source that powers a significant portion of support development of a sustainable
Energy transition Transforming Innovation Circular Sustainable our operations. fuel-wood standard for the country, which
waste (product and process) thinking sourcing includes criteria for sustainably produced
While combustion of biomass does fuel-wood that prioritises environmental
Products changed for Products changed for Products changed for contribute to emissions, the feedstock and social factors.
good – Innovate and good – Pioneer circularity good – Source sustainably (source plants) for biomass can sequester
Disrupt (page 34) at scale (page 37) (page 34) almost as much CO2 during their growth- Our innovative approaches, including
phase, as they emit when combusted; use of invasive plants as biomass,
Sustainable sourcing Valourisation of Product innovations Partnering across the Collaborating with making biomass a potentially have resulted in lower energy intensity,
and utilisation of non-hazardous unlocking increased value chain to support suppliers to reduce carbon-neutral source. while contributing to conservation
biomass. waste (recycling and resource efficiency; closed-loop solutions that emissions. of vulnerable ecosystems. The MAS
resource-recovery, utilising climate-positive address end-of-life impact Sustainable Biomass Standard specifies
Scaling up renewable and energy recovery). raw materials; and of apparels. Sourcing renewable
Despite the massive clean-energy suitable climate-neutral feedstock,
energy generation. reducing waste. materials and alternatives
Responsible and potential of biomass, and associated incorporates systems for sustainable
Incorporating circular to fossil fuel based inputs.
Practicing sound proactive hazardous Process innovation that design for apparel increasing demand, there continues to sourcing, and ensures certification and
energy management: waste management contributes to resource longevity, durability, Implementing be lack of awareness and reluctance verification that prevents deforestation
maximising (treatment, pre-treatment, and energy optimisation. and recyclability. traceability that is of suppliers to align with the and biodiversity loss.
energy efficiency repurposing, and supporting recycling. Sri Lanka Standard for sustainable
and saving. energy recovery). fuelwood (SLS 1551:2016). This
leads to persistent challenges with
availability, sustainability, and pricing.
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SCALING UP RENEWABLES: PROJECT PHOTON

