Our sustainability governance model This involves the Executive Leadership Team Committee and the Group Sustainability and ESG Committee, which is chaired by the Executive Director of the Low Carbon Solutions & International Growth Directorate and works with dedicated teams across our operations. Overall accountability for sustainability within ADNOC lies with the MD & GCEO. Our sustainability management approach was established based on corporate governance principles and management systems that integrate economic, environmental and social considerations into our decision-making processes. Sustainability-related issues are integrated into our business strategy, business planning, risk management and performance review processes. Our performance management framework translates our strategies into tangible and measurable indicators of performance, and results which include safety, environment, people, profitability, compliance, risk management and business performance. The different ADNOC business lines and Group companies are accountable for executing our sustainability ambitions and for ensuring effective management of related risks and performance. Corporate and technical functions, across different disciplines, provide support and advice to the business lines. These include HSE, Human Capital (HC), Enterprise Risk Management, and Legal, Governance and Compliance (LGC). These central functions are responsible for ensuring they deliver against their defined objectives, setting the strategic direction and developing governing policies and processes to support sustainability objectives across the business lines. A corporate sustainability and climate function oversees the execution of our sustainability strategy and reports on environmental, social and governance performance to the Executive Leadership Team Committee. It also advises business lines and functions on the effectiveness of their implementation strategies in meeting our long-term targets, and in driving programs aimed at enhancing our sustainability performance. We have implemented a governance model that aligns with our business strategy and goals. Relationship with the UAE government Since the company’s inception, we have played an integral role in Abu Dhabi’s economic development. We manage, produce, and preserve Abu Dhabi’s hydrocarbon reserves. Oil and gas contribute up to 50% of the Abu Dhabi economy. ADNOC also contributes to the manufacturing sector, and contributes to the wholesale and retail trade sector. We contribute resources that support the social fabric and vitality of the communities in which we operate, for example via direct social investments such as corporate social responsibility activities and our ICV program. Our work in turn supports the Government of the Emirate of Abu Dhabi’s development strategy, which is articulated in the Abu Dhabi Policy Agenda 2007–2008 (“Policy Agenda”) and the Abu Dhabi Economic Vision 2030 (“2030 Economic Vision”). ADNOC Group is wholly owned by the Government of the Emirate of Abu Dhabi. It is, therefore, a key priority for us to act responsibly for our society for the long term, while maximizing value for our shareholder. The 2030 Economic Vision was designed as a comprehensive plan to diversify the Emirate’s economy and significantly grow the contribution of the non-oil sector by 2030. Its core economic objectives include enhancing competitiveness, productivity and diversification, which are intended to reduce growth volatility, thereby promoting economic resilience and long-term national prosperity. It is also intended to enlarge Abu Dhabi’s enterprise base by encouraging entrepreneurs, small enterprises and foreign direct investment, enabling the development of new national champion enterprises to act as economic anchors. To ensure all areas of society benefit from this new development, the 2030 Economic Vision encompasses action to enable Abu Dhabi’s youth to enter the workforce, to maximize the participation of women and to continue to attract skilled labor from abroad. To support the Vision, as part of approving ADNOC’s five-year business plan for 2023–27, our Board endorsed the aim of adding $48 billion (AED178 billion) to the UAE economy through our ICV program. The ICV program is a significant enabler of the diversification and up-skilling of our local value chain. 99 Energy for Life 98