MISC Annual Report 2017

5 Introduction ABOUT THIS REPORT In l i ne w i t h t h i s , our plan for t he i mplementat i on of t he <IR> Framework w i ll be coord i nated i n phases over t he ne xt few years as follows : PARTIAL ADOPTION Current State : Annual Report GRADUAL SHIFT TOWARDS <IR> FRAMEWORK Desired State : Integrated Annual Report CONTINUED PROGRESSION TO FULLY ALIGN WITH <IR> FRAMEWORK Desired State : Integrated Report SCOPE & COMPLETENESS This Report covers information on the MISC Group’s operations and activities around the world, including our Liquefied Natural Gas (LNG) Shipping, Petroleum & Product Shipping, Offshore and Marine & Heavy Engineering business segments. It also covers our Maritime Education & Training, Port & Terminal Services as well as Integrated Marine Services business segments. There were some changes to the Group’s structure in FY2017 including the divestment of MISC’s entire equity interest in our Tank Terminal services, and the integration between MISC’s Fleet Management Services Division and AET Shipmanagement under the new Integrated Marine Services unit known as Eaglestar. Further details in understanding the scope of this report and its basis, which includes the Group’s core businesses, key enablers, value chain and business locations can be found in pages 10 to 13 of this Report. REPORTING PERIOD This report presents the Group’s corporate and sustainability strategies and targets as well as our financial and operational performance for the financial period 1 January 2017 until 31 December 2017 (FY2017) and will be published on an annual basis. CONTEXT In this report, MISC Berhad is referred to as MISC or the Group. The content of this report prioritises areas deemed material for a Malaysian- based energy related maritime solutions and services company with a global footprint. It also incorporates references to global development, industry challenges and outlook. DATA MEASUREMENT TECHNIQUES & ASSUMPTIONS All financial data disclosed in this report has been audited by an independent third party. Other sustainability information presented in this report is based on internal data collection systems and widely accepted calculation methodologies such as the Greenhouse Gas (GHG) Protocol. The information in this report is presented on a best-effort basis and is subject to further improvement in future reporting cycles. ASSURANCE We have not undertaken third party assurance for the data disclosed in this report with the exception of financial data. However, our internal team has been looking into our reporting processes and are taking the necessary action for improvement. We are working towards a form of third party assurance in the future.