• Bursa Malaysia Sustainability Reporting Guide • Global Reporting Initiative (GRI) Standards • Sustainability Accounting Standards Board (SASB) Standards • Dow Jones Sustainability Index (DJSI) • Carbon Disclosure Project (CDP) • Transition Pathway Initiative (TPI) • Task Force on Climate-related Financial Disclosures (TCFD) • AA1000 Stakeholder Engagement Standard • United Nations Global Compact Guiding Principles • United Nations Guiding Principle on Human Rights • Principles of climate governance by World Economic Forum ABOUT THIS REPORT We are pleased to present MISC Berhad’s 2022 Integrated Annual Report in which we have adopted the International <IR> Framework as issued by the IFRS Foundation in January 2021. This aims to provide report users with clarity on how MISC has embedded integrated thinking into our business model as we continue to create value for our business and our stakeholders. MISC’S 2022 INTEGRATED REPORT SUITE This provides disclosures on MISC Berhad, its subsidiaries, associates and joint ventures, which are referred to as MISC or the Group throughout the report. It covers the Group’s activities and performance for the financial year ended 31 December 2022. It also includes any material events that occurred after this date up to the date of publication. Information presented pertain to the Group’s business activities and operations which includes Gas Assets & Solutions, Petroleum & Product Shipping, Offshore Business, Marine & Heavy Engineering, Integrated Marine Services, Port Management & Maritime Services and Maritime Education & Training. It also covers the material business activities of our joint ventures and associates. For 2022, we developed disclosures in our reports based on the following reporting frameworks. • Developed to provide shareholders and other stakeholders with a transparent and accountable narrative of our business activities and financial and non-financial performance for the year • Provides an account of the external environment and outlook, our business model and strategy, financial statements and approach to material matters, corporate governance and risk management • Complements sustainability-related information shared in various sections in this report • Present details of our management and performance of material Environmental, Social and Governance (ESG) matters as part of our continuous efforts to provide our stakeholders with better transparency of our ESG performance • Includes our Task Force on Climaterelated Financial Disclosures Report DEMONSTRATING OUR INTEGRATED THINKING We have sought to provide a contextualised account of how the Group has created value by employing our corporate and sustainability strategies. Wherever possible, this presents relevant targets and performance indicators to quantify MISC’s financial and operational performance for the year under review. We recognise the strong linkages between economic, environmental, social and governance matters, and the high degree of influence these have on MISC’s value creation abilities and outcomes. As such, we seek to provide: • An insight into how our strategy creates sustainable value for our stakeholders; • An account of our value creation journey for the year under review, taking into account our strategic targets; and • An orientation of where we are, where we aim to be and how we plan to address the expectations and challenges ahead, taking into account our past experiences. • International <IR> Framework issued by the IFRS Foundation in 2021 • Main Market Listing Requirements of Bursa Malaysia • Companies Act 2016 • Malaysian Code on Corporate Governance 2021 • Corporate Governance Guide (3rd edition) issued by Bursa Malaysia • Malaysian Financial Reporting Standards (MFRS) • International Financial Reporting Standards (IFRS) Reporting Frameworks: ASSURANCE This IAR has third party assurance for the following: • Our external auditors, Ernst & Young PLT, provide assurance on the audited financial statements. Details can be found in the Financial Statements section of FR2022. • Each of our vessel’s fuel consumption and relevant activity data have been verified by a third party i.e. DNV confirming the data was collected and reported in accordance with the methodology and processes set out in the ship’s Ship Energy Efficiency Management Plan (SEEMP) as required by Regulation 22A of Annex VI of MARPOL Convention. The internal team has maintained its continuous oversight to ensure that data provided are reliable. EXCLUSIONS The information is guided by our appetite for disclosure. We have withheld information that falls within the following categories: • Information that would jeopardise our strategic and competitive advantage; • Information that we are contractually precluded from sharing; and • Information which we are unable to verify. FORWARD-LOOKING STATEMENTS ABBREVIATIONS AND ACRONYMS It contains forward-looking statements which shares the Group’s expectations of its future value creation prospects. These forward-looking statements involve a marked degree of uncertainty due to the continually changing operating environment and the uncertainties of the industry within which MISC operates. This could result in actual results differing from those stated in the forward-looking statements. A list of the abbreviations and acronyms used in this Report can be found on pages 260 to 263. REPORTING SCOPE AND BOUNDARIES • Provides all our financial statements and Directors’ Report on MISC’s financial performance for the year under review • Includes our Independent Auditors’ Report which provides assurance on the faithful presentation of the Group’s financial performance Reporting Frameworks: Reporting Frameworks: • Malaysian Code on Corporate Governance 2021 • Main Market Listing Requirements of Bursa Malaysia • Companies Act 2016 • MFRS • IFRS Integrated Annual Report (IAR) 2022 Sustainability Report (SR) 2022 Financial Report (FR) 2022 3 2 MISC Berhad Integrated Annual Report 2022
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