TBS recognizes the increasing linkage between business and geopolitics. This is why we are committed to maintaining a strong reputation for conducting business ethically. Through this, we envision flanking ourselves against running afoul of geopolitical pressures. Guiding us in this work is adherence to relevant United Nations principles and the Sustainable Development Goals. Our focus on transparency is also key. 

While TBS has not implemented specific measures targeting geopolitical risks on a global scale, the Company has focused its risk mitigation strategies within Indonesia. This is where the majority of our stakeholders are, so it makes sense to focus on this segment first. Given that 60% of our cost of goods is attributable to coal-fired power plants, and considering the local sale of energy to State Electricity Company (the Indonesian state electricity company), TBS' approach to risk mitigation is primarily focused on ensuring stable and secure operations within Indonesia. This includes maintaining strong relationships with local suppliers and stakeholders, as well as adapting to local market dynamics to mitigate potential disruptions to supply and operations.

In response to other potential geopolitical uncertainties, TBS emphasizes the management of relationships with external stakeholders, both locally and internationally. This approach includes active community engagement, collaboration with organizations across a range of industries and sectors, as well as broad stakeholder dialogues.