My EG Services Berhad Annual Report 2019

MY E.G. SERVICES BERHAD [Registration No. 200001003034 (505639-K)] 32 The benefit to consumers as illustrated includes reduced time and effort spent on services, as they are able to procure essential services anytime and anywhere. Users can transact safely, securely and with complete peace of mind, without having to leave the confines of their own premises. By reducing the need to travel to physical counters, we have also helped customers reduce their carbon footprint, besides avoiding the risks of being in crowded settings. Our services help to increase business efficiency and reduce operational costs. With this, we have helped to stimulate economic growth and enhance business opportunities for across the country. For the Government, we deliver an efficient channel for revenue collection while improving the renewal rate of essential documents. Since MYEG commenced operations, the Government has benefitted via the efficient collection of taxes made possible through our e-government services. Taxes are vital for the development of the nation, the execution of government policies and ultimately nation building towards a peaceful, equitable society. As an industry leader, we continue to set new benchmarks with the introduction of proprietary, homegrown technologies. OUR VALUE CREATION PROCESS AND BUSINESS MODEL The value creation model below illustrates how MYEG consumes various resources (capitals) through its business model and the results and outcomes produced for the benefit of stakeholders. The results generated constitute both financial and non-financial outcomes, which for the most part, are positive. We are cognisant that our business model may have some minor negative impacts on the natural environment such as electricity consumption, which could lead to greenhouse gas emissions. However, we believe this has been offset to a large extent as our online services have reduced travel time, fuel consumption and paper usage for customers. Further studies will be considered to evaluate the environment impacts of our business model going forward. The depicted value creation model allows us to better understand our value creation processes and key aspects that include: the capitals and resources that we are dependent upon; the effective and sustainable allocation of said resources and the impact of EES materiality topics and stakeholder concerns and aspirations as well as their impacts on our value creation approach and model. We will continue to measure our business performance against the perspective of capitals consumed, used and value created across a wide range of perspectives and for stakeholders. OUR VALUE CREATION PROCESS AND BUSINESS MODEL (CONT’D)