Phase 1 Phase 2 Phase 1 and Phase 2

z Total Capacity –
MAS SBUs Capacity (MW)
23 MW
Vidiyal Nirmaana 0.3 z Estimated Annual
Asialine 0.39 Generation – 29 GWh
Vaanavil
UPL Panadura 1.56 z Number of
Vidiyal 0.94 Locations – 19
Synergy 0.69 z Annual Carbon
Slimline 1.1 Footprint Reduction –
Slimtex 17,800 tons of CO₂
Slimline
Casualine Slimtex 0.57
Shadowline Linea Clothing
z Contribution to
Nirmaana UPL Koggala 0.99
Linea Intimo Sleekline Linea Intimates MAS Group Electricity
Noyon Lanka Synergy
Bodyline 1 1.96
Demand – 12%
UPL Panadura Bodyline 1 Vaanavil 1.85
Bodyline 2 Bodyline 2 0.35
Linea Clothing 0.51
Asialine
Linea Intimates 0.37
Sleekline 0.35
UPL Koggala
Noyon Lanka 0.99 z Total Capacity – 7 MW
Shadowline 0.82 z Investment – USD 3.3 Mn.
z Total Capacity – 16 MW Casualine 1.07
z Grid Connection Scheme – Net Accounting
z Investment – USD 12.7 Mn. Linea Intimo 0.93
z Estimated Annual Generation – 9 GWh
z Grid Connection Scheme – Net-plus Total 15.84
z Annual Carbon Footprint Reduction – 5,600 Tons of CO₂
z Estimated Annual Generation – 20 GWh z Contribution to MFP Electricity Demand – 20%
z Annual Carbon Footprint z Sri Lanka’s largest roof mounted solar installation on a single roof – 4.3 MW (Matrix)
Reduction – 12.200 Tons of CO2 z Sri Lanka’s largest mounted solar installation in a single location – 7 MW
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MAS Project Photon, a multi-roof solar PARTNERING FOR Energy monitoring systems empower MAS RESPONDING TO
installation initiative, is the evolution of the RENEWABLE POWER energy managers and engineering teams THE WASTE CHALLENGE OUR RESPONSE
Group’s long-term commitment to invest Partnering with energy providers through to analyse historical data and monitor PRE-CONSUMER WASTE
in renewable energy generation. From trends, identify areas for improvement, Practices: Addressing the waste
Power Purchase Agreements (PPAs) and
our initial solar installation in 2008, at and make informed decisions about Waste created throughout the apparel challenge from the ground-up, we
procuring clean energy through partners
MAS Intimates Thurulie – the world’s first capacity utilisation, maintenance, and manufacturing process, before a garment employ the 7R principles; actively
possessing verified Renewable Energy
purpose-built LEED Platinum Certified other elements essential to production. is completed and shipped, is the extent working to prevent and reduce
Certificates (RECs), helps mitigate our
Apparel Factory, to South Asia’s largest These system optimise energy use, of pre-consumer waste. This includes waste at source. This begins with
reliance on fossil fuels.
solar installation in 2015 – 1MW at MAS improve process controls, and facilitate waste created during yarn and fabric our plants, and the practices of our
Matrix; we have been at the forefront of MAS Indonesia is an exemplar in this predictive maintenance – thereby reducing production, offcuts at cutting during people. We have adopted innovative
pursuing renewable energy with a legacy regard. A partnership in place with the downtime and operational costs. the manufacturing process, defective waste management practices
of early-adoption. state-owned electricity provider – PT materials, and more. While these waste across our operational footprint,
Perusahaan Listrik Negara (PLN), sources TRANSFORM streams contribute a significant volume through the Pirisidu Lanka (Clean
Today we have an installed capacity of 100% of the energy needs of our facilities of the fashion industry’s footprint, Lanka) initiative that was piloted
23 MW across 25 rooftops – in Sri Lanka.
WASTE
from renewable sources such as the they also present easier-to-address across our Sri Lankan operations
Project Photon comprises Sri Lanka’s The global apparel industry grapples
Kamojang Geothermal Power Plant. This opportunities for waste-reduction, in 2020. The waste management
largest solar roof area, generating clean with a significant waste footprint, bearing
agreement covers multiple MAS facilities through concerted efforts employed by process employed at our facilities,
energy exported to the National Grid far-reaching environmental impacts
in Indonesia: MAS Arya 1 and MAS Arya 2, raw material producers and apparel informed by this initiative, sets out
and providing additional supplementary across the supply chain and product
and PT Silueta Indonesia. manufacturers alike. a series of guiding principles for
income. Project Photon also serves as lifecycle. From pre-consumer waste
our facilities; promotes innovative
the first and largest comprehensive ENERGY generated at the factory floor, to post-
solutions to reduce, reuse, and
network of weather monitors providing MANAGEMENT consumer waste and resulting disposal;
recycle non-manufacturing waste;
real-time and historical data on solar Facility-level energy management waste management at every stage of
develops staff capabilities on waste
irradiance (sunlight intensity). Contributing is made possible through energy the value chain is critical to sustainable
value enhancement; improves
to research and informing future monitoring systems in place at our management of environmental impacts.
waste management infrastructure
investments in renewable energy. operational locations. These systems As a responsible apparel manufacturer,
at our facilities; and creates model
provide real-time data on electricity-use we work to minimise our own waste
The Project contributes to reducing our plants that uphold zero landfilling.
across our operations, and have been footprint, partner with customers and
annual carbon footprint, and together with The programme, now rolled out
integrated to also measure water usage innovators, and collaborate across the
other sources of renewable energy such across our global operations,
at some of our facilities. value chain to promote circularity in the
as sustainable biomass, iRECs, RECs, and directly addresses MSW generation
apparel industry.
PPAs; results in a significant share of the by reducing generation at source.
Group’s energy consumption coming from However, inevitably, a small portion of
renewable sources. MSW ends up in landfills because of
limitations to further segregation or
value enhancement.
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POST-CONSUMER
Group-wide and facility-level waste management processes include ensured that 100% of our RM waste Partnerships: Apart from Waste to WASTE
policies provide contextualised co-processing and safe measures is diverted from landfills. Similarly, Steam (W2S) initiatives for energy
Post-consumer waste refers to apparels
guidance while stipulating strict for disposal or return. non-manufacturing waste, including recovery, that are carried out
discarded by consumers at end-of-life. The
standards to be met. KPIs for SBUs Municipal Solid Waste (MSW) on-site, all waste generated through
At the same time, guided by the duration a product can be in use, before
and Divisions, which promote generated at our facilities is also manufacturing and other processes,
philosophy of waste transformation, it is discarded, is significantly influenced
recycling, reuse, and value introduced to value enhancement once segregated and recorded, is
MAS is constantly innovating and raw material composition, product quality
enhancement of waste, serve to wherever possible. We work to collected and managed by third-
looking for new avenues to value and design, and consumer and fashion
instill best-practices and support minimise, manage, and recycle or party waste management suppliers.
enhance the waste that is generated. A trends. In addition, consumer awareness
operationalisation of policies. repurpose MSW; which primarily Therefore, exercising due diligence,
significant portion of non-hazardous, and access to alternatives such as repair
comes from canteen operations and ensuring close monitoring, and
Processes: Addressing waste directly non-RM waste, is either reused on the for wear-and-tear, upcycling, or re-use, can
other employee activities. developing enduring partnerships
related to our primary production factory floor itself, or recycled. In line also influence the period before a garment
with our suppliers, are key to the
processes, textile production/fabric with customer guidelines and local These waste enhancement initiatives is considered waste. Thereafter, segregation,
success of waste enhancement
processing and apparel operations regulations, suitable fabric waste is are built around a rigorous process collection, and recycling options also impact
initiatives. Suppliers are selected
(cutting, sewing, and finishing), recycled, upcycled or downcycled. for monitoring and managing waste the volume of apparel waste that actually
based on annual evaluations, which
we incorporate practices and Where current technological and cost across all facilities. This system begins ends up earmarked for disposal. Despite
account for environmental and waste
processes for both waste reduction factors limit recycling at scale, such with point-of-origin segregation, where developments in technology and trends, the
management licenses, disposal
and waste value enhancement. as with 95/5 polyester-spandex, we different waste types are separated volume of post-consumer textile waste is
methods, and best-practices. At
From incorporating strategic lean leverage MAS’ robust community at source. All waste is then stored staggering, with a significant percentage still
all times, we strive to work with
manufacturing principles and engagement programmes to repurpose, in designated areas, with specific being disposed.
waste management partners who
maintaining oversight through the reuse, and recycle non-hazardous locations for both hazardous and non-
are innovative, responsible, and
MAS Operating System (MOS) and fabric waste. Many of these initiatives hazardous materials.
compliant with local and international
ERP system; to Group-wide initiatives are creating jobs and strengthening
To ensure accurate tracking, waste- regulatory requirements.
such as paperless processes, and the livelihoods of communities in the
handlers ensure weighing and
optimisations rolled-out on the shop- areas we operate. Where intellectual
documentation at each waste stream.
floor; we keep waste to a minimum. property, confidentiality, and brand
Data is fed into an internal monitoring
protection guidelines dictate; fabric
While maintaining a commitment to system, allowing for group-level
waste is directed to energy recovery
zero-landfilling, all hazardous waste waste analysis on a monthly basis.
through incineration.
is suitably treated and disposed Finally, to guarantee integrity of
responsibly – primarily through As a Group, we uphold a commitment the process, annual plant audits
energy recovery. With regard to to reduce and eliminate landfilling are conducted to verify standards
process chemicals with potential across our operations. Success for waste management and data
waste-related impacts, our waste of our multi-layered strategy has collection are upheld.
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OUR WASTE FOOTPRINT INSPIRING BETTER WASTE other corporations, are pursuing similar
Our Response Assessing potential downstream We carry out waste-flow analyses to MANAGEMENT BEYOND OUR WALLS outcomes for better waste management
waste-related impacts of our product categorise and analyse waste streams Wherever possible, we work with practices in the wider community.
We employ life cycle thinking and Life outputs, we emphasise circular based on their origin (production activity/ communities to implement or support
cycle Assessments (LCAs) in order to thinking and Priority Raw Material function in the value chain), composition, division-led community-based waste
identify potential impacts of post- (PRM) management strategies that and classification. All percentages management initiatives that are cleaning
consumer waste, and map our role in consider waste-related risks. Our represented below are approximate up community spaces, public areas,
driving solutions to the same. Taking systems for waste reduction, value values based on the latest figures. They and vital ecosystems. Programmes
a cradle-to-grave perspective, our enhancement of difficult-to-manage are largely unchanged year-on-year, implemented by the MAS Foundation,
analysis goes beyond manufacturing materials, innovations to substitute and representative of waste streams in partnership with government and
to study the use-phase and end-of- hazardous chemicals, and ethical structurally inherent to our operations.
life waste-related impact of products sourcing of sustainable materials;
we produce. With then devise and roll all contribute to mitigating potential
out strategies that ensure we are well Origin Composition Classification Waste management measures
downstream impacts, while creating
placed to partner across the value novel opportunities for closing the Apparel Stream 1: Categorised as Raw Material Non-hazardous Majority of non-hazardous waste is value enhanced
chain and deliver innovative solutions loop and promoting circularity in manufacturing (RM) waste, makes up approximately 69% through a variety of means, including recycling;
that mitigate these impacts. (96% of waste
the industry. (cut and sew of non-hazardous total of total waste
that falls within
upcycling/downcycling; repurposing and reuse on
operations) from our operations. Primarily consisting the factory floor or via community engagement; and
Over the last few years, we have Our new and long-standing our operational
of (47%) raw material reuse and recycle waste to steam (W2S) generation on-site – which
invested in training key personnel partnerships with leading customers, boundary)
of raw material total. constitutes a cleaner source of energy, compared to
on conducting LCAs; allowing raw material producers, collectors conventional incineration.
us to design and merchandise Stream 2: Non-RM waste, makes
and segregators, recyclers, and
products in a far more sustainable up around 27% of non-raw material z Preparation for reuse or recycling (60.8%)
logistics providers, are explored non-hazardous total of total waste
manner, with consideration for in the discussion on how we z Energy recovery through waste to steam (W2S)
from our operations. Composed
end-of-life of manufactured Pioneer Circularity at Scale , as on-site (13.6%)
primarily of reusable or recyclable
products. Guided by our defined by our Products Changed for Energy recovery through incineration off-site (24.8%)
packaging components and materials z
Approach to Sustainable Products , Good commitments. and Municipal Solid Waste (MSW), z Landfilling or land application (0.8%)
and Sustainable Product Criteria which includes food waste.
and Rating System, we deploy an
innovative multi-modal strategy to Textile Largely consists of process chemicals Hazardous Almost all hazardous waste generated, is directed to
address post-consumer waste. production and effluent sludge generated at disposal for incineration with energy recovery. This is
(4% of waste
facility level, and fabric and other in line with industry best-practices and environmental
that falls within
materials contaminated by contact regulations in our areas of operation.
our operational
with chemicals.
boundary) Energy recovery through incineration (93%)
Preparation for reuse or recycling (7%)
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RESPONSIBLE risks to the environment. Aside from OUR CHEMICAL

