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Integrated Annual Report 2024

Integrated Annual Report 2024 1
What’s Inside 2-3
ABOUT THIS REPORT 4-5
Overview 4-5
MISC’s 2024 Integrated Reporting Suite 4-5
ABOUT MISC 6-7
Who We Are 8-9
Our Businesses 10-11
How We Move Energy 14-15
KEY MESSAGES 16-17
Chairman’s Message 18-19
President & Group Chief Executive Officer’s Message 22-23
Chief Strategy & Sustainability Officer’s Message 26-27
Chief Financial Officer’s Message 28-29
HIGHLIGHTS 30-31
Key Highlights 2024 32-33
A Look Back at 2024 34-35
VALUE WE CREATE 40-41
Our Integrated Approach to Value Creation 42-43
Value Creation Business Model 44-45
Key Capitals 46-47
Engaging with Stakeholders 48-49
STRATEGIC REVIEW 52-53
Our Operating Environment 54-55
Our Material Matters 62-63
Our Risks and Mitigation Strategies 66-67
Delivering Our Strategy and Its Progress 72-73
BUSINESS REVIEW 78-79
Gas Assets & Solutions 80-81
Petroleum & Products 82-83
Offshore 86-87
Marine & Heavy Engineering 88-89
Marine Services 92-93
Maritime Education & Training 96-97
CORPORATE ENABLERS 100-101
People Development 102-103
Operating Safely & Sustainably 102-103
Operating Responsibly 104-105
FINANCIAL REVIEW 106-107
Group Financial Review 108-109
Financial Calendar 110-111
Five-Year Group Financial Performance 112-113
Statement of Value Added & Value Distributed 114-115
ANCHORING SUSTAINABILITY 116-117
SUSTAINABILITY GOVERNANCE 118-119
ESG RISK MANAGEMENT 120-121
SUSTAINABILITY STRATEGY AND ITS KEY PROGRESS IN 2024 122-123
CONTRIBUTING TO THE SUSTAINABLE DEVELOPMENT GOALS (SDGS) 124-125
MEMBERSHIPS AND ASSOCIATIONS 126-127
CLIMATE-RELATED FINANCIAL DISCLOSURES 126-127
Bursa Malaysia Common Sustainability Matters and Indicators 128-129
LEADERSHIP 132-133
Our Board at a Glance 134-135
Our Board of Directors 134-135
Profiles of the Board of Directors 136-137
Our Executive Leadership Team 142-143
Profiles of the Executive Leadership Team 144-145
GOVERNANCE 150-151
Corporate Governance Overview Statement 152-153
Board Nomination & Remuneration Committee Report 174-175
Board Audit Committee Report 182-183
Board Sustainability & Risk Committee Report 188-189
Statement on Risk Management & Internal Control 194-195
Statement of Directors’ Responsibility 210-211
Additional Compliance Information 210-211
ADDITIONAL INFORMATION 212-213
Properties Owned by MISC Berhad and Its Subsidiaries 214-215
Statistics on Shareholdings 216-217
Corporate Information 218-219
List of Abbreviations 220-221
ANNUAL GENERAL MEETING 224-225
Notice of Annual General Meeting 226-227
Form of Proxy 230-231

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