Yinson Annual Report 2021

108 YINSON HOLDINGS BERHAD SECTION 05 : OUR CAPITALS Offshore production governance In FYE 2021 our Offshore Production Division certified our HSE Management System to the stringent standards of ISO 45001: 2018. t "T QBSU PG UIF BOOVBM UIJSE QBSUZ BVEJU QSPHSBNNF %/7 GL carried out transition audits from OHSAS 18001 to ISO 45001 at relevant sites in Asia, Africa and Europe and offshore units in Q1 and Q2 of 2020. t 5IF NBJO EJGGFSFODF CFUXFFO UIF TUBOEBSET JT UIBU ISO 45001 concentrates on the interaction between an organisation and its business environment, while OHSAS 18001 focuses on managing OHS hazards and other internal issues. t *40 QSPWJEFT B TJOHMF DMFBS GSBNFXPSL GPS UIF organisation to improve our OHS performance. Directed at the top management of the organisation, it aims to provide a safe and healthy workplace for employees and visitors. To achieve this, it is crucial to control factors that may result in illness, injury, and in extreme cases – death, by mitigating adverse effects on a person’s physical, mental and cognitive wellbeing. The YMS Revitalisation project kicked off in FYE 2021, with the aim of strengthening the accessibility and integrity of management system documents. t 5IF TZTUFN XJMM CF NPWFE UP B NPSF SPCVTU QMBUGPSN that provides stronger features for document review and control, improved navigation and search functionalities. t 5IJT XJMM BMTP FOBCMF OFX BOE IBSNPOJTFE FOWJSPONFOUBM impact reporting across the fleet, providing better tracking of progress towards environmental improvement targets. t " GVMM SFWJFX PG :.4 EPDVNFOUT XJMM CF DPOEVDUFE UP ensure compliance with rules and regulations, and in alignment with the Division’s Project Execution Model. Corporate tax governance Yinson balances tax compliance with business activities and ethical, social and development-related expectations. Our Whistleblowing Policy & Procedure also contains mechanisms for reporting malpractices in relation to taxes. The following table outlines our approach to managing tax in terms of compliance, management and governance, tax strategy, and how we manage our relationships with tax authorities. INTELLECTUAL CAPITAL Compliance In line with our ‘Compliance First’ philosophy, Yinson is committed to paying taxes and fulfilling our tax reporting obligations in compliance with relevant laws and regulations, including the accurate and timely submission of tax returns and other required documents. We conduct our business ethically and in a transparent manner taking into account social norms at all relevant locations. Tax management and governance Yinson aims to accurately identify tax risk such as changes in tax law and practice at the start of a transaction and on an ongoing basis thereafter. Further, we practice an open culture of information sharing between management and related departments to mitigate tax risk. We leverage the expertise and experience of external tax specialists to understand and implement evolving best practices. Tax strategy Yinson’s tax strategy aims to optimise its tax obligation and eliminate double taxation in compliance with applicable laws and regulations, thus serving the interests of our shareholders and other stakeholders. It is imperative to maintain Yinson’s corporate reputation, thus Yinson will not conduct any transaction with the motive of tax avoidance. Relationship with tax authorities We act with honesty, sincerity and full transparency when dealing with any relevant tax authority. Yinson develops relationships with tax authorities via various means by using available methods to obtain tax certainty such as rulings or the use of advanced pricing arrangements. Sustainability governance t 5IF #PBSE NBJOUBJOT PWFSTJHIU PG TVTUBJOBCJMJUZ TUSBUFHJFT through our Sustainability Committee, which is chaired by our Group CEO. t 5IF DPNNJUUFF JT NBEF VQ PVS LFZ TFOJPS NBOBHFNFOU personnel, with main responsibilities covering management of all strategic initiatives toward achievement of Group-wide sustainability-related goals. t 5IF DPNNJUUFF NFFUT RVBSUFSMZ FWFSZ ZFBS UPVDIJOH PO key issues relating to the trends and upcoming action plans toward sustainability. In the review period, the committee was engaged in approval of the Group-wide Climate Goals; discussions on implementing possible carbon reduction initiatives; ESG ratings; as well as the creation of an ESG Taskforce to operationalise strategic initiatives requiring cross-functional skill sets. Yinson's Climate Goals, pg 72; Climate action, pg 76; Natural Capital, pg 143 Financial Capital, pg 82