CHEMICAL USE elimination of harmful chemicals, effluent MANAGEMENT PROCESS
GRI 416-1
from industrial processes requires Input Process Output
suitable treatment and continuous
Responsible chemical management and monitoring to prevent pollution risks Supply Chain
use involves conscious monitoring and to water and soil. Ensuring we purchase Practices and Infrastructure and
Collaborating with RM suppliers
stringent compliance not only within our and use safer processes within our systems in place to treat
Social Impacts: Stringent health and and subcontracting partners,
operations, but also from our suppliers. chemicals in our facilities that identify and monitor effluent,
safety practices can ensure safety of to ensure the chemically value
and worker safety. Our begins with the operations, with hazards, guarantee reduce and mitigate
employees involved in the handling, added raw materials we source
procurement of raw materials, many of the end goal of creating safety of our teams, potential risks, and
transport, storage, and use of potentially will comply with safe chemistry
which require chemical inputs during safer products and and ensure that validate our chemical
hazardous chemicals. Effective chemical standards
production. Additionally, chemical- mitigating negative chemicals are used in management practices.
management and wastewater treatment environmental impacts. a correct way.
use is an essential component in the
are essential processes that ecosystems Monitoring of input chemical compliance
manufacturing processes, from dyeing
and the communities that rely on them. and ZDHC wastewater compliance for
and finishing to fabric treatment.
Similarly, standardised testing for finished 55% of our spend base. 96% ZDHC MRSL Compliance with local
Therefore, our actions for responsible
products assess and mitigate potential compliance for and national regulations
chemical use safeguard our workers, and All embellishment subcontractors
consumer safety risks associated with chemicals for wastewater treatment
the end-consumers of our products. Our achieved minimum 81% compliance with
residual chemicals in finished products. used in Textile (such as CEA limits, and
due-diligence and supplier compliance ZDHC Chemical Gateway against MRSL
processes, coupled with continuing Production facilities. BOI norms)
Version 3.1.
engagement with chemical and raw 95.4% Bluesign Alignment with
material suppliers are vital for effective All applicable embellishment approved chemicals international effluent
management of any and all chemicals subcontractors fully complied with utilised treatment standards
used in the production process. the ZDHC WWG. in Textile dyeing (such as ZDHC WWG
operations. and parameters),
RISK-REDUCTION AND
where applicable.
CHEMICAL MANAGEMENT Product Stewardship and
Environmental Impacts: The apparel Consumer Safety
industry utilises a wide range of chemicals
throughout its supply chain, from raw Testing, verifying, and certifying that 22 facilities meeting OEKO-Tex
material production to the finishing of our products conform to international Standard
garments. While these chemicals can standards, national/regional regulations
One dye facility delivering Bluesign
enhance product quality, durability, and in our consumer markets, and brand-
certified articles
aesthetics, their use also poses significant defined requirements.
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Manufacturing Restricted Substance and mitigation plans. Based on the any updates to guidelines or regulations.
Commitment to we seek to minimise potential List (MRSL), and the Bluesign System composition details and hazard codes in This supports adherence to our chemical
environmental impacts associated Substances List (BSSL). Safety Data Sheets (SDSs), we identify and management requirements.
Safer Chemicals with chemical-use in manufacturing, track the toxic properties of chemicals to
Sourcing safer alternatives is a OUTPUT
We strive to maintain compliance and attempt to offer customers facilitate mitigation plans. To maximise
continuous process requiring collaboration
with the latest ZDHC MRSL version, and consumers with safer, more worker safety, we conduct standardised, Our commitment to responsible chemical
with customers and chemical suppliers to
which is also addressed in our environmentally conscious choices. activity-based risk assessments, use extends to the treatment and
identify, study, and assign alternatives for
internally developed MAS Chemical International certifications, accreditations ,
considering both hazard and exposure. discharge of wastewater from our wet-
Chemicals of Concern that are likely to be
Management (CM) Manual and MAS and audits carried out for our High-risk chemicals are managed with processing facilities. We employ Effluent
replaced. To anticipate future restrictions,
RSL Manual – for chemicals used facilities, including those covering clear risk-mitigation action plans, and Treatment Systems to ensure effective
We scan international and regional
in our facilities and products. This the area of chemical-use and we prioritise the sourcing of lower-risk removal of contaminants, and rigorously
regulations like California Proposition
ongoing process to continually management, are listed in the Plan Bluesign alternatives whenever feasible. monitor effluent quality against national
65and REACH SVHC.
prioritise greener chemistry ensures for Change section. We also utilise the SAC’s Higg Facility regulations and international benchmarks
our procurement and manufacturing Controls and restrictions at the Environmental Module (FEM), and our including ZDHC wastewater guidelines.
processes are informed by the procurement stage ensure that only own MAS SCalE (Sustainability Calibration
latest science and regulations and Bluesign-approved chemicals are for Environment) Tool, to monitor and In Sri Lanka, all facilities within the
INPUT newly introduced for dyeing, and only MAS Fabric Park (MFP) discharge their
compliant with any restrictions as verify the effectiveness of work stream
they are introduced. We strive not only to comply with current ZDHC Level 1 or higher chemicals are implementations. wastewater to the MFP wastewater
regulations for safe chemical use but introduced for printing. Wherever possible, treatment plant. The wastewater
Facilities utilising chemicals follow Controls and Standard Operating undergoes secondary and tertiary
also to proactively assess and anticipate in line with our sustainable product
a stringent chemical management Procedures (SOPs) for all chemical- treatment at MFP before being discharged
upcoming restrictions. This involves criteria, Bluesign-certified chemicals are
process with ZDHC/Bluesign related activities are in force within our into a surface water body. All treated
ongoing engagement with customers encouraged.
compliant chemicals, prioritising facilities. These provide clear guidance wastewater is discharged in strict
and suppliers, diligent monitoring of the
Bluesign approved chemicals. The PROCESS and instructions for teams working adherence to the standard parameters set
regulatory landscape, benchmarking
chemical management process at with chemicals. This includes the use by the Central Environmental Authority
against international standards, and strict We employ a hazard and risk-based
wet operations, is aligned with the of appropriate Personal Protective (CEA) and complies with the norms set
procurement controls. approach to managing chemicals across
ZDHC Chemical Management System, Equipment (PPE) practices and process by the Board of Investment (BOI) or other
while dye houses focus on obtaining Identification and elimination of all processes that involve chemicals; controls for chemical dosages, which are applicable country standards. We conduct
Bluesign System Partnerships – restricted materials is guided by hazard- with a focus on safety of our teams and continuously monitored. quarterly tests and submit reports to local
one of the most stringent global based assessments and standardised compliance of facilities.
Capability development, through training authorities and other regulatory bodies.
sustainable chemical certifications. benchmarks, including industry, brand, Benchmarking our in-plant chemical Where applicable, our practices align with
and awareness programmes, ensures that
or product-specific Restricted Substance management against international international effluent treatment standards,
By maintaining compliance with our teams, including direct handlers and
Lists (RSLs), the Zero Discharge standards like ZDHC, and use of tools such as the ZDHC WWG.
ZDHC MRSL guidelines and achieving relevant management, are up-to-date on
of Hazardous Chemicals (ZDHC) such as Higg FEM for continuous
Bluesign certification for our articles, SOPs, emergency response protocols, and
tracking, informs our safety processes
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PRODUCT STEWARDSHIP Annual subcontractor forums are a key OUR APPROACH TO We prioritise partnerships and projects
AND CONSUMER SAFETY In recognition of their commitment tool in raising awareness, communicating BIODIVERSITY CONSERVATION in areas of high biodiversity value;
Product safety is a fundamental to responsible chemical management, expectations, and ensuring compliance; Our commitment to biodiversity particularly those that are home to
component of our approach to product Noyon Lanka (Pvt) Ltd was awarded while interim meetings serve as a conservation is founded on the mandate of endemic, endangered, vulnerable, or
stewardship. This approach enables the Chemical Management Excellence monitoring tool to evaluate compliance sustainability, which involved addressing threatened species. Given that our largest
MAS to deliver on its commitment to Award, for the third consecutive year, and progress toward targets. When the physical impact of our facilities and operational footprint is in Sri Lanka, much
responsible chemical use and our vision at the Victoria’s Secret and failures are found, or chemicals of concern built-spaces. of our work has focused on the Island’s
for sustainable products that are safe for Co. Partner Summit 2024. likely to be regulated are identified, we biodiversity hotspots. However, as our
work collaboratively with subcontractors While none of our facilities are located in enterprise has expanded, so have our
the wearer.
to find safer alternatives. or adjacent to protected areas or areas of opportunities for positive impact.
We take a long-term, strategic, and high biodiversity value, we set ourselves a
RESPONSIBLE CHEMICAL Our approach to sustainable sourcing, and
multifaceted approach to assessing and proactive goal – to restore and rehabilitate
USE ACROSS THE SUPPLY CHAIN the success of our supplier compliance
managing the health and safety impacts of an area 100 times the extent of our
our products and services. This includes We engage and work with all major programme is detailed in how we footprint, totaling 25,000 acres. To achieve
the governance structures, management raw material suppliers and monitor Source Sustainably , as part of our this, we employ six primary models for
systems, policies and standards, and input chemicals compliance against commitment to Products Changed habitat creation and conservation.
strategies in place to integrate technical, the ZDHC MRSL for a significant for Good.
portion of our spend-base; which 1. Restoration
chemical, and raw material-related
compliance factors into our sourcing and includes suppliers of fabrics, apparel CHAMPION 2. Afforestation
production processes. embellishments, and chemicals. BIODIVERSITY 3. Invasive Removal and
We also carry out further RSL testing From the smallest building blocks of life, Habitat Enrichment
We verify the safety of our products
for products and materials, if mandated to the largest ecosystems that sustain 4. Analog Forestry/Social Forestry
through routine monitoring and output
by customers. Wherever appropriate, life, biodiversity is crucial for our planet, 5. Forest Gardens
testing that adheres to brand and
such brand-specific RSL requirements and our own survival. Rich biodiversity
product-specific RSL requirements. 6. Conservation
are cascaded to vendors and supply protects and promotes the essential
These standards are cascaded to
chain partners, and their confirmations, ecosystem services upon which our Selection of projects aligns with
Tier 1 supply chain partners where
acknowledgements, and self-assessments industry depends. Conversely, biodiversity three key objectives.
applicable. Rigorous finished-product
enable compliance with the same. loss can disrupt supply chains, increase
testing is carried out through third- 1. Restore and enrich habitats to support
Similarly, we ensure subcontractors are operational costs, and pose significant
party laboratories, based on brand a diverse range of species.
monitored against ZDHC MRSL in their risks to business continuity.
recommendations for sample selection,
running bulks, and shades/styles. production process, which serves to 2. Conserve habitats and species within
restrict most chemicals of concern and their natural environments.
meet brand-specific requirements. 3. Protect and monitor existing biodiverse
landscapes.
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INTRODUCTION | OUR APPROACH TO PRODUCTS CHANGED FOR GOOD | OUR APPROACH TO LIVES CHANGED FOR GOOD | OUR APPROACH TO OUR PLANET CHANGED FOR GOOD

