Table of Contents
1
512
MISC Integrated Annual Report 2020
INTEGRATED ANNUAL REPORT 2020
1
CONTENTS
8-9
INTRODUCTION
10-11
ABOUT MISC
10-11
CORPORATE INFORMATION
10-11
ABOUT THIS REPORT
12-13
WHO WE ARE
16-17
WHO WE ARE AND WHAT WE DO
18-19
WHAT WE OWN/OPERATE
20-21
HOW WE MOVE ENERGY
22-23
WHERE WE OPERATE
24-25
KEY MILESTONES
26-27
SPECIAL FOCUS
30-31
The FPSO Industry
32-33
KEY MESSAGES
34-35
CHAIRMAN’S MESSAGE
36-37
PRESIDENT/GROUP CEO’S REVIEW
40-41
HIGHLIGHTS
48-49
KEY HIGHLIGHTS 2020
50-51
KEY CORPORATE EVENTS AND ACHIEVEMENTS IN 2020
52-53
STRATEGIC REVIEW
56-57
OVERVIEW
58-59
HOW WE CREATE VALUE
60-61
OUR STRATEGIC FOCUS
64-65
OUR MATERIAL MATTERS
66-67
OUR STAKEHOLDERS
68-69
OUR OPERATING ENVIRONMENT
70-71
SPECIAL FEATURE OUR RESPONSE TO COVID-19
82-83
OUR RISKS AND MITIGATION STRATEGIES
84-85
DELIVERING OUR STRATEGY
90-91
SUSTAINABILITY
102-103
ANCHORING SUSTAINABILITY @ MISC
104-105
FINANCIAL REVIEW
124-125
GROUP FINANCIAL REVIEW
126-127
FINANCIAL CALENDAR
128-129
FIVE-YEAR GROUP FINANCIAL PERFORMANCE
130-131
STATEMENT OF VALUE ADDED AND VALUE DISTRIBUTED
132-133
BUSINESS REVIEW
134-135
LNG ASSET SOLUTIONS
136-137
PETROLEUM & PRODUCT SHIPPING
144-145
OFFSHORE BUSINESS
154-155
MARINE & HEAVY ENGINEERING
160-161
INTEGRATED MARINE SERVICES
170-171
PORT MANAGEMENT & MARITIME SERVICES
178-179
MARITIME EDUCATION & TRAINING
184-185
PEOPLE DEVELOPMENT
190-191
OPERATING SAFELY AND SUSTAINABLY
206-207
OPERATING RESPONSIBLY
230-231
LEADERSHIP
238-239
OUR BOARD AT A GLANCE
240-241
PROFILES OF THE BOARD OF DIRECTORS
240-241
PROFILES OF THE MANAGEMENT COMMITTEE
252-253
GOVERNANCE
258-259
CORPORATE GOVERNANCE OVERVIEW STATEMENT
260-261
NOMINATION AND REMUNERATION COMMITTEE REPORT
274-275
BOARD AUDIT COMMITTEE REPORT
282-283
BOARD GOVERNANCE AND RISK COMMITTEE REPORT
288-289
STATEMENT ON RISK MANAGEMENTAND INTERNAL CONTROL
294-295
STATEMENT OF DIRECTORS’ RESPONSIBILITY
308-309
ADDITIONAL COMPLIANCE INFORMATION
308-309
FINANCIAL STATEMENTS
310-311
DIRECTORS’ REPORT
312-313
STATEMENT BY DIRECTORS
318-319
STATUTORY DECLARATION
318-319
INCOME STATEMENTS
318-319
STATEMENTS OF COMPREHENSIVE INCOME
320-321
STATEMENTS OF FINANCIAL POSITION
320-321
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
324-325
STATEMENTS OF CASH FLOWS
326-327
NOTES TO THE FINANCIAL STATEMENTS
330-331
INDEPENDENT AUDITORS’ REPORT
466-467
ADDITIONAL INFORMATION
474-475
MISC GROUP STRUCTURE
476-477
PROPERTIES OWNED BY MISC BERHAD AND ITS SUBSIDIARIES
480-481
LIST OF VESSELS AND ASSETS
482-483
STATISTICS ON SHAREHOLDINGS
490-491
LIST OF ABBREVIATIONS
494-495
ANNUAL GENERAL MEETING
496-497
NOTICE OF ANNUAL GENERAL MEETING
498-499
ADMINISTRATIVE NOTES RELATING TO THE 52ND ANNUAL GENERAL MEETING
502-503
Form of Proxy
508-509
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