Health and safety Human and Social & Relationship Personal safety is extremely important as no loss is greater than the loss of human life. The continued safety and health of employees, assets and our cargo remain our utmost priority. A strong safety and health culture must prevail both on sea and shore. Diversity and inclusion Human We believe that a diverse workforce promotes an open-minded culture and encourages new ways of thinking that are particularly important for our global operations. We practise a non-discriminatory hiring and promotion policy regardless of age, gender, nationalities and cultural background while providing competitive local employment opportunities wherever we operate. Although often used in tandem with diversity, MISC views inclusion as a concept of its own. We promote a work environment in which all individuals are treated fairly and respectfully and have equal access to opportunities and resources. Through this commitment, we hope to give minorities a means for them to feel equal in the workplace. Ocean health Natural We recognise the importance of ocean health and have implemented pollution prevention strategies to reduce our environmental impacts. We continue to run effective biodiversity conservation programmes to raise awareness of the importance of preserving marine biodiversity and the ecosystem around them to employees and communities. Relevant UNSDGs Material Matters Capitals affected Why is this Material? Digitalisation and innovation Intellectual Digitalisation is rapidly changing information availability, allowing us to respond to changes more rapidly based on data-driven decisions and the increasing efficiency of processes. The digitalisation and innovation of digital services for our sea and shore operations enhance customer satisfaction, allowing us to provide integrated and innovative solutions that serve customers more effectively. Risk management Financial Effectively reducing the impact of financial and ESG risks, responding to immediate risk events and recovering from prolonged business disruption will ensure the continuity and sustainability of key business activities and the delivery of business objectives. Strong risk policies and procedures ensure best practices in identifying, evaluating, managing, reporting and monitoring the ever-changing risks and specific risk-mitigation measures. Customer satisfaction Social & Relationship We focus on providing the best service and experience to all customers in light of challenging economic and market conditions. Operational responsiveness and tailored solutions help us exceed customer expectations. High customer satisfaction levels re-affirm our position as a recognised global energy maritime solutions and service provider. Climate change Natural The International Maritime Organisation (IMO) adopted the IMO GHG initial strategy (IMO 2030 and IMO 2050) for the shipping sector in 2018. This initial strategy, calling on shipowners to combat climate change, is particularly relevant as the majority of our energy is produced by combusting fuel in our vessels. We have implemented several energy reduction initiatives and are committed to developing zero-carbon emission vessels by 2030 in line with IMO’s GHG strategy. In addition, we aspire to achieve net-zero GHG emissions by 2050. Skilled workforce Human and Intellectual Promoting individual and team excellence in employees is our mission. Establishing a sustainable talent stream across all job levels is a strategic priority to provide a seamless leadership and talent succession planning throughout MISC. A robust talent management programme must equip our workforce with the necessary skills and competencies to realise our business objectives. Values and governance Human Our vast global outreach operates across markets and cultures. Conducting ourselves with the highest standard of integrity is a key priority. Our strategic approach continues to embed good corporate governance and business ethics. Ethical conduct is part of our cultural DNA, even as we aspire to achieve excellent financial and operating results. Links on how our material matters affects our value creation abilities can be found throughout this IAR in How We Create Value on page 50, Our Strategic Focus on page 56, Our Stakeholders on page 66, Our Operating Environment on page 68, Our Risks and Mitigation Strategies on page 78 and Delivering Our Strategy on page 86. Details on how we defined and use our material matters can be found in our Sustainability Report 2021. OUR MATERIAL MATTERS STRATEGIC REVIEW Project and financial performance Financial and Physical Our business and the entire maritime and energy sector is affected by fluctuating prevailing economic conditions and market sentiment. Our robust business strategy is essential for maximising asset utilisation, securing larger project revenues and providing sustainable financial return for shareholders. Relevant UNSDGs Material Matters Capitals affected Why is this Material? MATERIAL MATTERS Business knowledge and expertise Intellectual and Human Increased business knowledge and employee expertise are instrumental to sustaining good overall business performance and customer satisfaction. Business knowledge and expertise influence our ability to secure long-term charters for our vessels, large-scale fabrication and maintenance contracts at our yard and integrated maritime services contracts. Natural resource use Natural Operating in a responsible manner means reducing our environmental footprint especially on energy (mainly fuel) consumption of our shipping operations; and non-renewable electricity and freshwater consumption of our non-shipping operations. Employee engagement Human Employee engagement, including their involvement in our community investment programmes, strengthens their mental and emotional connection with their place of work, enhancing productivity and talent management. We encourage a highly engaged workforce as it creates value through better service, higher customer satisfaction, increased sales and profitability, and improved shareholder returns. MISC Berhad 64 Integrated Annual Report 2021 MISC Berhad Integrated Annual Report 2021 65
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