Collaborating for include not-for-profit societies, Nonprofit organisations Our conservation initiatives are
foundations, and institutions, implemented through strong
Impact and Scale private-sector corporations, partnerships with local experts and
academic institutions, and other Preserving Land and Nature (Guarantee) organisations, ensuring the long-term
Since 2017, MAS has engaged in and Limited, Sri Lanka
supported 41 restoration projects, local authorities, community- sustainability of any interventions
and 71 partnered projects in total, based organisations, or grassroots Rainforest Protectors Sri Lanka carried out.
resulting in the restoration of more initiatives working on the ground.
We emphasise collaboration,
than 19,927.47 acres. innovative techniques, and the use
Governmental institutions Thuruliya Arana Monastery, Koggala Sri Lanka Wild Life Conservation Society-Galle,
Key long-term partners for ongoing Sri Lanka of modern technologies and tools to
projects, include the Department enhance the scale, impact, efficiency,
of Forest Conservation and the and reliability of our projects. We
Department of Wildlife Conservation also place a high value on thorough
– apex national bodies in Sri University of Sri Jayawardenepura, Sri Lanka Centre for Sustainability, University of monitoring and impact assessment,
Lankan tasked with conserving Sri Jayawardenepura, Sri Lanka with our teams and partners
PT. Pesona Indonesia Tours, Indonesia
forests, preserving ecosystems, and continuously tracking progress and
protecting local flora and fauna; and conducting evaluations to inform
the Sri Lanka Air Force – a pioneering Sri Lanka Department of Forest Conservation
ongoing efforts.
partner that has supported the Centre for Integrated Indigenous Knowledge
successful implementation of System, Sri Lanka The Wildlife Foundation, Kenya
multiple aerial reforestation projects.
As of 2024, we have also forged
Sri Lanka Department of Wildlife Conservation
strong new partnerships for ongoing
projects in Kenya and Indonesia; with Community Development Centre (CDC), Sri Lanka
The Wildlife Foundation (TWF) and the
Wildlife and Ocean Resource Conservation,
Naretunoi Community Conservancy, Sri Lanka
in Nairobi – Kenya; and Pesona Sri Lanka Airforce
Indonesia Tours and Universitas
Gadjah Mada in Indonesia. The Wildlife and Nature Protection Society,
Sri Lanka
MAS also engages with a wide Federation of Environmental Organisations,
variety of other partners, either at Sri Lanka
Universitas Gadjah Mada, Indonesia
Group-level, or facility-level. These
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SAFEGUARD Textile Production and Processing: We believe that employee engagement

