A ANNUAL REPORT 2022 FYE 2022 HIGHLIGHTS
FYE 2022 HIGHLIGHTS FYE 2022 HIGHLIGHTS 2 Group Highlights 4 Group Financial Highlights 5 Key Events ABOUT THIS REPORT OVERVIEW 13 Chairman Statement 16 Business Model 18 Value Creation Model 20 Board Of Directors 26 Senior Management 32 Global Presence 34 Key Assets & Strategic Investments 37 Strategic Alliances & Industry Contribution STRATEGY & OUTLOOK 41 Group CEO Review 51 Strategy Review 59 Financial Review 70 Corporate Compliance Review 78 Legal & Insurance Review 82 People Review 96 Business Review – Offshore Production 105 Business Review – Renewables 111 Business Review – Green Technologies 116 Business Review – Offshore Marine & Malaysia Operations SUSTAINABILITY STATEMENT 121 Sustainability Highlights FYE 2022 122 Our Approach To Sustainability 124 Our Approach To Stakeholder Engagement 129 Materiality Matters 131 Alignment With The United Nations Sustainable Development Goals 132 Climate Change & The Energy Transition 134 GHG Methodology & Verification WHAT’S INSIDE
FYE 2022 HIGHLIGHTS OUR CAPITALS 137 Financial Capital 141 Manufactured Capital 144 Intellectual Capital 150 Human Capital 156 Social & Relationships Capital 160 Natural Capital 166 Trade-Offs In Our Capitals PERFORMANCE DATA GOVERNANCE 183 Corporate Governance Overview Statement 199 Statement On Risk Management & Internal Control 205 Report On Audit Committee 207 Statement On Directors’ Responsibility ACCOUNTABILITY 209 Directors’ Report 217 Financial Statements 352 Independent Auditors’ Report 356 Corporate Information 357 Analysis Of Shareholdings 360 List Of Properties GRI CONTENT INDEX LIST OF ABBREVIATIONS ANNUAL GENERAL MEETING 371 Notice Of Annual General Meeting 378 Administrative Details • Form Of Proxy ABOUT OUR THEME, ‘PURPOSE DRIVEN’ FYE 2022 was a year of rediscovery, recovery and renewal globally, as the world emerged from the worst of the pandemic to find its feet in the new normal. Amid the uncertainties, Yinson was able to chart its strongest financial performance yet, record remarkable growth across our business divisions and take great strides in our environmental, social and governance journey. ‘Purpose driven’ reflects how we remained focused in FYE 2022, in close adherence to our strategic framework. Under the banner of our Vision, Mission and Core Values, our direction is driven by a firm sustainability mindset, a deep desire to create sustainable value for all our stakeholders and a strong resolve to be an industry leader in the global fight against climate change. In FYE 2022, with this clear-minded purpose, we successfully operationalised our business strategies across the company, launching Yinson on a steady trajectory to even greater heights. READ YINSON’S ANNUAL REPORT 2022 VIA OUR INTERACTIVE MICROSITE In line with Yinson’s commitment to sustainability and the environment, we are not distributing hardcopies of this Report, except by request. We encourage you to read this Report on our interactive microsite, available at ar.yinson.com/2022, also accessible by scanning this QR code. LET US KNOW WHAT YOU THINK Please email corpcomms@yinson.com to provide feedback on this Report and the type of information you would like to see in future Reports.
2 YINSON HOLDINGS BERHAD FYE 2022 HIGHLIGHTS GROUP HIGHLIGHTS FINANCIAL PERFORMANCE Revenue RM3.61 billion FYE 2021: RM4.85 billion ▼ by 25.6% PATAMI RM401 million FYE 2021: RM315 million s by 27.3% Core PAT RM534 million FYE 2021: RM735 million ▼ by 27.3% Adjusted Revenue RM3.78 billion FYE 2021: RM5.01 billion ▼ by 24.6% Adjusted Core EBITDA RM1.48 billion FYE 2021: RM1.53 billion ▼ by 3.3% Basic Earnings Per Share 18.8 sen FYE 2021: RM14.8 sen s by 27.0% ESG HIGHLIGHTS One school with 250 students provided with access to renewable energy 287,986 tonnes of CO2 avoided 963 employees up 33.4% from FYE 2021 9.26% annual attrition rate 23 kg CO2e/BOE carbon intensity per barrel of oil 489.3 kg CO2e/MWh carbon intensity per MWh of energy generated 367.3 tonnes CO2e/RM million intensity of carbon emissions per revenue >USD139,500 spent on high-impact education based CSR programmes 64 students from three schools impacted with 58 laptops worth USD20,700 USD118,800 contributed to the upskilling of technician students and medical professionals Employees Board First female crew welcomed aboard FPSO John Agyekum Kufuor ≤15 ppm oil in water discharged to sea Announced Climate Goals to be carbon neutral by 2030 and net zero by 2050 Announced support for TCFD Released Climate Goals Roadmap Released TCFD-aligned Climate Report May 2021 August 2021 October 2021 December 2021 Male 78.1% Male 63.6% Female 21.9% Female 36.4%
3 ANNUAL REPORT 2022 FYE 2022 HIGHLIGHTS AWARDS AND ACHIEVEMENTS Institutional Investor’s 2021 All-Asia Executive Team Most Honoured Company Top 3 rankings for Best CEO, Best CFO, Best ESG, Best IR Professional and Best IR Programme The Asset Triple A Awards 2021 Best Green Financing in Malaysia MSWG-ASEAN Corporate Governance Awards 2020 Industry Excellence Award, Top 100 Companies for Corporate Governance Disclosures Sustainable Business Awards Malaysia 2020/21 Significant Achievement Award, Community Category PwC Malaysia Building Trust Awards Joint 2nd place, FBM Mid 70 Index Category LinkedIn Talent Awards Malaysia LinkedIn Diversity Champion (Finalist) BPAM Bond Market Awards Top ESG Issuance Asia Integrated Reporting Awards 2021 Asia’s Best Integrated Report (First Time) Attained global Anti-Bribery Management System certification from Bureau Veritas Top 9th percentile in Energy Services Industry Top 11th percentile in Oil & Gas Equipment Subindustry ABMS-2021-03 CORPORATE MILESTONES 6 key green technologies investments 1 research grant awarded through participation in consortium 1 research grant sponsored 460 MW renewables assets operational and under construction 1.5 GW renewables projects secured and under consent to achieve ready-to-build status >5 GW renewables project pipeline 2 FPSO projects awarded 2 pre-FEED FPSO projects awarded Strategic Review embarked to unlock value of the offshore production division RM1.0 billion raised through Malaysia’s first Sustainability-Linked Sukuk Wakalah Programme 1-for-1 Bonus Issue completed on 14 April 2022 RM1.1 to RM1.2 billion aimed to be raised by Renounceable Rights Issue, approved by shareholders on 29 March 2022 USD670 million mini perm financing secured for FPSO Anna Nery A1/stable rating from RAM A+/stable rating from MARC GROUP HIGHLIGHTS
