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Integrated Annual Report 2023

Integrated Annual Report 2023 1
What’s Inside 2-3
ABOUT THIS REPORT 4-5
Overview 4-5
MISC’s 2023 Integrated Reporting Suite 4-5
ABOUT MISC 6-7
Who We Are 8-9
What We Do 10-11
How We Move Energy 14-15
KEY MESSAGES 16-17
Chairman’s Message 18-19
President/Group Chief Executive Officer’s Message 22-23
Vice President’s Message Corporate Planning & Group Finance 26-27
HIGHLIGHTS 30-31
Key Highlights 2023 32-33
A Look Back at 2023 34-35
VALUE WE CREATE 40-41
Our Integrated Approach to Value Creation 42-43
Value Creation Business Model 44-45
Key Capitals 46-47
Engaging with Stakeholders 48-49
STRATEGIC REVIEW 52-53
Our Operating Environment 54-55
Our Material Matters 62-63
Our Risks and Mitigation Strategies 66-67
Delivering Our Strategy and Its Focus 70-71
BUSINESS REVIEW 78-79
Gas Assets & Solutions 80-81
Petroleum & Product Shipping 82-83
Offshore Business 86-87
Marine & Heavy Engineering 88-89
Marine Services 92-93
Maritime Education & Training 96-97
CORPORATE ENABLERS 100-101
People Development 102-103
Operating Safely & Sustainably 102-103
Operating Responsibly 104-105
FINANCIAL REVIEW 106-107
Group Financial Review 108-109
Financial Calendar 110-111
Five-Year Group Financial Performance 112-113
Statement of Value Added & Value Distributed 114-115
ANCHORING SUSTAINABILITY 116-117
SUSTAINABILITY GOVERNANCE 118-119
ESG RISK MANAGEMENT 120-121
SUSTAINABILITY STRATEGY AND ITS KEY PROGRESS IN 2023 120-121
CONTRIBUTING TO THE SUSTAINABLE DEVELOPMENT GOALS (SDGS) 122-123
MEMBERSHIPS AND ASSOCIATIONS 124-125
CLIMATE-RELATED FINANCIAL DISCLOSURES 124-125
Bursa Malaysia Common Sustainability Matters and Indicators 126-127
LEADERSHIP 128-129
Our Board at a Glance 130-131
Our Board of Directors 130-131
Profiles of the Board of Directors 132-133
Our Management Committee 136-137
Profiles of the Management Committee 138-139
GOVERNANCE 144-145
Corporate Governance Overview Statement 146-147
Board Nomination & Remuneration Committee Report 164-165
Board Audit Committee Report 172-173
Board Sustainability & Risk Committee Report 180-181
Statement on Risk Management & Internal Control 184-185
Statement of Directors’ Responsibility 198-199
Additional Compliance Information 198-199
ADDITIONAL INFORMATION 200-201
Properties Owned by MISC Berhad and Its Subsidiaries 202-203
Statistics on Shareholdings 204-205
Corporate Information 206-207
List of Abbreviations 208-209
ANNUAL GENERAL MEETING 210-211
Notice of Annual General Meeting 212-213
Administrative Notes Relating to the 55th Annual General Meeting 216-217
Form of Proxy 220-221

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