WATER Water is an essential element in various is crucial to achieving these targets and
textile processing stages, including successfully implementing our water
Water is an indispensable resource in pre-treatment, dyeing, and finishing. stewardship strategies, which include
any industry, but particularly so in the These large-scale industrial processes water reuse and recycling. We monitor
apparel sector; which is dependent can consume large volumes of water, our progress against operational water-
on irrigation water for cultivation of and require dedicated wastewater intensity targets: litres per kg for textile
raw materials, and process-water for treatment to remove excess dyes and production and litres per-head per-shift
production of textiles. However, this chemicals that were introduced as part (SAH) for apparel manufacturing.
heavy reliance on water, coupled with of the production process. Discharge
industrial processes that produce Our efforts to reduce our reliance on
of untreated wastewater, or unplanned
wastewater, poses significant risks to the freshwater involve increasing our use
discharge of effluent can result in
environment and human populations. of harvested rainwater (wastewater)
dramatic consequences for the receiving
and scaling up utilisation through
THE IMPORTANCE OF WATER FOR waterbody, surrounding ecosystems, and
advanced treatment, recycling, and
OUR OPERATIONS, COMMUNITIES, the communities that depend on the same.
reuse technologies. Some of our apparel
AND ENVIRONMENT OUR WATER facilities have on-site Sewage Treatment
Raw Material Production: Some of the FOOTPRINT Plants (STPs) that treat wastewater for
most common raw materials used in To better understand our specific impact reuse in landscaping, sanitation systems,
everyday apparels are produced by and dependency on this vital resource, and other non-potable applications.
agricultural production. As such, the we monitor water withdrawal across Recognising our responsibility to the
industry relies on raw materials that our operations and develop targeted communities in which we operate,
require substantial water resources for strategies to improve water-efficiency, particularly in water-stressed areas, we
cultivation. Beyond land-use change, minimise waste, and ensure the long- undertake various projects to improve
unsustainable agricultural practices term sustainability of our business, water accessibility and quality. These
can exacerbate water scarcity and communities, and environment. community engagement initiatives
contribute to desertification or ecosystem
strengthen relationships between
degradation; especially in regions where SUSTAINABLE WATER our facilities and local stakeholders,
water resources are already limited MANAGEMENT AT MAS contributing to broader sustainable
or facing increased pressure from At the group level, we establish annual water management efforts.
anthropological shifts and resultant normalised water targets, which are
climate-change induced complexities. then implemented across our strategic
business units (SBUs) and divisions.
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Annexures
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Workforce Profile
Region Employment status and gender Total average
(Country) workforce
Permanent Temporary Probationary/Other
Male Female Male Female Male Female

