MISC Integrated Annual Report 2020

INTRODUCTION About MISC 08 Corporate Information 09 About This Report 10 WHO WE ARE Who We Are and What We Do 16 What We Own/Operate 18 How We Move Energy 20 Where We Operate 22 Key Milestones 24 SPECIAL FOCUS The FPSO Industry 28 KEY MESSAGES Chairman’s Message 36 President/Group CEO’s Review 40 HIGHLIGHTS Key Highlights 2020 50 Key Corporate Events and Achievements in 2020 52 STRATEGIC REVIEW Overview 58 How We Create Value 60 Our Strategic Focus 64 Our Material Matters 66 Our Stakeholders 68 Our Operating Environment 70 Special Feature: Our Response to COVID-19 82 Our Risks and Mitigation Strategies 84 Delivering Our Strategy 90 SUSTAINABILITY Anchoring Sustainability @ MISC 104 FINANCIAL REVIEW Group Financial Review 126 Financial Calendar 129 Five-Year Group Financial Performance 130 Statement of Value Added and Value Distributed 132 BUSINESS REVIEW LNG Asset Solutions 136 Petroleum & Product Shipping 144 Offshore Business 154 Marine & Heavy Engineering 160 Integrated Marine Services 170 Port Management & Maritime Services 178 Maritime Education & Training 184 People Development 190 Operating Safely and Sustainably 206 Operating Responsibly 228 LEADERSHIP Our Board at a Glance 240 Profiles of the Board of Directors 241 Profiles of the Management Committee 252 GOVERNANCE Corporate Governance Overview Statement 260 Nomination and Remuneration Committee Report 275 Board Audit Committee Report 282 Board Governance and Risk Committee Report 290 Statement on Risk Management and Internal Control 294 Statement of Directors’ Responsibility 308 Additional Compliance Information 309 FINANCIAL STATEMENTS Directors’ Report 312 Statement by Directors 318 Statutory Declaration 318 Income Statements 319 Statements of Comprehensive Income 320 Statements of Financial Position 321 Consolidated Statements of Changes in Equity 324 Statements of Changes in Equity 326 Statements of Cash Flows 327 Notes to the Financial Statements 331 Independent Auditors’ Report 466 ADDITIONAL INFORMATION MISC Group Structure 476 Properties Owned by MISC Berhad and Its Subsidiaries 480 List of Vessels and Assets 482 Statistics on Shareholdings 489 List of Abbreviations 493 ANNUAL GENERAL MEETING Notice of Annual General Meeting 498 Administrative Notes Relating to the 52 nd Annual General Meeting 503 Form of Proxy WHAT’S INSIDE