4 YINSON HOLDINGS BERHAD FYE 2022 HIGHLIGHTS GROUP FINANCIAL HIGHLIGHTS FINANCIAL YEAR ENDED 31 JANUARY 2018 RM million 2019 RM million 2020 RM million 2021 RM million 2022 RM million Revenue 910 1,035 2,519 4,849 3,607 Profit before tax 362 344 331 580 716 Profit after tax and minority interests 292 235 210 315 401 Share capital 1,099 1,101 1,107 1,126 1,134 Total equity 2,633 3,624 3,774 4,026 4,740 Number of ordinary shares issued 1,093 1,093 1,095 1,100 1,101 Weighted average number of ordinary shares in issue* 1,088 1,096 1,079 1,066 1,065 Total assets 6,450 8,083 9,515 11,886 15,205 Total liabilities 3,817 4,459 5,741 7,860 10,465 Total borrowings 3,010 3,150 3,830 6,106 8,758 Non-recourse borrowings – 2,563 2,339 2,985 4,020 Earnings Before Interest, Tax, Depreciation & Amortisation (EBITDA) 650 801 770 1,236 1,402 Basic earnings per share (sen)#*& 26.8 21.4 19.5 14.8 18.8 Dividends rate (sen)+ 10.0 6.0 6.0 6.0 4.0 Net Assets Per Share (RM)^ 2.41 3.31 3.45 3.66 4.30 Gearing (times): - Total borrowings 1.14 0.87 1.01 1.52 1.85 - Excluding non-recourse borrowings% 1.14 0.16 0.40 0.78 1.00 Net Gearing (times) - Total borrowings 0.87 0.51 0.63 1.01 1.24 - Excluding non-recourse borrowings% 0.87 (0.19) 0.01 0.27 0.39 Adjusted Revenue@ 1,085 1,194 2,672 5,007 3,775 Adjusted Core EBITDA@ 823 897 865 1,533 1,476 Adjusted Core EBITDA Margin (%)@ 75.8 75.2 32.4 30.6 39.1 Adjusted Net Debt@ 2,242 1,854 2,475 4,102 5,683 Adjusted Net Debt/Adjusted Core EBITDA (times)@ 2.73 2.07 2.86 2.68 3.85 ^ Computed based on number of ordinary shares issued as at financial year end. # Computed based on weighted average number of ordinary shares in issue as at financial year end (excluding treasury shares). * Amount restated for FYE 2020. + Amount restated for FYE 2021. @ Adjusted amount/ratio is defined as the Group’s relevant financials plus the Group’s share of relevant financials of its joint ventures and associates. % Computed based on total loans and borrowings of the Group less non-recourse borrowings. & Amount adjusted for FYE 2021 to reflect the bonus issue of 1 bonus share for 1 existing ordinary share which was completed on 14 April 2022.
5 ANNUAL REPORT 2022 FYE 2022 HIGHLIGHTS 2 Received Letter of Award to develop and operate a 190MW grid-connected solar photovoltaic (“PV”) power project at the Nokh Solar Park in Rajasthan, India. 4 Provided off-grid solar system for the Pretea Municipal Assembly Basic School in Ahanta West, Ghana. 30 Signed 25-year power purchase agreement (“PPA”) for Nokh Project. 19 Donated 48 refurbished laptops to Engineering Good, a non-profit organisation in Singapore as part of our Covid-19 post recovery efforts. 20 Launched Yinson GreenTech at the Singapore Maritime Technology Conference 2021. 31 Announced Climate Goals to be carbon neutral by 2030 and net zero by 2050. 31 FPSO Anna Nery project exceeded 3 million man-hours without Lost Time Injury (“LTI”). KEY EVENTS MAR MAY APR 2021 30 MAR 31 MAY 20 APR 4 JUN 7 JUN
6 YINSON HOLDINGS BERHAD FYE 2022 HIGHLIGHTS 2021 4 Invested in autonomous vehicle tech start-up, MooVita Pte Ltd (“MooVita”). 4 Entered into agreement to collaborate with Verano Capital Holdings SpA (“Verano”) for renewable energy projects in Chile, Colombia and Peru. 7 Invested in e-motorbike and battery swap infrastructure tech company Oyika Pte Ltd (“Oyika”). 9 Awarded Preliminary Front-End Engineering Design (“pre-FEED”) contracts by TotalEnergies (Total) for FPSO projects in Angola and Suriname. 23 Secured A1/stable and A+/stable ratings from RAM Rating Services Berhad (“RAM”) and Malaysian Rating Corporation Berhad (“MARC”), respectively. 26 Donated medical personal protective equipment worth RM37,000 to the Miri General Hospital in Sarawak. 1 Recognised as Most Honored Company in Institutional Investor Research’s 11th Annual All-Asia Executive Team Survey. 15 28th Annual General Meeting (“AGM”) held virtually. 19 Donated RM87,000 worth of nasal therapy equipment to treat Covid-19 patients at Sungai Buloh Hospital, Selangor. 30 FPSO PTSC Lam Son bareboat charter contract extended for 6 months, with an automatic extension of a further 6 months if no notice of termination is received. KEY EVENTS JUL 2 Donated 11 refurbished laptops to SJK (C) Serdang Baru 1 in Selangor as part of our Covid-19 post recovery efforts. 5 Won The Asset Triple A Awards 2021 for Best Green Financing in Malaysia. 9 Announced support for the Task Force on Climate-related Financial Disclosures (“TCFD”). 11 Entered into USD670 million syndicated loan facility for the FPSO Anna Nery project. 13 Received funding from Maritime and Port Authority of Singapore (“MPA”) and Singapore Maritime Institute (“SMI”) as part of a consortium to develop, deploy and commercialise a fully electric cargo vessel with interoperable swappable battery infrastructure solutions. AUG JUN 2 AUG 26 JUN 15 JUL
7 ANNUAL REPORT 2022 FYE 2022 HIGHLIGHTS KEY EVENTS 14 Won Industry Excellence Award under the energy sector and ranked 26th in top 100 companies for corporate governance disclosures at the MSWG-ASEAN Corporate Governance Awards 2020. 18 Improved Sustainalytics ESG Risk Rating to top 9th percentile in the Energy Services industry and top 11th percentile in the Oil & Gas Equipment subindustry globally. 23 Signed collaboration agreement with Plus Xnergy Services to jointly invest and develop solar PV projects within and beyond Malaysia. 25 Signed Memorandum of Understanding (“MoU”) with Enauta Energia S.A. (“Enauta”) to engage in exclusive negotiations for the potential supply and charter of FPSO Atlanta. 30 Yinsonites taught alongside Teach For Malaysia (“TFM”) Fellows in special virtual co-teaching sessions held in conjunction with TFM Week. 24 Contributed USD100,000 to University Medical Centre in Ho Chi Minh, Vietnam for the prevention and control of Covid-19. 29 Won the Significant Achievement Award under the Community category at the Sustainable Business Awards Malaysia 2020/21. 6 Invested in marine battery solutions pioneer Shift Clean Energy (“Shift”). 14 Raised RM30,000 for The Lost Food Project (TLFP), targeted at rescuing and redistributing quality surplus food to the people who need it most. 22 Released Climate Goals Roadmap. 26 Signed term sheet with GreenTech Malaysia Alliances (“GTMA”), a subsidiary of Malaysian Green Technology and Climate Change Corporation, to fast-track the growth of Malaysia’s electric vehicle (“EV”) charging infrastructure. 28 FPSO Abigail-Joseph celebrates one year of operations with zero LTI. 28 Received ISO 37001 Anti-Bribery Management System (“ABMS”) certification from Bureau Veritas. AUG OCT SEP 29 SEP 28 OCT 9 NOV 30 AUG