Sri Lanka 22,006 43,744 331 266 – – 72,104

Bangladesh 1,209 3,634 – – – – 5,555
Indonesia 670 4,111 3 16 – – 5,547
Jordan 288 639 771 1,911 – – 3,936
Kenya 1 – 884 2,711 – – 3,599
India 323 1,120 – – – – 3,515
Vietnam 16 4 149 925 – – 1,124
Haiti 169 496 27 30 – – 722
Dominican Republic 121 104 – – – – 226
USA 6 – 3 1 – – 155
Singapore 1 3 – 1 – – 5
Total 24,810 53,855 2,168 5,861 – – 96,488
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GRI Content Index

Statement of use MAS Holdings (Private) Limited has reported in accordance with the GRI Standards for the period 1 January 2024 to 31 December 2024.
GRI 1 used GRI 1: Foundation 2021
Applicable GRI Sector Standard (s) N/A

GRI standard Disclosure Location Omission

Requirement(s) Reason Explanation

omitted

General Disclosures
GRI 2: General 2-1 Organisational details Page 28
Disclosures 2021 2-2 Entities included in the organisation’s sustainability reporting Page 28
2-3 Reporting period, frequency and contact point Page 28
2-4 Restatements of information Page 28
2-5 External assurance Pages 28, 161
2-6 Activities, value chain and other business relationships Pages 10, 11
2-7 Employees Page 40
2-8 Workers who are not employees Page 41
2-9 Governance structure and composition Pages 12, 15
2-10 Nomination and selection of the highest governance body – Confidentiality MAS Holdings is a privately
Constraints held company
2-11 Chair of the highest governance body Page 12
2-12 Role of the highest governance body in Page 19
overseeing the management of impacts
2-13 Delegation of responsibility for managing impacts Pages 15, 19
2-14 Role of the highest governance body in sustainability reporting Page 19
2-15 Conflicts of interest Pages 12, 14
2-16 Communication of critical concerns Page 19
2-17 Collective knowledge of the highest governance body Page 19
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GRI standard Disclosure Location Omission

Requirement(s) Reason Explanation

omitted

2-18 Evaluation of the performance of the highest governance body – Confidentiality MAS Holdings is a privately
Constraints held company
2-19 Remuneration policies Pages 61, 131
2-20 Process to determine remuneration Pages 61, 131
2-21 Annual total compensation ratio Page 63
2-22 Statement on sustainable development strategy Page 04
2-23 Policy commitments Pages 12, 17, 24
2-24 Embedding policy commitments Pages 17, 19
2-25 Processes to remediate negative impacts Page 69
2-26 Mechanisms for seeking advice and raising concerns Page 69
2-27 Compliance with laws and regulations Page 19
2-28 Membership associations Page 24
2-29 Approach to stakeholder engagement Page 20
2-30 Collective bargaining agreements – Confidentiality MAS Holdings is a privately
Constraints held company

Material Topics
GRI 3: Material Topics 2021 3-1 Process to determine material topics Page 18
3-2 List of material topics Page 18

Procurement Practices
GRI 3: Material Topics 2021 3-3 Management of material topics Page 118

204-1 Procurement practices Confidentiality MAS Holdings is a privately

Constraints held company
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GRI standard Disclosure Location Omission

Requirement(s) Reason Explanation

omitted

Materials
GRI 3: Material Topics 2021 3-3 Management of material topics Page 115
GRI 301: Materials 2016 301-1 Materials used by weight or volume Page 33 Values are represented
as percentages
301-2 Recycled input materials used Page 33 Values are represented
as percentages

Energy
GRI 3: Material Topics 2021 3-3 Management of material topics Page 139
GRI 302: Energy 2016 302-1 Energy consumption within the organisation Page 83
302-2 Energy consumption outside of the organisation Page 83
302-3 Energy intensity Pages 82, 83
302-4 Reduction of energy consumption Pages 83, 84
302-5 Reductions in energy requirements of products and services Page 83

Water and Effluents

GRI 3: Material Topics 2021 3-3 Management of material topics Page 150
GRI 303: Water and 303-1 Interactions with water as a shared resource Page 91
effluents 2018 303-2 Management of water discharge-related impacts Page 91
303-3 Water withdrawal Page 102
303-4 Water discharge Page 102
303-5 Water consumption Page 103
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GRI standard Disclosure Location Omission

