123 ANNUAL REPORT 2022 SUSTAINABILITY STATEMENT We embed sustainability throughout our operations via constant stakeholder engagement, where we highlight the importance of sustainability in our operations. We also work closely with our clients and vendors to identify opportunities to improve our sustainability performance. We have been working through our VRP to identify the ESG maturity levels of our vendors. Looking from the long-term perspective, vendors, contractors and suppliers that are economically, environmentally and socially responsible will be the preferred choice as they will add value to our sustainability journey. Compliance of our supply chain and third parties, pg 73; Sustainable supply chain management, pg 157 On the projects level, we advocate the incorporation of sustainability elements into the design of the FPSO and work closely with our clients to reach a mutual agreement on the design. In order to achieve our Climate Goals, we endeavour to partner with stakeholders in our value chain to achieve our shared objectives. For example, in our recent FPSO design, we worked with one of our clients to incorporate combined cycle technology and closed flaring to achieve GHG reductions of up to 20-25%. Environmental Performance, pg 101 From a social perspective, we aim to contribute to the development of local economies in the countries where we operate. We do this by creating local job opportunities, training the local communities, knowledge transfer and sourcing from local suppliers where feasible. Driving local impact, pg 47; Local workforce, pg 88; Community engagement, pg 159 SUSTAINABILITY GOVERNANCE Yinson has put a sound and efficient governance structure in place to guide and manage sustainability-related matters as part of its existing corporate governance structure. The success of the governance structure is the result of sustainable leadership from our Board and Senior Management, which collectively forms our leadership team. Our Board and Senior Management comprise experienced multinational professionals in the industry sectors that we operate in. Collectively, with their diverse backgrounds and experience, they provide comprehensive oversight and governance to our sustainability matters. We have Board-level oversight and Management-level responsibility in governing sustainability matters. We constantly engage with our stakeholders both internally and externally to identify topics of concern covering economic and ESG aspects. The feedback arising from our stakeholder engagements were used to prioritise focus areas and identify areas of improvement, as demonstrated in our materiality assessments. This helps us to better understand societal concerns and navigate our business in an ever-evolving environment. SUSTAINABILITY IN OUR OPERATIONS & PROJECTS Our HSE performance is crucial to how well we execute our projects and run our operations. The impact of one area (for example, Safety) could trigger cross impacts to another area (for example, Environment) affecting the overall success of the Group. HSE is particularly important in our offshore production business where a major incident could have severe repercussions. Thus we work hard to manage our environmental and social impact and strive to protect our people from harm and danger. To do this, we have a strong HSE governance framework covering tone from the top, HSE policies, robust HSE management systems, training programmes, competency models, stringent internal audits, emergency response plans and HSE operationalisation programmes. Scan this QR code to read more about how Yinson manages HSE OUR APPROACH TO SUSTAINABILITY
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