ANCHORING SUSTAINABILITY @ MISC STAKEHOLDER ENGAGEMENT OUR 2021-2025 SUSTAINABILITY STRATEGY MATERIAL MATTERS We conduct a materiality assessment regularly to ensure that MISC focuses on the issues that are of greatest importance to our stakeholders and is effectively and meaningfully addressing them. These material topics are validated by various levels of our sustainability governance. We refined our materiality topics based on internal and external feedback received, developments in the industry and operating environment relevant to the maritime sector, emerging ESG trends, as well as stakeholder expectations. Our latest materiality assessment was completed in 2022. Through the analysis of our findings, we identified a total of 19 issues, with eight being the most material: At MISC, we engage closely with our key stakeholders as we believe that active stakeholder engagement is a key part of our business approach. We tailor our engagements based on the nature of the relationship and build a stakeholder-inclusive approach to creating value. MISC had several touchpoints throughout 2022 to engage with customers, investors, financial institutions, and other stakeholders who are interested in our ESG performance. In 2022, MISC conducted a stakeholder engagement feedback survey to seek feedback on our materiality matters, customer satisfaction, and how well we engage with our stakeholders. Details on our stakeholder engagement activities and how we respond to our key stakeholders can be found in Our Stakeholders section and further elaborated in our Sustainability Report 2022. Our strong HSSE culture is defined by a broad spectrum of programmes that promote the health and well-being of our employees, contractors and our communities. Our talent development agenda is geared towards promoting skills throughout our workforce, including technical and vocational skills, to empower people to gain employment and decent jobs as well as encouraging entrepreneurial skills. We proactively encourage female participation in the maritime industry, to ensure the full and efective participation of women as well as their access to equal opportunities for leadership at all levels of decision making. Through our policies and processes that uphold labour rights, and promote a safe and secure work environment, we are encouraging sustainable economic growth and decent work for all. Through the greater adoption of clean and environmentally sound technologies, we are designing or retrofitting our assets towards more sustainable performance that optimises the efficient use of resources. Our various workplace policies are designed to ensure equal opportunities at the workplace, irrespective of age, gender, nationality or cultural background. We are driving towards better sustainable consumption by promoting the circular economy, through measures designed to eliminate waste and promote the use of renewable resources, as well as sustainable procurement practices. We design and operate assets that either combat or reduce the efects of climate change. As a responsible maritime operator, we have in place, programmes that sustainably manage and protect marine ecosystems by strengthening their resilience and take action towards their restoration to maintain sustainable ocean health. We foster a strong governance and business ethics culture to fight corruption and modern slavery and promote fair practices. By encouraging and participating in multi-stakeholder partnerships that mobilise and share resources on expertise and technology, we are promoting a global partnership towards a sustainable maritime industry. UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS (UNSDG) MISC has in place, focused initiatives and programmes that support the following 11 UNSDGs LONG TERM • Transition to decarbonised fuel SHORT - MEDIUM TERM SHORT - MEDIUM TERM • Collaboration on alternative fuel R&D SHORT - MEDIUM TERM • Transition to Low Carbon Fuel SHORT - MEDIUM TERM • Renewable energy mix Greater Renewable Resource Utilisation Ship Recycling 4R – Refuse, Reduce, Reuse & Recycle PROMOTING CIRCULAR ECONOMY TOWARDS DECARBONISATION ENVIRONMENT SOCIAL GOVERNANCE FINANCIAL Employee Safety, Health & Well-being Contractor Safety Process Safety STAKEHOLDER ENGAGEMENT NOITAVRESNOCYTISREVIDOIB Marine biodiversity conservation FINANCIAL GROWTH PLANS FINANCIAL GOVERNANCE FRAMEWORK (FRA/CFP) TALENT EXCELLENCE COMMUNITY INVESTMENT HEALTH & SAFETY Youth Entrepreneurship Education CSR on education Engaged Workforce Talent Development Collaboration Assurance Assurance Robust Culture Cybersecurity RESPONSIBLE SUPPLY CHAIN MANAGEMENT GOVERNANCE & BUSINESS ETHICS MISC GROUP SUSTAINABILITY STRATEGY 2021-2025 Climate Change Energy Management Values, Governance and Business Ethics Natural Resource Use Financial Performance Human Rights Business Knowledge Health and Safety Elaboration on how we define our material matters and materiality matrix can be found in Our Material Matters section and further elaborated in our Sustainability Report 2022. MISC’s Sustainability Strategy is our five-year roadmap which formulates a five-year strategic plan. The strategy is based on stakeholder feedback on our material matters and in consultation with employees and senior management from all subsidiaries and business units through various workshops. The current strategy was approved by MISC Board in 2020 and is reviewed annually. Our strategy addresses 10 strategic priorities which we then grouped into five pillars namely, Financial, Environment, Social, Governance and Stakeholder Engagement. For each pillar, strategic priorities, commitments, targets and action plans were derived for each year leading up to the year 2025. Sustainability Sustainability 89 88 MISC Berhad Integrated Annual Report 2022
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