Requirement(s) Reason Explanation

omitted

Biodiversity
GRI 3: Material Topics 2021 3-3 Management of material topics Page 148
GRI 304: 304-1 Operational sites owned, leased, managed in, or adjacent to, Page 94
Biodiversity 2016 protected areas and areas of high biodiversity value outside
protected areas
304-2 Significant impacts of activities, products and Page 94
services on biodiversity
304-3 Habitats protected or restored Page 94

Emissions
GRI 3: Material Topics 2021 3-3 Management of material topics Page 139
GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions Page 82
305-2 Energy indirect (Scope 2) GHG emissions Page 82
305-3 Other indirect (Scope 3) GHG emissions Page 82
305-4 GHG emissions intensity Page 82
305-5 Reduction of GHG emissions Page 82
305-6 Emissions of ozone-depleting substances (ODS) Page 83
305-7 Nitrogen oxides (NOx), sulphur oxides (SOx), Page 83
and other significant air emissions
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GRI standard Disclosure Location Omission

Requirement(s) Reason Explanation

omitted

Waste
GRI 3: Material Topics 2021 3-3 Management of material topics Page 143
GRI 306: Waste 2020 306-1 Waste generation and significant waste-related impacts Page 86
306-2 Management of significant waste-related impacts Page 86
306-3 Waste generated Page 87
306-4 Waste diverted from disposal Page 87
306-5 Waste directed to disposal Page 87

Supplier Environmental
Assessment
GRI 3: Material Topics 2021 3-3 Management of material topics Page 118
GRI 308: Supplier 308-1 New suppliers that were screened using environmental criteria Page 34
Environmental
Assessment 2016

Employment
GRI 3: Material Topics 2021 3-3 Management of material topics Page 123
GRI 401: Employment 2016 401-1 New employee hires and employee turnover Page 52
401-2 Benefits provided to full-time employees that are Page 131
not provided to temporary or part-time employees
401-3 Parental leave Page 48

Labour/Management Relations
GRI 3: Material Topics 2021 3-3 Management of material topics Page 133
GRI 402: Labour/Management 402-1 Minimum notice periods regarding operational changes Page 135
Relations 2016
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GRI standard Disclosure Location Omission

Requirement(s) Reason Explanation

omitted

Occupational
Health and Safety
GRI 3: Material Topics 2021 3-3 Management of material topics Page 133
GRI 403: Occupational 403-1 Occupational health and safety management system Pages 66, 134
Health and Safety 2018 403-2 Hazard identification, risk assessment, and incident investigation Pages 66, 134
403-3 Occupational health services Pages 66, 134
403-4 Worker participation, consultation, and communication on Pages 66, 134
occupational health and safety
403-5 Worker training on occupational health and safety Pages 66, 134
403-6 Promotion of worker health Pages 48, 66
403-7 Prevention and mitigation of occupational health and safety Pages 66, 134
impacts directly linked by business relationships
403-8 Workers covered by an occupational health and safety Pages 66, 134
management system
403-9 Work-related injuries Pages 66, 133
403-10 Work-related ill health Pages 66, 133

Training and Education

GRI 3: Material Topics 2021 3-3 Management of material topics Page 122
GRI 404: Training and 404-1 Average hours of training per year per employee Pages 55, 124
Education 2016 404-2 Programmes for upgrading employee skills and Pages 43, 55, 124
transition assistance programmes
404-3 Percentage of employees receiving regular performance Page 61
and career development reviews
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GRI standard Disclosure Location Omission

Requirement(s) Reason Explanation

omitted

Diversity and
Equal Opportunity
GRI 3: Material Topics 2021 3-3 Management of material topics Page 122
GRI 405: Diversity and 405-1 Diversity of governance bodies and employees Pages 13, 51, 62
Equal Opportunity 2016 405-2 Ratio of basic salary and remuneration of women to men Page 63

Freedom of Association and

Collective Bargaining
GRI 3: Material Topics 2021 3-3 Management of material topics Page 133
GRI 407: Freedom of 407-1 Operations and suppliers in which the right to freedom Page 135
Association and Collective of association and collective bargaining may be at risk
Bargaining 2016

Child Labour
GRI 3: Material Topics 2021 3-3 Management of material topics Page 135
GRI 408: Child Labour 2016 408-1 Operations and suppliers at significant risk for incidents Page 20
of child labour

Forced or Compulsory Labour

GRI 3: Material Topics 2021 3-3 Management of material topics Page 114
GRI 409: Forced or 409-1 Operations and suppliers at significant risk for incidents Page 20
Compulsory Labour 2016 of forced or compulsory labour
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GRI standard Disclosure Location Omission

Requirement(s) Reason Explanation

omitted

Local Communities
GRI 3: Material Topics 2021 3-3 Management of material topics Page 138
GRI 413: Local 413-1 Operations with local community engagement, Pages 72, 138
Communities 2016 impact assessments, and development programmes

Supplier Social Assessment

GRI 3: Material Topics 2021 3-3 Management of material topics Page 114
GRI 414: Supplier Social 414-1 New suppliers that were screened using social criteria Page 34
Assessment 2016 414-2 Negative social impacts in the supply chain and actions taken Page 34

Customer Health and Safety

GRI 3: Material Topics 2021 3-3 Management of material topics Page 145
GRI 416: Customer 416-1 Assessment of the health and safety impacts of Page 146
Health and Safety 2016 product and service categories
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External Assurance Statement

Ernst & Young Tel : +94 11 246 3500
Chartered Accountants Fax : +94 11 768 7869
Rotunda Towers Email : eysl@[Link]
No. 109, Galle Road [Link]
P.O. Box 101
Colombo 03, Sri Lanka

