MISC BERHAD INTEGRATED ANNUAL REPORT 2023 www.miscgroup.com KEY MESSAGES SECTION 3 20 21 Chairman’s Message Chairman’s Message Driving a Sustainable Future Testament to our value creation ability, MISC was honoured to attain the Green Ship status for our two LNGCs, Seri Daya and Seri Damai, making them the second and third vessels within the Group, following our first dual-fuel VLCC, Eagle Valence in 2022. Our commitment to value creation extends beyond our operational boundaries to include the wider ecosystem of communities. Through strategic community investments such as cadet sponsorships at ALAM and other maritime education scholarships, we are dedicated to nurturing the next generation of maritime professionals. As the industry undergoes transformation, it is essential to equip a skilled workforce capable of embracing emerging challenges. In 2023, we invested RM29.6 million in cadet sponsorships for current and new students at ALAM, totalling 829 cadets. This reaffirms our commitment to cultivating the future leaders of the maritime sector. Strong Governance & Leadership In 2023, MISC’s Board of Directors (Board) adopted a balanced and dynamic approach, building upon insights from the 2022 Board Effectiveness Evaluation (BEE). The Board rigorously challenged existing business models, assessed the future prospects of underperforming assets and actively looked at new opportunities amid the global energy transition and decarbonisation efforts. Building on this foundation, MISC’s leadership emphasised the importance of adaptability and future-proofing, particularly in response to emerging trends such as climate change and digital transformation. The Board Nomination & Remuneration Committee (BNRC) facilitated ongoing training programmes and conducted an annual skill matrix analysis to ensure our leadership team remained versatile, knowledgeable and diverse. Collaborating with external niche-industry leaders enables us to integrate specialised knowledge in areas such as cybersecurity and digital transformation into our strategy. Moving Forward With the development of unconventional energy sources, we see structural changes to the maritime industry scene globally. In response to these multifaceted challenges, MISC is strategically balancing our conventional business with aggressive decarbonisation efforts across our business segments. Apart from partnering with like-minded stakeholders, MISC will pursue selective investments with a balanced approach to optimise the returns of our portfolio while staying aligned with the evolving energy market. Our efforts will be supported by the enhancement of our organisational culture and behaviour and the adoption of a broader international mindset while we continue to invest in the reskilling and upskilling of our workforce to meet the challenges of tomorrow. Acknowledgement & Appreciation On behalf of the Board of MISC, I would like to express our sincere appreciation to everyone who has supported us through the dynamic challenges and opportunities in 2023. We acknowledge the valuable services of Datuk Nasarudin Md Idris and Dato’ Rozalila Abdul Rahman, who retired on 1 September 2023, as well as Dato’ Ab. Halim Mohyiddin and Dato’ Sekhar Krishnan, who retired on 15 January 2024. Our past Independent Non-Executive Directors have made lasting contributions to our company and we are grateful for their dedication and guidance. To our stakeholders – our dedicated employees, loyal customers, supportive vendors, committed shareholders and all partners who have stood by us – your continued trust and support have been fundamental to our progress. The path to sustainability is not a solitary pursuit but a collaborative effort, requiring the collective strength and commitment of all our stakeholders. With your continued partnership, we are confident that the years to come will be marked by growth, innovation and shared success. Once again, thank you for your steadfast support and trust. Together, we forge ahead, committed to creating a sustainable legacy that will resonate for generations to come. DATUK ABU HURAIRA ABU YAZID Chairman
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