8 YINSON HOLDINGS BERHAD FYE 2022 HIGHLIGHTS 2022 2021 KEY EVENTS 9 - 11 Participated in Africa Oil Week 2021. 10 Donated laptops to teachers from seven schools in the Ahanta West Municipality in Ghana. 12 Awarded Letters of Intent (“LOI”) by Petróleo Brasileiro S.A. (“Petrobras”) for the charter, operations and maintenance of FPSO Maria Quitéria in Brazil. 17 Renovated classroom block and partnered with Ghana Library Authority to provide a library for host communities at the Kejebril Basic Schools. 18 Sponsored and participated in a ghost net hunting operation at Barracuda Point in Miri, Sarawak for the third year. 18 FPSO Adoon celebrated 10 years without LTI. 1 Won joint second place under the FBM Mid 70 Index category at PwC Malaysia’s Building Trust Awards 2021. 7 Raised RM1.0 billion through Malaysia’s first Sustainability-Linked Sukuk Wakalah issuance with HSBC Amanah. 17 Awarded LOI from Enauta for the provision, operation and maintenance of FPSO Atlanta. 31 Released inaugural TCFD-aligned Climate Report. 1 FPSO PTSC Lam Son bareboat charter contract automatically extended for a further 6 months. 10 Donated 7 units of oxygen concentrators to the Zanskar Health Care and Sowa Rigpa Research Institute in Ladakh, India. DEC JAN NOV 17 NOV 10 JAN 10 NOV 18 NOV 18 NOV
9 ANNUAL REPORT 2022 FYE 2022 HIGHLIGHTS KEY EVENTS 7 Signed firm contracts with Petrobras for the charter, operations and maintenance of FPSO Maria Quitéria in Brazil. 21 Signed firm contracts with Enauta for the provision, operation and maintenance of FPSO Atlanta in Brazil. 22 Formed a joint venture with GTMA to accelerate the development of EV charging infrastructure in Malaysia. 8 Acquired two late-stage wind development projects in Brazil. 16 Awarded BPAM Bond Market Awards 2022 in the ESG Top Issuance category for year 2021. 21 – 25 Yinson Ghana organised a week-long phonics training for 10 primary school teachers from four schools within our host communities. We also presented 830 books to the library in Kejebril. 22 – 25 Participated in Offshore Technology Conference Asia 2022 in Kuala Lumpur. 29 Shareholders approved proposal for 1-for-1 Bonus Issue and Renounceable Rights Issue during Extraordinary General Meeting (“EGM”). 4 – 7 Participated in Nor-Shipping 2022. 4 – 8 Participated in Singapore Maritime Week 2022. 12 Participated in Global Data Privacy, Cybersecurity & GRC ConfEx in Singapore. 14 Completion of 1-for-1 Bonus Issue. 20 Won Silver in the Asia’s Best Integrated Report (First Time) category at the Asia Integrated Reporting Awards (AIRA) 2021. 26 Participated in Marine & Offshore Congress 2022. FEB APR MAR 22 FEB 22 MAR 4 APR 21 MAR
10 YINSON HOLDINGS BERHAD ABOUT THIS REPORT ABOUT THIS REPORT In this year’s Report, our Senior Management team provides greater insights within the ‘Strategy & Outlook’ section and into their thought processes behind decisions made to build our key pillars. We also focused on improving connectivity by aligning disclosures on our Capitals to our refreshed material topics in order to create greater clarity on how we manage our risks and opportunities in light of the ever-changing external environment. Overall, the Report details our efforts to create value for all our stakeholder groups across our value chain. We hope that the improvement in our disclosures will help you gain a greater understanding of our business, allowing you to make informed decisions about the Group. SCOPE AND BOUNDARY The scope of this Report includes Yinson Holdings Berhad (“Yinson” or “the Company”) and its subsidiaries (“the Group”). The Report covers the financial reporting period from 1 February 2021 to 31 January 2022 (“FYE 2022”) unless stated otherwise. Please note that share price within this Report are before adjustment for the Bonus Issue, unless stated otherwise. REPORTING FRAMEWORK In compiling this Report, we have considered the following frameworks and guidelines: • International Integrated Reporting Framework (2021) (“<IR> Framework”). • Bursa Malaysia Securities Berhad (“Bursa Securities”) Main Market Listing Requirements (“MMLR”), Sustainability Reporting Guidelines, Sustainability Reporting Toolkit (2nd edition, with inclusion of TCFD guidelines and Corporate Governance Guide (4th edition). • Malaysian Code on Corporate Governance 2021 (“MCCG”). • International Petroleum Industry Environmental Conservation Association’s (“IPIECA”) Oil and Gas Industry Guidance on Voluntary Sustainability Reporting. • Industry best practices where relevant. This Report has been prepared in accordance with the GRI Standards: Core option. OUR REPORTING SUITES This Report should be read in conjunction with the other reports in Yinson’s Annual Report Suite for a comprehensive account of our value creation process. The suite consists of: • Integrated Annual Report 2022: Purpose Driven (available at ar.yinson.com/2022 or hardcopy by request). • Corporate Governance Report 2022 (available at yinson.com/cg-report). • Yinson’s Climate Report (available at yinson.com/tcfd). • Yinson’s Climate Goals Roadmap (available at yinson.com/our-climate-goals). MATERIALITY The principle of materiality has been applied in assessing and deciding on the disclosures and content of this Report. A topic is considered material if it could substantively influence the decisions of the Group and its stakeholders, affecting our ability to create value over the short, medium and long-term. This Report considers both qualitative and quantitative matters that are material to our business and strategic objectives, which may influence our stakeholders’ decision-making. In FYE 2022, we performed a