Independent practitioner’s assurance Other than as described in the preceding Such Criteria were specifically designed controls, maintaining adequate records the terms of reference for this engagement
report to the Board of Directors paragraph, which sets out the scope of for the purpose of assisting you in and making estimates that are relevant to as agreed with the MAS Capital (Private)
MAS Capital (Private) Limited on the our engagement, we did not perform determining whether Entity’s Economic, the preparation of the subject matter, such Limited on 14 May 2025. Those standards
Sustainability reporting criteria presented assurance procedures on the remaining Environment, Social and Governance that it is free from material misstatement, require that we plan and perform our
in the Integrated Annual Report FY 2024 information included in the Report, (EESG) indicators contained in the Entity’s whether due to fraud or error. engagement to express a conclusion on
and accordingly, we do not express a Report is presented in accordance with whether we are aware of any material
SCOPE conclusion on this information. the relevant criteria; As a result, the ERNST & YOUNG’S modifications that need to be made to
We have been engaged by MAS Capital subject matter information may not be RESPONSIBILITIES the Subject Matter in order for it to be in
(Private) Limited to perform a ‘limited CRITERIA APPLIED BY MAS suitable for another purpose. Our responsibility is to express a accordance with the Criteria, and to issue
assurance engagement,’ as defined CAPITAL (PRIVATE) LIMITED conclusion on the presentation of the a report. The nature, timing, and extent of
by Sri Lanka Standard on Assurance In preparing the Subject Matter, MAS MAS CAPITAL (PRIVATE) Subject Matter based on the evidence the procedures selected depend on our
Engagements, here after referred to Capital (Private) Limited applied the LIMITED’S RESPONSIBILITIES we have obtained. judgment, including an assessment of the
as the engagement, to report on MAS following criteria (“Criteria”): MAS Capital (Private) Limited management risk of material misstatement, whether due
We conducted our engagement in to fraud or error.
Capital (Private) Limited’s Economic, is responsible for selecting the Criteria,
z The Global Reporting Initiative’s (GRI) accordance with the Sri Lanka Standard
Environment, Social and Governance and for presenting the Subject Matter in We believe that the evidence obtained
Sustainability Reporting Guidelines, for Assurance Engagements Other Than
(EESG) indicators (the “Subject Matter”) accordance with that Criteria, in all material is sufficient and appropriate to provide
publicly available at [Link] Audits or Reviews of Historical Financial
contained in MAS Capital (Private) respects. This responsibility includes a basis for our limited assurance
[Link] Information (SLSAE 3000 (Revised), and
Limited’s (the “Entity’s”) Integrated establishing and maintaining internal conclusions.
Annual Report for the year ended 31
December 2024 (the “Report”).

Partners: D K Hulangamuwa FCA FCMA LLB (London), A P A Gunasekera FCA FCMA, Ms. Y A De Silva FCA, Ms. G G S Manatunga FCA, W K B S P Fernando FCA FCMA FCCA, B E Wijesuriya FCA FCMA
RN de Saram ACA FCMA, Ms. N A De Silva FCA, N M Sulaiman FCA FCMA, Ms. L K H L Fonseka FCA, Ms. P V K N Sajeewani FCA, A A J R Perera FCA ACMA, N Y R L Fernando ACA, D N Gamage ACA ACMA,
C A Yalagala ACA ACMA, Ms. P S Paranavitane ACA ACMA LLB (Colombo), B Vasanthan ACA ACMA, W D P L Perera ACA
Principals: T P M Ruberu FCMA FCCA MBA (USJ-SL), G B Goudian ACMA, D L B Karunathilaka ACMA, W S J De Silva Bsc (Hons) - MIS Msc - IT, V Shakthivel [Link] (Sp)
A member firm of Ernst & Young Global Limited
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OUR INDEPENDENCE AND DESCRIPTION OF performing procedures relating to z Read the content presented in the CONCLUSION
QUALITY MANAGEMENT PROCEDURES PERFORMED checking aggregation or calculation Report for consistency with our overall Based on our procedures and the
We have maintained our independence Procedures performed in a limited of data within IT systems. knowledge obtained during the course evidence obtained, we are not aware of
and confirm that we have met the assurance engagement vary in nature of our assurance engagement and any material modifications that should be
A limited assurance engagement
requirements of the Code of Ethics for and timing from and are less in extent requested changes wherever required. made to the information on the Economic,
consists of making enquiries, primarily
Professional Accountants issued by the than for a reasonable assurance of persons responsible for preparing the z Provided guidance, recommendations Environment, Social and Governance
Institute of Chartered Accountants of engagement. Consequently, the level subject matter and related information and feedback on the improvement of (EESG) contained in the Integrated Annual
Sri Lanka (CA Sri Lanka) and have the of assurance obtained in a limited and applying analytical and other the sustainability reporting indicators to Report of MAS Capital (Private) Limited
required competencies and experience to assurance engagement is substantially appropriate procedures. improve the presentation standard. for the year ended 31 December 2024,
conduct this assurance engagement. lower than the assurance that would in order for it to be in accordance with
have been obtained had a reasonable Our procedures included: We also performed such other procedures the Criteria.
EY also applies quality management as we considered necessary in the
assurance engagement been performed. z Validated the information presented and
standards, which requires that we design, circumstances.
Our procedures were designed to obtain checked the calculations performed by
implement and operate a system of
a limited level of assurance on which to the organisation through recalculation.
quality management including policies EMPHASIS OF
base our conclusion and do not provide Performed a comparison of the content 19 June 2025
or procedures regarding compliance z
MATTER
all the evidence that would be required to given in the Report against the criteria Colombo
with ethical requirements, professional Economic, Environment, Social management
provide a reasonable level of assurance. given in the selected sustainability
standards and applicable legal and data/information are subject to inherent
regulatory requirements. Although we considered the effectiveness standards/frameworks.
limitations given their nature and the
of management’s internal controls when z Conducted interviews with relevant methods used for determining, calculating
determining the nature and extent of our organisation’s personnel to understand and estimating such data. Such inherent
procedures, our assurance engagement the process for collection, analysis, limitations are common in Sri Lanka.
was not designed to provide assurance aggregation and presentation of data.
on internal controls. Our procedures Interviews included selected key We also do not provide any assurance on the
did not include testing controls or management personnel and relevant staff. assumptions and achievability of prospective
information presented in the Entity’s Report.
 ANNEXURES

WORKFORCE PROFILE | GRI CONTENT INDEX | EXTERNAL ASSURANCE STATEMENT

[Link]