reef, sea-turtles and mangrove conservation. In FY2022, MISC’s investment in biodiversity conservation amounted to RM300,000. Our flagship investment in our maritime academy ALAM and the Cadet Sponsorship Programme allows us to meet our community responsibilities and contribute to the growth of the regional maritime industry. MISC’s provision of maritime education opportunities to deserving students and highquality maritime education has ensured the development of a sustainable pipeline of qualified seafaring industry professionals. Towards the end of FY2022, we have sponsored 751 students with a total investment of approximately RM24.2 million. MISC has also furthered the adoption of the MCCG. Effective 1 April 2022, the BAC is comprised solely of independent directors, in line with Step-Up Practice 9.4 of the MCCG. MISC acknowledges the importance of the diversity of Board members to incorporate new insights into the boardroom. This belief, whether the diversity in terms of skills and backgrounds, view and perspective or gender, are able to help to incorporate new insights as well as improve governance and oversight in the boardroom. During the year, MISC recorded some changes in the Board which have added new skills and capabilities to the Board’s diversity matrix. At the beginning of the year, we saw the appointment of Dato’ Tengku Marina Tunku Annuar’s as an Independent Non-Executive Director of MISC Berhad. As indicated earlier, Captain Rajalingam Subramaniam was elevated as the President/Group CEO and Non-Independent Executive Director of MISC Berhad effective 1 October 2022. Captain Rajalingam’s appointment came upon the retirement of Datuk Yee Yang Chien as President/Group CEO and NonIndependent Executive Director of MISC Berhad effective 30 September 2022. On 1 June 2022, Encik Mohd Yusri Bin Mohamed Yusof stepped down as Non-Independent Non-Executive Director of MISC Berhad. On behalf of the Board, I extend our immense appreciation to Encik Yusri for his valuable contribution during his tenure at the MISC Board. Encik Yusri was replaced by Cik Wan Shamilah Binti Wan Muhammad Saidi as NonIndependent Non-Executive Director on the same date. We are confident that the Board changes during the year will enhance shareholder value over the long term through the strengthening of the Board’s capabilities, and that our new Board members will play a huge contributory role to MISC’s continuing success. CHAIRMAN’S MESSAGE STRENGTHENING GOVERNANCE MISC’s international validations and awards in FY2022 has further reinforced our stellar reputation and credibility in the international maritime industry. AET’s first LNG dual-fuel VLCC Eagle Valence obtained the Tanker of the Year Award at the Tanker Shipping and Trade Conference, Awards and Exhibition 2022 held in Athens, Greece on 10 November 2022. The award was in recognition to tankers delivered since November 2021 that are engaged in bulk liquid transport that sets new benchmarks in design, environmental, operational, safety, and technical performance. Testament of our value creation ability, MISC was honoured at the Alpha Southeast Asia 12th Annual Institutional Investor Corporate Awards 2022 for the Strongest Commitment to Sustainable Energy Transportation and was once again ranked among the Top Five Malaysian Companies in the category of Most Organised Investor Relations. The Strongest Commitment to Sustainable Energy Transportation Award validates our efforts to see through our commitment to move energy safely and efficiently, led by our high-performing global workforce at sea and shore. On the ESG front, both MISC and MHB were the recipients of Silver Awards in the Transport & Logistics and Energy categories respectively at The Edge Malaysia ESG Awards 2022 on 28 November 2022. These awards are testimony to the Group’s deep and unwavering passion towards cultivating ESG principles through our firm and consistent approach to drive long-term value for stakeholders while creating a positive impact that contributes towards a sustainable future. AFFIRMATION OF MISC’S ROBUST SUCCESSION PLANNING A DIVERSE AND STRONG BOARD MISC has been firm and consistent in upholding and implementing responsible corporate governance practices as well as robust risk management and internal control measures across the Group. The year saw the adoption of the MISC Directors’ Fit and Proper Policy, to ensure that all Board members have the necessary qualities, competencies, and experience to perform their duties and carry out the responsibilities required of their position in the most effective manner. Reflecting MISC’s sustainability agenda and our determination to shape a sustainable future, the Board approved the renaming of the BGRC to the BSRC effective 1 January 2023. This move will further embed all facets of sustainability into our business model, ensuring that these are reflected throughout the company’s strategy and operations. Towards assessing the performance and effectiveness of members of the Board, Board Committees, and individual directors in fulfilling their roles and functions, a Board Effectiveness Evaluation (BEE) was conducted, facilitated by an independent expert. The BEE provided the Board with objective insights into the Board’s focus areas as well as the breadth and depth of experience, expertise and mindsets represented on the Board. It also enabled us to gauge the depth and level of the Board’s culture and partnership with Management. The BEE validated the effectiveness and efficiency of the Board’s processes and reinforced the Board’s effectiveness in providing value to MISC’s Perform-Transform priorities. MISC has continuously driven the development of its talent agenda to establish and maintain a sustainable talent stream across all job levels to provide seamless leadership and talent succession planning throughout the Group. Robust succession planning has empowered MISC with a pipeline of qualified candidates to fill leadership positions as they become available and armed the organisation with a solid bench strength to continue to operate effectively towards achieving business goals. In FY2022, our succession planning enabled the smooth leadership transition of MISC’s new President/Group CEO. On 30 September 2022, Datuk Yee Yang Chien retired from his role as President/Group CEO and turned the helm over to MISC’s Chief Operating Officer and AET’s President & CEO, Captain Rajalingam Subramaniam. Captain Rajalingam’s appointment on 1 October 2022 demonstrates the strength and sustainability of MISC Group’s talent development and leadership succession plans. On behalf of the Group, I would like to extend our deepest appreciation and gratitude to Datuk Yee Yang Chien for his exemplary leadership at MISC. Datuk Yee Yang Chien has had a long and remarkable career in the maritime industry, spanning more than 20 years in various leadership roles within the Group. I would also like to welcome on board Captain Rajalingam and reiterate our full trust and confidence in his ability to steer MISC in its voyage moving forward to drive progress and create sustainable value. Another testament of MISC’s strong talent development agenda is Eaglestar’s first female Master Mariner Captain Eezmaira Sazzea binti Shaharuzzaman who was Malaysia’s first female recipient of the prestigious National Seafarer of The Year award on 25 June 2022. The award is given to “outstanding Malaysian seafarers who have demonstrated significant passion and commitment in their profession, as well as in recognition of their social contribution to the maritime community”. Captain Eezmaira’s achievement reinforces our commitment to continue progressing with our Diversity and Inclusion agenda, as the bulwark of our commitment to building human capital in the maritime sector. INTERNATIONAL VALIDATIONS AND AWARDS MISC has continuously driven the development of its talent agenda to establish and maintain a sustainable talent stream across all job levels to provide seamless leadership and talent succession planning throughout the Group. Robust succession planning has empowered MISC with a pipeline of qualified candidates to fill leadership positions as they become available and armed the organisation with a solid bench strength to continue to operate effectively towards achieving business goals. Key Messages Key Messages 25 24 MISC Berhad Integrated Annual Report 2022
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