Empowering our Human Capital
Management Approach
Cultivating our Top Talent
Valeura prioritises local employment where possible to support communities in its operating areas. The Company applies a non-discrimination policy and recruits based on competence and merit.
Employee well-being and professional development are also prioritised. Human Capital specialists implement initiatives that promote workforce engagement, balance and resilience.
Valeura supports organisational effectiveness through open and transparent communication with employees. In Thailand, the welfare committee regularly reviews workplace conditions, represents employee interests, and oversees welfare initiatives. The welfare committee covers all employees.
The labour engagement programme enables structured election of employee representatives and provides a platform to raise concerns related to working conditions. Valeura also maintains employee support programmes alongside competitive compensation to support workforce flexibility and wellbeing.
Employee Support Programmes
- Flexible working hours: Employees may adopt flexible schedules to reduce commuting during peak hours and support work–life balance.
- Work-from-home options: Remote work arrangements are provided on a case-by-case basis to address employee needs.
- Overtime management: Overtime hours are monitored through a tracking system, with compensation processed through Oracle (including offshore personnel).
- Part-time working options: Part-time arrangements are available, including contractors working fewer than 48 hours per week.
- Parental leave: Valeura provides maternity and paternity leave to 100% of our employees, along with a one-time childcare allowance.
- Exceptional leave: Additional leave is available for events such as annual medical check-ups, bereavement, terminal illness, home disasters and weddings.
- Annual leave: Employees are entitled to paid annual leave based on years of service.
- Childcare and breastfeeding facilities: Dedicated rooms are provided to support childcare and breastfeeding needs.
- Physical health support: Valeura provides health and life insurance covering disability and permanent total disability, along with wellbeing allowances and support for employee recreation clubs such as yoga, dancing, running, football, badminton, and golf.
- Mental health support: Health insurance coverage includes treatment for acute and chronic mental health conditions.
- Benefit support: Additional benefits beyond legal requirements include sports and wellbeing programmes, health insurance, gym access, and supplementary leave entitlements.
- Retirement provision: Valeura provides severance in accordance with local labour laws. Employees may also participate in Thailand’s Provident Fund as a savings option upon resignation or retirement.
- Transition programme: Transition programmes include retirement preparation guidance and financial planning support, with plans for continued implementation.
Valeura has introduced a plan including Performance Share Units (PSUs) and Restricted Share Units (RSU) as part of its long-term incentive programme to align management and employee interests with those of shareholders. The plan is described in more detail in Valeura’s Information Circular. In addition, Valeura’s long-term incentives include:
- Sustainability-linked targets: Targets are set over a three-year period, with periodic review and extension as appropriate.
- Long service recognition: Programmes recognise employee tenure and contributions.
- Provident fund: A provident fund is available for eligible employees.
- Annual leave: Leave entitlements are provided based on years of service.
Management engages directly with employees through town hall meetings and Q&A sessions to discuss the Company’s strategy.
Valeura also organises employee engagement initiatives, including wellness programmes, health talks, workplace safety awareness, and cultural events such as Songkran merit-making and Christmas celebrations.
In 2025, Valeura implemented four Happiness Initiatives as part of its employee engagement approach (see Happiness Initiatives section below for further details).
While no formal employee engagement survey was conducted during the year, employee feedback was collected after each initiative. These programme-level results were used as a proxy for engagement related to the initiatives.
Based on consolidated feedback across all Happiness Initiatives in 2025, average employee satisfaction was 91%, indicating a strong positive response to the programmes.
Human Capital Development
Valeura invests in training and development to build workforce capability and support professional growth. Programmes focus on reskilling and upskilling employees to address evolving business and technology challenges.
Key initiatives include leadership development, training in data analytics and advanced technologies, and continuous improvement programmes aimed at enhancing efficiency. Online training modules, mentoring, and workshops are available to employees and selected contractors.
All employees complete annual Individual Development Plans (IDPs), agree with supervisors and integrate the plans into their Individual Performance Contracts. These plans identify training needs, job assignments, and development goals aligned with corporate objectives. Coaching, mentoring, and on-the-job training further support capability development.
Performance Appraisal
Valeura’s performance appraisal system aligns individual performance with corporate objectives. Annual corporate scorecards set strategic priorities, which are translated into departmental targets and individual Key Performance Indicators (KPIs).
Employees and supervisors conduct regular progress reviews throughout the year, culminating in an annual performance evaluation. Final ratings are reviewed by executives to ensure fairness. The pay-for-performance system links performance outcomes to bonus and salary adjustments.
Respect for the Rights of Workers
Valeura upholds human rights in accordance with the United Nations Universal Declaration of Human Rights, the UN Guiding Principles on Business and Human Rights and the UN Global Compact. These principles are embedded in the Code of Business Conduct and Ethics and apply to employees, management and contractors.
The Company complies with applicable labour laws in Canada, Thailand and other jurisdictions where it operates. Valeura also publishes a Canadian Modern Slavery Act Report under Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act.
Hiring and sourcing practices include safeguards to prevent forced and child labour, enforce minimum hiring age, and maintain non-discrimination and anti-harassment standards. Mandatory employee training raises awareness on preventing and reporting forced or child labour.
Evaluation of Performance
Nationality and Gender Representation in the Workforce
Nationality Representation
Valeura maintains a multinational workforce, with employees from regions including North America, Europe and the Asia Pacific.
Gender Representation
Gender distribution remained balanced at a 50:50 female-to-male ratio in 2025, consistent with 2024 and an improvement from 47% female and 53% male in 2023.
Women’s Representation at Each Employee Level
Happiness Initiatives
Valeura refreshed its “Happiness Initiatives” programme in 2025 to strengthen employee engagement across multiple aspects of the work experience. In total, four initiatives were conducted during 2025.
The 2025 “Happiness Initiatives” programmes included:
- Office Massage Programme
- Firefighting Training
- First Aid Training
- Sweat for Smile Programme (Season 4), which encouraged physical activity, team participation and social contribution.
E-learning Platform
Valeura’s VE GO1 online learning platform provides on-demand access to training for employees and contractors. It supports both development learning and mandatory training, including compliance and ethics courses, and forms part of the Company’s blended learning approach alongside external, in-house and internal training. The platform also enables internal content creation and hosting, reducing reliance on external providers and associated costs. Usage is promoted monthly to encourage continuous learning.
Learning activity through VE GO1 increased from 334 course completions in 2024 to 374 in 2025, an increase of approximately 12%, in line with an overall increase of around 12% in company-wide training activity. VE GO1 accounted for more than 40% of total learning activity, confirming its role as a core learning channel. The increase reflected broader participation and repeat usage rather than one-off training events.
In 2025, VE GO1 hosted mandatory compliance training, including code of conduct and conflict of interest courses, improving consistency, tracking and auditability. Increased use of digital learning also reduced delivery costs compared with external services and supported lower-carbon training by reducing travel and printed materials. The platform further enabled equal access to learning across departments, job levels and work locations, while external and in-house training continued to provide technical depth and safety-critical capability.
Grievance on Human Rights
Valeura recorded zero grievances related to human rights violations between 2023 and 2025, reflecting its commitment to upholding fundamental human rights principles.