155 ANNUAL REPORT 2022 OUR CAPITALS HUMAN CAPITAL MATERIAL TOPIC: HUMAN & LABOUR RIGHTS DEFINITION OF MATERIAL TOPIC Maintenance of key principles relating to HLR standards as those defined by international conventions. IMPACTS S1 S2 S3 S4 S5 S7 S8 S9 S10 GS1 GS5 WHY IS THIS TOPIC MATERIAL TO US? Basic human rights and fair employment are fundamental aspects of any responsible business. These basic rights are based on the principles of dignity, fairness, respect and equality. Human rights offers a common framework to understand societies’ expectations and deliver value to stakeholders in a more sustainable way. At Yinson, we support and respect the observance of human rights in all our operations. It refers to the fair and humane treatment of all employees; treating everyone with respect, and having zero tolerance for discrimination, harassment or bigotry. Additionally, it is imperative that we maintain fair employment, fair remuneration and diversity in the workplace. Fair business and employment practices foster a productive work environment and an atmosphere of trust among employees, suppliers, and other stakeholders. At the same time, diversity pushes innovation through the exchange of perspectives and experiences. CHALLENGES • Non-adherence to HLR standards could give rise to lawsuits and long-term reputational harm. • A company with poor HLR standards may not be able to attract and retain employees. • A company with a poor HLR standards may experience lower stakeholder confidence, resulting in challenges such as securing new sources of funding, lower governance scores, exclusion from sustainability indexes and losing out on business opportunities. OPPORTUNITIES • Good HLR practices will help protect brand equity, with reputational risks safeguarded. • Fair employment considerations such as diversity and inclusivity may lead to reputational uplifts, attracting talent from a wide spectrum of backgrounds and cultures. • HLR performance is an important ESG consideration, thus contributes to inclusion in sustainability indexes and other sustainability-linked business opportunities including funding. • HLR performance is an important criteria in the selection of business partners and vendors, as well as during project bids, with international companies increasingly emphasising it as a pre-requisite for eligibility. Management approach At Yinson, we adhere to Yinson’s HLR Policy which demonstrates our commitment to international human rights principles which include among others, the Universal Declaration of Human Rights and the International Labour Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work. Further, we observe the MNE Declaration where we actively implement Group-wide measures to avoid causing or contributing and to prevent and remedy violations of HLR where identified. The objective of our commitment is to ensure our activities are governed by human rights principles and applied to all employees, contractors and any third party across our operations. This extends to the rights of host communities, contracted partners, employees, and all other stakeholders which whom we interact across our value chain. Yinson treats all employees fairly and honestly. We adhere to all relevant labour laws that protect employees’ rights, including providing competitive salaries and benefits. We also do not tolerate or engage in forced labour in any form including modern slavery in any shape. At Yinson, we respect the rights of our employees to freedom of association, freedom of opinion and expressions and collective bargaining. As we continue to expand globally, Yinson embraces the different backgrounds of all employees. DEI underpins our HR Transformation Plan, and we are committed to upholding these principles to provide an open and all-inclusive working environment where our employees feel safe to speak up without fear of discrimination. To promote equality, our HR Transformation Plan has taken a proactive approach towards equitable pay. We have reviewed our current approach to rewards across the business under the Total Rewards Strategy Project. A Group-wide total rewards philosophy is currently being formulated with detailed action plan for equitable pay being developed. Compliance of our supply chain & third parties, pg 73; Vendors & suppliers, pg 128 MH3
RkJQdWJsaXNoZXIy NDgzMzc=