Yinson Annual Report 2021

68 YINSON HOLDINGS BERHAD SECTION 03 : EXTERNAL ENVIRONMENT EXTERNAL ENVIRONMENT CHANGES IN CONSUMER BEHAVIOUR OVERVIEW RISKS OPPORTUNITIES YINSON’S STRATEGIC RESPONSE IMPACT t ,FZ mOEJOHT GSPN B poll conducted by Ernst & Young in the US indicates that while majority agree on the value of the oil & gas industry to the economy and modern lifestyle, they are sceptical of the industry’s ability to protect the environment and consumer pocketbooks. t 5IF TBNF SFQPSU BMTP indicates that younger consumers expect the oil & gas industry to better evidence positive social and environmental impacts. t $IBMMFOHFT JO attracting talent, especially from the younger generation. t %XJOEMJOH JOUFSFTU JO Petroleum Engineering (or other related courses) may narrow the pool of graduates for injection into the FPSO industry’s workforce. t 0JM HBT JOEVTUSZ T ESG efforts risks perception of ‘greenwashing’. t *NQMFNFOUJOH thoughtful and impactful ESG initiatives and communications to protect the industry with integrity and increase positive perceptions. t #F BO FBSMZ BOE serious innovator of engineering design and systems that address environmental concerns and communicate such innovation with impact. t 8JUI TVTUBJOBCJMJUZ as a key value driver, we are committed to embedding sustainability in all aspects of our business and across all divisions. t 8F BDUJWFMZ EFTJHO PVS key assets and their operational processes to take environmental concerns into consideration towards achieving our Group sustainability targets. t 8F BJN UP DSFBUF stronger, more effective consumer connections which recognise consumer values and concerns by providing regular, open and transparent updates on our ESG commitments. t 0VS EJWFSTJmDBUJPO JOUP renewables and green technologies addresses this perception. Stakeholder groups Materiality Capitals INFORMATION TECHNOLOGY (CONT'D.) OVERVIEW RISKS OPPORTUNITIES YINSON’S STRATEGIC RESPONSE IMPACT t 5IFSF IBT CFFO B worldwide demand for technological improvements and resources to enable this ‘new normal’. t 5FDIOPMPHZ FNFSHFE as a key enabler for businesses to ensure resilience and the smooth rollout of business continuity plans. t $PNQBOJFT BOE industries face greater cyber security risks, for example from the increasing number of phishing emails sent out during the pandemic. t *OBCJMJUZ UP QIZTJDBMMZ attend to IT hardware problems may cause further drops in productivity. t $PNQBOJFT UIBU IBWF invested in robust IT governance, such as cyber security awareness and information security, are less likely to be susceptible to cyberattacks, thus, supporting business continuity. t $PNQBOJFT XJUI flexible working policies pre-pandemic were able to more seamlessly adapt to the new remote working culture. t $ZCFS TFDVSJUZ BOE information security have always been a priority for Yinson. We invest in solutions to protect us against cyber attacks and run a robust cyber security awareness training programme for all employees. t :JOTPO DPOUJOVFT UP prioritise digitalisation in all our workflows for increased efficiency and business resilience. S8 M7 M16 M18 C4 C5