refresh of our materiality assessment as part of our ongoing efforts to ensure that we continuously operate in line with stakeholders’ expectations. We constantly engage with our stakeholders both internally and externally to identify topics of concern covering economic, environmental, social and governance (“ESG”) aspects. We used the feedback of the stakeholder engagement to prioritise new focus areas and identify areas of improvement. ASSURANCE PricewaterhouseCoopers PLT (“PwC”), the external auditors, provided an independent opinion on whether the Financial Statements of the Group in this Report gave a true and fair view of the consolidated financial position, financial performance and cash flows for FYE 2022. As required by Paragraph 15.23 of the Bursa Securities MMLR, PwC also reviewed the Statement on Risk Management and Internal Control (“SORMIC”) included in this Report. Their limited assurance review was performed in accordance with the Malaysian Institute of Accountants’ Audit and Assurance Practice Guide (“AAPG”) 3. AAPG 3 does not require the external auditors to form an opinion on the adequacy and effectiveness of the risk management and internal control systems of the Group. Yinson is pleased to present our Annual Report for the Financial Year Ended 31 January 2022. In this Report, we aim to provide a concise and transparent overview of our ability to create sustainable value for our stakeholders.
11 ANNUAL REPORT 2022 ABOUT THIS REPORT LEGENDS Throughout this Report, the following badges are used to link our capitals, group strategies, stakeholder groups, business divisions and material matters. FORWARD LOOKING STATEMENTS This Report contains certain forward-looking statements with respect to Yinson’s financial position, results, operations and businesses, which we believe to be realistic at the time this Report is issued. These statements may involve risk and uncertainty as they relate to events and depend on circumstances that occur in the future. There are various factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. BOARD APPROVAL Yinson’s Board of Directors (“Board”) acknowledges its responsibility to ensure the integrity of this Report, which in its opinion addresses all the issues that are material to the Group’s ability to create value and fairly presents the integrated performance of Yinson. The Board has applied its collective mind to the preparation and presentation of this Report and believes that it has been prepared in accordance with the <IR> Framework and addresses all material issues. The Board confirms that it has approved the release of this Report. ABOUT THIS REPORT Points to related sections within this Report GROUP STRATEGIES GS1 Operationalise ESG GS2 Forefront of innovation & disruption GS3 Create sustainable shareholder value GS4 Tactical financial management GS5 Build a platform for growth GS6 Empower decision-making STAKEHOLDER GROUPS S1 Bankers & lenders S2 Clients S3 Crew S4 Employees S5 Government & regulatory bodies S6 Industry S7 Investors & shareholders S8 Local communities S9 Partners S10 Vendors & suppliers BUSINESS DIVISIONS YP Yinson Production YR Yinson Renewables YGT Yinson GreenTech RO Regulus Offshore MATERIAL TOPICS MF1 Business Management & Profitability MM1 Business Model Innovation MI1 Good Corporate Governance MI2 Cybersecurity MI3 Digitalisation MH1 Human Capital Development MH2 Operational Health & Safety MH3 Human & Labour Rights CAPITALS C1 Financial Capital C2 Manufactured Capital C3 Intellectual Capital C4 Human Capital C5 Social & Relationships Capital C6 Natural Capital MS1 Sustainable Supply Chain Management MS2 Client Relationships MS3 Community Engagement MN1 Climate Change & Greenhouse Gas Emissions MN2 Waste & Pollution Management MN3 Environmental Stewardship
12 YINSON HOLDINGS BERHAD FYE 2022 HIGHLIGHTS 13 Chairman Statement 16 Business Model 18 Value Creation Model 20 Board Of Directors 26 Senior Management 32 Global Presence 34 Key Assets & Strategic Investments 37 Strategic Alliances & Industry Contribution OVERVIEW
CHAIRMAN STATEMENT Commentary by Lim Han Weng, Founder & Group Executive Chairman FYE 2022: A YEAR TO REMEMBER In 2021 the Covid-19 pandemic continued to affect countries and communities globally, sparking renewed mobility restrictions late in the year due to the emergence of the new variant. Energy price hikes and supply disruptions have caused broad-based inflation across many economies, which is expected to persist into 2022. The International Monetary Fund forecasts global growth for 2022 to slow down to 4.4% as compared to 5.9% in 2021, and growth may slow down even further due to the geopolitical tensions between Russia and Ukraine, higher inflation due to the rise in energy and commodity prices, prolonged supply chain bottlenecks, financial markets instability and risks of new Covid-19 variants. Nevertheless, we are optimistic that markets will prove their resilience as global health strategies are rolled out, supplydemand imbalances gradually wane and major economies respond with tightening of monetary policies to curb inflationary pressures. After having recovered from the pandemic-triggered oil price collapse, oil prices stabilised and went on an uptrend to breach the USD100 per barrel mark in February 2022. Even though the high oil price encourages activities in the oil & gas sector, the Group is vigilant of the repercussions from high energy prices as the Bureau of Labor Statistics’ Consumer Price Index rose sharply to 7.9%, which is the highest level since January 1982. Going through two oil price downturns in close succession has caused underinvestment in new production and also made oil companies more disciplined on costs, with many lowering their breakeven cost per barrel. These high prices may not be sustained in the long-term, however we believe oil companies will still be able to operate profitably and expand production even if prices should drop. The elevated oil price will also hasten the global push for the next generation of alternative, clean energy technologies. Our renewables and green technologies divisions are well positioned to capitalise on this opportunity. On the offshore production side, we will continue to strengthen our project