Our objective is to identify new business opportunities within the two value chain pillars of Renewable Energy and Waste-to-Value, to add to our present business portfolio mix. In 2022, MISC devised our five-step commercialisation process, as depicted below. As a first step in our commercialisation process, in 2022 we set up a task force that is evaluating the business potential of innovative solutions in CCUS. Consisting of representatives from businesses throughout the Group, the task force is tactically focused, strategically integrated, and ready to face the transition ahead. Our people are working as a team to identify the best means by which we can unlock value to drive MISC’s CCUS venture. PRESENT OUR MATERIAL MATTERS OUR MATERIAL TOPICS SELECTION PROCESS In 2022, we conducted a materiality assessment exercise through engagements with our key stakeholders to assess the sustainability matters that are most material to MISC. OUR SIGNIFICANT SUSTAINABILITY MATTERS 3-stage Assessment Process Conducted desktop research on current and emerging sustainability trends, industry and peer benchmarking to identify all sustainability matters relevant to MISC’s business Using the feedback from our stakeholder engagement survey, mapped with MISC’s materiality matrix Benchmarking Stakeholder Engagement Materiality Matrix Conducted a survey on the prioritisation of our material matters with internal and external stakeholders’ groups: • Customers • Financial Institutions • Investors/Analysts • Senior Leaders throughout the MISC Group • Board of Directors Thus, our dual-pronged strategic approach of the longerrange MISC 2050 strategy and the short to medium term five-year rolling business plan enables us to actively explore new ideas or opportunities that we can commercialise for the medium to long-term future. As our ideas become ready for commercialisation, we venture into these new areas as strategic business ventures within our five-year business plans. Our approach will result in the gradual evolution of our business portfolio mix to feature these new MISC 2050 inspired businesses as the Group’s main income drivers and engines of growth in the future. IDEA CREATION Generate many worthy ideas that can form the foundation SCREENING Evaluation of ideas that have the highest potential of success based on market needs PRODUCT DEVELOPMENT Develop a product prototype and test for real-world application CONCEPT DEVELOPMENT Drafting a way to reach out to the market - Product, Price, Promotion and Placement COMMERCIALISATION & ROLLOUT Launch, operate and scale profitable products, services and businesses CONCEPT TO COMMERCIALISATION: A 5-step Process OUR STRATEGIC FOCUS • Existing businesses to plateau • New business portfolios will start to take greater prominence • Mix of new and old portfolios • The new portfolio becomes the main driver of income and engine of growth • Existing portfolio as our core engine for income and growth • New ideas identified, developed and commercialised 2050 MISC 2050 is the clarion call to reimagine our roles socially and economically to future proof ourselves over the next decade and beyond. Maritime industry and associated value chain Delivery of MISC’s business strategy and future performance Individuals, groups, communities and other stakeholders At MISC, our sustainability agenda has been developed and embedded into our business strategy and operations to address concerns that matter most to both our internal and external stakeholders. Sustainability matters that could significantly affect Strategic Review Strategic Review 57 56 MISC Berhad Integrated Annual Report 2022
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