OUR STRATEGIC FOCUS Short to Medium Term (Within 5 years) Our business strategies focus on five key areas that seek to generate secured income flows and sustainable development. The MISC five-year rolling business plan aims to strengthen our core by maximising cash from our existing assets. At the same time, we are accelerating our diversification into new asset classes and commercialising future options to sustainably generate cash into the future. Through our Sustainability Strategy 2021 – 2025, we have embedded sustainability matters within the pillars of Financial, Environment, Social, Governance and Stakeholder Engagement to ensure our long-term success and profitability. By linking MISC’s strategic priorities to our material matters, we are focusing on issues and challenges that are important to our business and our stakeholders. Values, Assurance and Business Ethics • Continuously embed a culture of strong corporate governance and business ethics and conduct • Enhance cybersecurity framework and safeguard our operations Responsible Supply Chain Management • Drive sustainable practices with our suppliers Governance Material Matters Strategic Priorities Towards Decarbonisation • Transition to low carbon operations • Deploy zero-emissions vessel latest by 2030 • Decarbonised shipping operations by 2050 • Net-Zero GHG emissions by 2050 Promoting Circular Economy • Elimination of waste and the continual use of resources • Increase the usage of renewable resources Biodiversity Conservation • Conserve and rehabilitate marine biodiversity Environment To care for the environment and operate responsibly Material Matters Strategic Priorities Key Focus Areas Key Focus Areas Health and Safety • Provide a safe and healthy environment for employees, contractors and our communities • Achieve Generative HSSE Culture Talent Excellence • Future proof talent and leadership agenda by accelerating talent potential • Build a performance-driven workforce in an engaging and inclusive work environment Community Investment • Foster youth development towards becoming future leaders through education Social To promote health and safety, individual and team excellence as well as generating positive impact on communities To foster strong governance and business ethics culture Material Matters Strategic Priorities Key Focus Areas • Collaborate with strategic partners • Promote sustainability awareness • Communicate effectively through identified platforms • Feedback sought regularly from stakeholders • Transparency through disclosures on sustainability-related frameworks Stakeholder Engagement Material Matters Strategic Priorities Key Focus Areas To create value through trusted stakeholder relationships Gas Assets & Solutions segment • Accelerate entry into unconventional gas carriers and commercialise future options to generate cash sustainably for the Group by: - Rejuvenating portfolio - Expand new asset classes • Identifying and developing new maritime solutions and/or technologies Petroleum & Product Shipping segment • Rejuvenation of the fleet with low carbon fuelled crude tankers while investing in new business supporting energy transition solutions • Pursuing low-carbon business solutions through collaboration and/or partnership Offshore Business segment • Ensuring successful project delivery and execution • Pursuing opportunities in targeted markets via partnership while investing in clean energy opportunities Marine & Heavy Engineering segment • Strengthening the core business by expanding into international market • Enhance internal capabilities to be a competitive EPCIC contractor • Increase value proposition for marine repair business while pursuing opportunities in modular and serial fabrication projects Financial To achieve growth in a predictable manner, and through recurring sources of cashflow Material Matters Strategic Priorities Key Focus Areas Medium to Long Term (Beyond 5 years) Our five-year corporate and sustainability strategies are our guiding framework to obtain positive medium-term outcomes that will bring MISC recurring revenue throughout the next 10 to 20 years. Concurrently, we have in place a longerrange strategy that is driving our progress towards MISC’s next phase of growth in line with a decarbonised future. In considering the long-term horizon, MISC is cognisant of the threat of climate change and the acceleration of energy transition. To ensure our long-term business profitability, we are embracing change and innovation within our business model to make the most of opportunities for a green future through the development of new products and services, as well as new lines of business. MISC 2050 – Simultaneously explore new income streams through our MISC 2050 long-range strategy to enable the Group to remain relevant in a future that is being shaped by energy transition and the shift towards a circular economy Net-Zero GHG Commitment – Decarbonising our operations to meet growing market demands for ecofriendly solutions, which will sustain the growth of our existing portfolio To build our organisational resilience to climate change risks and take advantage of opportunities available in a circular and net-zero economy, MISC is evolving our business via: SUSTAINABILITY PILLARS Please refer to page 4 for icon details. Strategic Review Strategic Review 53 52 MISC Berhad Integrated Annual Report 2022
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