pipelines and develop our asset portfolio to deliver strong orderbooks and stable cash flows. We are also actively seeking ways to unlock the value of this division to fuel our Group’s growth. Overall, we acknowledge the risk that the uncertain external environment brings to our business – however we have devoted great effort to turning these risks into opportunities and believe our greatest growth is just on the horizon. Yinson has made considerable headway in all our business divisions. We secured two new FPSO projects in Brazil and also expanded our renewables presence with two wind energy projects in Brazil’s Ceará region. Thus, we are pleased to have further anchored our presence in Brazil, and we look forward to contributing to Brazil’s energy industry for the foreseeable future. Our renewables pipeline is now between 3 GW and 5 GW across Latin America, Europe and Asia Pacific region including close to 1.5 GW in the development and consenting phase moving towards ready-to-build status. On the green technologies front, Yinson GreenTech has made good inroads into our goal to build a green energy ecosystem in the areas of marine, mobility and energy. We recently became the majority shareholder of Malaysia’s largest EV charging station network, ChargEV, launched our EV leasing business in Singapore and invested in e-bikes with swappable batteries through the region’s forerunner in this field, Oyika. We’re also active in the autonomous front through our investments in Singapore-based On behalf of the Board, I am pleased to present Yinson’s Annual Report 2022. 2021 was a fruitful year as we achieved one of our strongest financial performances since we were founded, and made significant inroads on our sustainability journey. 13 ANNUAL REPORT 2022 OVERVIEW
CHAIRMAN STATEMENT MooVita and their Malaysian operations arm, eMoovit. Our marine green technology investments in the last year include global leader in marine battery solutions provider Shift Energy, and we are actively developing the prototype for Hydroglyder – our light marine craft equipped with advanced hydrofoil technology. The Group achieved its strongest financial performance yet, with a Profit After Tax (“PAT”) of RM524 million – an increase of 27% over FYE 2021’s PAT. I am pleased to report that Yinson achieved a significant increase in our profitability through the steady growth of our FPSO operations, alongside continuous investment into high capital expenditure FPSO projects and new activities in renewables and green technologies. SUSTAINABILITY – OUR KEY FOCUS We remain determined to become a sustainability leader within our industry, believing that this will provide a positive ripple effect to the communities and environment around us while ensuring that our business remains relevant for many years to come. We are proud to have made significant progress in improving our sustainability performance, which you may read about in the Strategy & Outlook section of this Report as well as the Sustainability Statement. These efforts have won us several recognitions, including an improved ESG risk rating from Sustainalytics which placed us in the top 9th percentile of the energy service industry and maintenance of our position in the FTSE4Good Index. As a further feather in our hat, Yinson was awarded ISO 37001 ABMS certification by Bureau Veritas, making us amongst the first oil & gas companies in Malaysia to be accredited with this internationally recognised standard. SHARE PRICE PERFORMANCE Yinson’s share price started off at RM5.18 on the first day of the financial year under review. It has remained stable, averaging around RM5.30, being well-supported by our strong fundamentals. Consistency is key for us as it is what allows us to focus on the growth ahead. Meanwhile, our total orderbook is well over 10 times our total market capitalisation. REWARDING OUR SHAREHOLDERS We have distributed RM43 million in dividends for FYE 2022, representing 4.0 sen per ordinary share dividend declared for FYE 2022. In addition, we have recommended a final dividend of 2.0 sen per ordinary share for FYE 2022 for shareholders’ approval at the forthcoming 29th AGM. On 20 December 2021, we announced our intention to undertake 1-for-1 Bonus Issue and Renounceable Rights Issue together with free detachable warrants. The aim of the Bonus Issue is to reward our existing shareholders for their continuous support, and also allow shareholders to increase their equity with the larger share capital base post completion and participate in the future growth of the Group. Shareholders approved the Bonus Issue proposal during the EGM held on 29 March 2022 and this Bonus Issue was completed on 14 April 2022. Shareholders also approved the Renounceable Rights Issue during the EGM, which aims to raise gross proceeds of up to RM1.22 billion. This equity fundraising exercise will improve the Group’s net gearing and financial position, and the proceeds will be used to part finance our new FPSO projects and our expansion into renewables and green technology businesses. This exercise is expected to be completed by mid-2022, barring any unforeseen circumstances. Our last Rights Issue was in 2014, after which we have successfully completed four FPSO projects and diversified into new businesses. With shareholders’ support on this Rights Issue, we believe we will be able to achieve our next big leap of growth by tapping further into capital markets and accelerating our renewables and green technology businesses. STRENGTHENED BOARD OF DIRECTORS A warm welcome goes out to Mr Gregory Lee on his appointment as an Independent Non-Executive Director on 1 October 2021. He will further enhance the Board with his 25 years of experience as a strategic advisor and venture investor. The appointment is in line with the Group’s expansion into new business opportunities and will certainly be strengthened through his vast knowledge in small, medium and large technology businesses across various global locations. With our Board now stronger than ever, we are confident that we are well-poised to contribute positively towards the Group’s growth and leadership in the energy infrastructure business for many years to come. APPRECIATION On behalf of the Board, our deepest appreciation goes to our clients, financiers, vendors, advisors as well as the relevant authorities for your unwavering support rendered to Yinson. Your support has indeed brought us to where we stand today. To our Yinson family around the globe, allow me to extend my heartfelt thanks for all the phenomenal work you’ve done thus far. Let’s continue to uphold our Core Values as we stand together to overcome hurdles that may come our way for the journey ahead. 14 YINSON HOLDINGS BERHAD OVERVIEW
