153 ANNUAL REPORT 2022 OUR CAPITALS HUMAN CAPITAL MATERIAL TOPIC: OPERATIONAL HEALTH & SAFETY DEFINITION OF MATERIAL TOPIC Provision of secure working conditions and systems to safeguard human health and wellbeing in all operations. IMPACTS S1 S2 S3 S4 S5 S6 S7 S8 S9 GS1 S10 WHY IS THIS TOPIC MATERIAL TO US? As a player in the offshore production industry, Operational Health & Safety is a key topic of concern, as any major safety incidents on any of our assets could result in injury or loss of life, asset or environmental damage or financial and reputational impact. A robust HSE regime is able to keep our crew safe and prevent major safety incidents, protecting Yinson from financial, operational, reputational and legal ramifications. This theme is supported by continuous improvements that are undertaken by the HSEQ Department. RISKS • Lapses in HSE regime may result in safety incidents, or in the very worst scenario, loss of life, which could have catastrophic financial, operational and reputational impacts on a business. • Poor HSE performance may have negative operational impact such as damaged assets, loss of uptime, while financial impact can be seen through cost required for crew recovery or asset repair. • This material topic is a basic necessity for the industry, hence doing well may yield rapidly diminishing marginal benefits. OPPORTUNITIES • A robust HSE regime keeps offshore personnel safe and prevents the occurrence of major incidents, leading to higher stakeholder confidence in the company. • A strong HSE record can be a key differentiator in the FPSO business when it comes to securing financing, as investors, bankers and lenders scrutinise a company’s safety performance as part of their due diligence process. • Strong HSE performance leads to reduced downtime – and thus better reliability of our assets and people-related processes. • Leveraging technological innovations such as realtime sensors and remote monitoring may yield further improvements in a company’s HSE performance – a further differentiator that could set an FPSO contractor apart from its competition. Management approach Yinson is committed to safeguarding the health and safety of our employees, subcontractors and assets, as well as minimising Yinson’s environmental impact. Yinson takes all measures to control risks, yet we understand that emergencies can still happen. Our goal is to have zero health and safety issues across our assets. HSE governance Yinson’s HSE governance framework starts at the top, with our Senior Management taking on responsibility for internal HSE governance. HSE performance and initiatives are reported to Senior Management monthly. Our Health & Safety Policy guides Yinson’s commitment to the highest standards with respect to HSE matters. Yinson applies an integrated HSE Management System which outlines key procedures for identifying, analysing, evaluating and managing requirements in accordance with both HSE and quality standards. The HSE Management System conforms to all guidelines and standards established for our industry, and is certified to ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018. Industry-leading operations and safety performance, pg 104; People review, pg 83 Operationalising HSE In terms of HSE, contractors are covered by the same principals, procedures and targets applicable to our employees. Safety controls of our operations are safeguarded by a robust framework which includes: • H SE Coordination Committee is tasked with formulating and coordinating activities as per HSE requirements, providing oversight of hazardous works, monitoring of HSE performance and reviewing issues. • P re-screening and pre-qualification of vendors through our VRP. • HSE Manual and Project HSE Plans outlines requirements for compliance to all applicable HSE regulations, standards, codes, recommendations and guidelines as per statutory, government or other applicable regulations. • Regular safety training and development programme. • HSE Reporting, which adopts Kelvin TOP-SET methodology for incident investigation. MH2
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