BUSINESS MODEL YP RO YR YGT YP processes oil & gas from seabeds for energy generation and manufacturing RO provides support services to offshore assets YR generates electricity from renewables sources YGT provides clean, technologybased products and services for the marine and transport ecosystems 16 YINSON HOLDINGS BERHAD OVERVIEW
17 ANNUAL REPORT 2022 OVERVIEW BUSINESS MODEL C1 C2 C3 C4 C5 C6 YINSON PRODUCTION YINSON RENEWABLES YINSON GREENTECH REGULUS OFFSHORE CLIENTS AND NATURE OF RELATIONSHIP Charterers in the oil & gas industry, typically oil majors or national oil companies. We maintain long-term relationships with a small client base, with the quality of the relationship dependent on our operational service achievements. Primarily Government-owned or public listed power utilities and industrial/commercial customers. We maintain long-term relationships with an industrial and public client base, with the quality of the relationship dependent on our reliable delivery of contracted power. • Consumer-facing businesses in the mobility, marine and energy segments. • Consumer market within the energy segment. We maintain a large customer base, with the quality of the relationship dependent on our ability to help our customers transition to net zero. Offshore oil & gas companies, offshore wind operators and offshore marine operators. We maintain a small client base, with the quality of the relationship dependent on our operational service achievements. CLIENT VALUE PROPOSITION Provision of processing, storing and offloading of crude oil and gas from subsea reservoirs through the design, construction, leasing and operation of production assets for the offshore oil & gas industry. Provision of stable and reliable power generated from renewable assets to the relevant power grid. Provision of accessible and affordable, environmentally-friendly, easy-to-use, technologically-enhanced and integrated, zero carbon ecosystem of products and services across land and marine transport. Provision of support services to offshore production assets such as crew transfer, provision of supplies and maintenance services. KEY ACTIVITIES • Secure quality projects. • Deliver projects on time and on budget. • Deliver industry-leading safety and operations performance. We participate in the full renewables value chain: • Find, evaluate and secure sites. • Design and develop assets, including securing grid applications, power sales and financing. • Carry out pre-construction and construction work. • Own and operate the asset. • Invest into green tech companies, operating them where applicable. • Provide a platform for prototyping innovations and commercialisation of integrated technologies. • Accelerate the adoption and adaptation of EVs and vessels. • Support commercial and industrial customers to meet their own net zero ambitions. • Preparation and participation in bids. • Performing support services for offshore assets. REVENUE MODEL Fixed, daily hire rate for the duration of the contract, with incentives for good performance. Recurring stable revenue once operational and power sales start. • Leasing of EV fleets and electric vessels. • Subscription-based and pay-per-use for charging infrastructure. • Licensing-based white-labelled software solutions. Fixed charter rates based on contracts. KEY COSTS Asset construction and conversion, salaries, interest payments, asset operations and maintenance, insurance. Asset development and construction, salaries, local partnerships, interest payments, asset operations and maintenance. Investments into strategic technology companies, purchase and upkeep of assets, development of new technologies, salaries, interest payments. Salaries, upkeep of assets. KEY PARTNERSHIPS Ship builders, bankers and lenders, investors, major subcontractors. Local & state governments, local development partners, contractors & suppliers, local regulators, bankers & lenders. Governments, research institutions, marine and mobility supply chain. Shipyards, regulators, crewing agencies. KEY RESOURCES Operating our business requires inputs from all our Capitals, which we frame against our material matters in Our Capitals (pg 136) YP YR YGT RO
18 YINSON HOLDINGS BERHAD OVERVIEW VALUE CREATION MODEL OUTPUTS STRATEGIC FRAMEWORK AND BUSINESS ACTIVITIES INPUTS VISION To be a global energy solutions provider that is known for being reliable, open, adaptable, decisive and sustainable MISSION Passionately delivering powerful solutions YINSON’S STRATEGIC FRAMEWORK & EDGE (pg 58) DIVISIONAL GOALS & STRATEGIES CREATE SYNERGISTIC VALUE MATERIALITY MATTERS (PG 129) UNITED NATIONS’ SDGS (PG 131) GROUP STRATEGIES BUSINESS GS1 Operationalise ESG GS2 Forefront of innovation and disruption CAPITAL GS2 Create sustainable shareholder value GS3 Tactical financial management ORGANISATIONAL GS5 Build a platform for growth GS6 E mpower decision-making STAKEHOLDER GROUPS (PG 124) YINSON PRODUCTION (page 96) YINSON GREENTECH (page 111) YINSON RENEWABLES [page 105] REGULUS OFFSHORE (page 116) S1 S2 S3 S4 S5 S6 S7 S8 S9 S10 MI1 MI2 MI3 MS1 MS2 MS3 MN1 MN2 MN3 MF1 MM1 MH1 MH2 MH3 FINANCIAL RM2,873 million cash and liquid investments RM8,758 million total loans and borrowings C1 MANUFACTURED Offshore Production 6 offshore production assets in operation 3 offshore production assets under construction Renewables 2 solar plants in operation 1 solar plant under construction 1.5 GW projects secured and in development 3 GW to 5 GW early stage development pipeline Green Technologies 6 green technology companies invested 400+ EV chargers in operation Offshore Marine 4 offshore support vessels in operation C2 INTELLECTUAL Robust corporate and organisational governance Development of strong cybersecurity capabilities and practices Implementation of VRP Implementation of HR Transformation Plan Data Protection Officers trained in Data Privacy Laws in their respective countries 1 research grant awarded and 1 research grant sponsored C3 HUMAN 963 total employees 55,100 total training hours on LMS 97 leaders from Yinson Production attended SAYFR X-lab workshops 18 leaders completed L.E.A.D. programme C4 SOCIAL & RELATIONSHIPS RM1.7 million spent on CSR programmes 382 suppliers and vendors engaged through the VRP Proportion of expenditure on local suppliers: 54.1% Ghana, 62% Nigeria, 91.6% Malaysia 12 analyst briefings 45 investor events and meetings Regular engagements with all our stakeholder groups C5 NATURAL 2,541,697.7 MWh energy consumption 10.9 ML water consumption C6 Business Management & Profitability Page 138 Business Model Innovation Page 142 Good Corporate Governance Page 145 Cybersecurity Page 147 Digitalisation Page 147 Human Capital Development Page 151 Operational Health & Safety Page 153 Human & Labour Rights Page 155 Sustainable Supply Chain Management Page 157 Client Relationships Page 158 Community Engagement Page 158 Climate Change & Greenhouse Gas Emissions Page 161 Waste & Pollution Management Page 163 Environmental Stewardship Page 164 Bankers & lenders Clients Crew Employees Government & regulatory bodies Industry Investors & shareholders Local communities Partners Vendors & suppliers 55,989,971.4 barrels of oil equivalents produced 100% commercial uptime 99.8% technical uptime 300 GW net power generated to India’s national grid (100% basis) 287,986 tonnes CO2e carbon emissions avoided Improved and integrated green technology products 84.3% fleet utilisation of offshore marine fleet BY-PRODUCTS 617 tonnes waste 2,494.7 ML water discharged 1,324,699.4 tonnes CO2e Group carbon emissions YP YGT RO YR
VALUE CREATION MODEL OUTCOMES CORE VALUES R E L I AB L E OP EN ADAP TAB L E DEC I S I VE SUS TA I NAB L E FINANCIAL RM3,607 million Revenue RM1,476 million Adjusted Core EBITDA RM534 million Core PAT RM3,775 million Adjusted Revenue RM401 million PATAMI 18.8 sen Basic EPS C1 MANUFACTURED OFFSHORE PRODUCTION Provision of reliable and affordable energy in the countries where we operate RENEWABLES 3 GW – 5 GW renewables pipeline GREEN TECHNOLOGIES Various infrastructure projects development to broaden our portfolio in green technologies Various greentech research underway OFFSHORE MARINE Support the delivery offshore energy products C2 INTELLECTUAL ISO 37001certification for ABMS in Kuala Lumpur and Singapore offices 0 code of conduct breaches reported 0 fines or settlements related to antitrust/ anticompetitive business practices 0 breaches concerning customer data 0 suppliers identified as having potential negative social and environmental performance Successful launch of Global HRIS Various greentech research underway to expand our knowledge base in green technology C3 HUMAN 0.00 LTIF and 0.21 TRIF 9.26% annual attrition rate 80 average training hours per employee 21.9% female employees 9.1% females in management positions 36.4% females in board or supervisory board positions 64% overall engagement score with 91% employee response rate Improvement in offshore safety culture from ‘cover up’ level in 2015 to almost ‘excellence’ level in FYE 2022 C4 SOCIAL & RELATIONSHIPS Over 9,600 students impacted through education CSR programmes 20 scholarships provided 4 teachers sponsored over 3 years 0 suppliers flagged through the VRP for social and environmental nonperformance 100% analysts find Yinson’s engagement to have increased or maintained in FYE 2022 4 out of 5 rating from analysts for Yinson’s openness and transparency, access to management and usefulness of corporate presentation to gauge business outlook Strong relationships with stakeholder groups C5 NATURAL 489.3 kg CO2e/MWh Group carbon emission intensity 23 kg CO2e/BOE Offshore Production carbon intensity C6 19 ANNUAL REPORT 2022 OVERVIEW
BOARD OF DIRECTORS MR LIM HAN WENG Group Executive Chairman Non-Independent Executive Director Age 70 | Malaysian | Male DATE OF APPOINTMENT • Founder/First Director/Executive Director – 9 March 1993 • Group Executive Chairman – 28 September 2009 TOTAL BOARD MEETINGS ATTENDED 7 out of 7 BOARD COMMITTEE MEMBERSHIPS • Member of Employees’ Share Scheme Committee OTHER DIRECTORSHIPS IN PUBLIC COMPANIES AND LISTED ISSUERS • Nil QUALIFICATIONS AND EXPERIENCE HIGHLIGHTS • Higher School Certificate, Malaysia. • Embarked into the transport and trading business in 1984 with the founding of Yinson Transport (M) Sdn Bhd. • The main driving force behind the formulation and implementation of Yinson’s corporate and business strategies until the baton of managing the day-to-day work of Yinson was handed over to Mr Lim Chern Yuan in 2014. • Oversees Yinson’s direction and overall performance. • The largest shareholder in Yinson. FAMILY RELATIONSHIPS Spouse of Mdm Bah Kim Lian, brother of Mr Lim Han Joeh, and father of Mr Lim Chern Yuan and Mr Lim Chern Wooi. BOARD COMPOSITION Independent Directors Executive Directors Non-Executive Directors GENDER DIVERSITY Male >69 50-59 Female 60-69 <50 AGE DIVERSITY 60% 54.5% 18.2% 27.3% 36.4% 3.6% 18.2% 45.4% 18.2% 18.2% 20 YINSON HOLDINGS BERHAD OVERVIEW
DATO’ (DR.) WEE HOE SOON @ GOOI HOE SOON Senior Independent Non-Executive Director Age 61 | Malaysian | Male DATE OF APPOINTMENT • Independent Non-Executive Director – 11 August 2016 TOTAL BOARD MEETINGS ATTENDED 7 out of 7 BOARD COMMITTEE MEMBERSHIPS • Chairman of Audit Committee • Chairman of Employees’ Share Scheme Committee • Member of Board Risk & Sustainability Committee • Member of Nominating & Remuneration Committee OTHER DIRECTORSHIPS IN PUBLIC COMPANIES AND LISTED ISSUERS • Red Ideas Holdings Berhad • Perusahaan Sadur Timah Malaysia Berhad • Hong Leong Foundation QUALIFICATIONS AND EXPERIENCE HIGHLIGHTS • Member, Malaysian Institute of Certified Public Accountants. • Member, Malaysian Institute of Accountants. • Chief Executive Officer, Avenue Securities Sdn Bhd (2000 – 2004). • Deputy Chairman/Group Managing Director, Avenue Capital Resources Berhad (2000 – 2004). • Executive Director-Dealing, Avenue Securities Sdn Bhd (2004 – 2006). • Chairman, EON Bank Bhd (2010 – 2011). • Independent Director, AIA Bhd (2011 – 2018). • Director, Bank Negara Malaysia (2018 – 2019). • Board Member, Securities Commission Malaysia (2019 – present). • Member, Investment Panel, Employees’ Provident Fund of Malaysia (“EPF”) (2021 – present). MR LIM CHERN YUAN Group Chief Executive Officer Non-Independent Executive Director Age 37 | Malaysian | Male DATE OF APPOINTMENT • Executive Director – 28 September 2009 • Group Chief Executive Officer – 3 January 2014 TOTAL BOARD MEETINGS ATTENDED 7 out of 7 BOARD COMMITTEE MEMBERSHIPS • Member of Board Risk & Sustainability Committee • Member of Employees’ Share Scheme Committee OTHER DIRECTORSHIPS IN PUBLIC COMPANIES AND LISTED ISSUERS • Nil QUALIFICATIONS AND EXPERIENCE HIGHLIGHTS • Bachelor of Commerce, University of Melbourne, Australia. • Business Development Executive, Yinson (2005 – 2007). • Senior General Manager, Yinson (2007 – 2009). • Executive Director, Yinson (2009 – 2014). • Group Chief Executive Officer, Yinson (2014 – present). • Led Yinson’s growth to become a global FPSO operator as well as its diversification into renewables and green technologies. FAMILY RELATIONSHIPS Son of Mr Lim Han Weng and Mdm Bah Kim Lian, and brother of Mr Lim Chern Wooi. BOARD OF DIRECTORS 21 ANNUAL REPORT 2022 OVERVIEW
BOARD OF DIRECTORS DATO’ MOHAMAD NASIR BIN AB LATIF Independent Non-Executive Director Age 63 | Malaysian | Male DATE OF APPOINTMENT • Non-Independent Non-Executive Director – 11 August 2016 • Independent Non-Executive Director – 1 January 2020 TOTAL BOARD MEETINGS ATTENDED 7 out of 7 BOARD COMMITTEE MEMBERSHIPS • Chairman of Board Risk & Sustainability Committee • Member of Audit Committee OTHER DIRECTORSHIPS IN PUBLIC COMPANIES AND LISTED ISSUERS • PLUS Malaysia Berhad • Malaysian Resources Corporation Berhad • United Plantations Berhad • RHB Bank Berhad • RHB Islamic Bank Berhad QUALIFICATIONS AND EXPERIENCE HIGHLIGHTS • Bachelor of Social Science, Universiti Sains Malaysia, Malaysia. • Certified Diploma in Accounting and Finance, Association of Chartered Certified Accountants (ACCA). • Master of Science in Investment Analysis, University of Stirling, United Kingdom. • Inspector, EPF (1982 – 1990). • State Enforcement Officer, EPF (1990 – 1995). • Senior Research Officer, Manager and Senior Manager, Investment and Economics Research Department, EPF (1995 – 2003). • General Manager, International Equity Investment Department, EPF (2009 – 2013). • Former Deputy Chief Executive Officer (Investment), EPF (2013 – 2019). • Chairman, Investment Panel, Kumpulan Wang Persaraan (Diperbadankan) (2021 – present). MDM BAH KIM LIAN Non-Independent Executive Director Age 69 | Malaysian | Female DATE OF APPOINTMENT • Founder/First Director/Executive Director – 9 March 1993 TOTAL BOARD MEETINGS ATTENDED 7 out of 7 BOARD COMMITTEE MEMBERSHIPS • Nil OTHER DIRECTORSHIPS IN PUBLIC COMPANIES AND LISTED ISSUERS • Nil QUALIFICATIONS AND EXPERIENCE HIGHLIGHTS • Lower Certificate of Education, Malaysia. • Assists Mr Lim Han Weng, the Group Executive Chairman, in the general administration of the Group’s operations. • Maintains a close relationship with Yinson’s clients and affiliates. • Supports the Group Executive Chairman in overseeing Yinson’s direction and overall performance. • Provides valuable insights from her years of experience serving Yinson Group. • Sits on the board of several subsidiaries of Yinson Group. FAMILY RELATIONSHIPS Spouse of Mr Lim Han Weng, sister-in-law of Mr Lim Han Joeh, and mother of Mr Lim Chern Yuan and Mr Lim Chern Wooi. 22 YINSON HOLDINGS BERHAD OVERVIEW
BOARD OF DIRECTORS DATUK ABDULLAH BIN KARIM Independent Non-Executive Director Age 69 | Malaysian | Male DATE OF APPOINTMENT • Independent Non-Executive Director – 16 October 2018 TOTAL BOARD MEETINGS ATTENDED 7 out of 7 BOARD COMMITTEE MEMBERSHIPS • Member of Nominating & Remuneration Committee • Member of Audit Committee • Member of Board Risk & Sustainability Committee • Member of Employees’ Share Scheme Committee OTHER DIRECTORSHIPS IN PUBLIC COMPANIES AND LISTED ISSUERS • Icon Offshore Berhad • Uzma Berhad • Ranhill Utilities Berhad QUALIFICATIONS AND EXPERIENCE HIGHLIGHTS • Bachelor in Mechanical Engineering, University of Western Australia, Australia. • Trainee Engineer, Petroliam Nasional Berhad (“PETRONAS”) (1977 – 1978). • Engineer, PETRONAS (1978 – 1981). • Project Engineer, PETRONAS Carigali Sdn Bhd (“PETRONAS Carigali”) (1981 – 1991). • General Manager, Engineering Division, PETRONAS Carigali (1991 – 1995). • Managing Director/CEO, OGP Technical Services Sdn Bhd (1995 – 1999). • Managing Director/CEO, Malaysia LNG Group of Companies (1999 – 2004). • Vice President, Exploration & Production Business, PETRONAS (2004 – 2007). • Managing Director/CEO, PETRONAS Carigali (2007 – 2010). • President/CEO, PETRONAS Carigali (2010 – 2012). • Vice President & Venture Director, Domestic LNG Projects (2012 – 2016). PUAN ROHAYA BINTI MOHAMMAD YUSOF Non-Independent Non-Executive Director Age 56 | Malaysian | Female DATE OF APPOINTMENT • Non-Independent Non-Executive Director – 1 January 2020 TOTAL BOARD MEETINGS ATTENDED 7 out of 7 BOARD COMMITTEE MEMBERSHIPS • Nil OTHER DIRECTORSHIPS IN PUBLIC COMPANIES AND LISTED ISSUERS • Projek Lebuhraya Usahasama Berhad • United Plantations Berhad • Malaysia Airports Holdings Berhad • PLUS Malaysia Berhad QUALIFICATIONS AND EXPERIENCE HIGHLIGHTS • Bachelor of Commerce, Australian National University, Canberra, Australia. • Associate Member, Certified Practising Accountant (CPA) Australia. • Financial Consultant, Audit Division, Arthur Andersen & Co. (1988 – 1990). • Executive Vice President, Corporate Finance, Maybank Investment Bank (previously known as Aseambankers Malaysia Berhad) (1990 – 2005). • Executive Vice President, Corporate Investment Banking, Maybank Investment Bank (2005 – 2008). • Head, Corporate Finance, Investment Division, EPF (2008 – 2010). • Head, Capital Market Department, EPF (2010 – 2017). • Head, Private Market, Investment Division, EPF (2017 – 2019). • Board of Trustees, Yayasan Khazanah (2019 – present). • Chief Investment Officer, EPF (2020 – present). • Chairman, Institutional Investors Council Malaysia (IIC) (2020 – present). 23 ANNUAL REPORT 2022 OVERVIEW
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