Directors’ Evaluation for FYE 2022 was facilitated by our in-house Corporate Secretary Department. An executive summary of Board Evaluation for FYE 2022 was generated, and results were tabled at the NRC meeting held on 28 March 2022, which in turn reports the findings and action plans for Board’s approval. None of the Directors exceed five (5) listed companies’ directorships. All Directors achieved full attendances in Board Meetings held in FYE 2022. The Board is satisfied with the overall performances of individual Directors, Group CEO, Board and Board Committees for the financial year under review, with improvement seen for the performance of the Board and Board Committees. Overview of Directors’ evaluation Positive highlights • Board configuration and rigour of Board deliberation Board deliberations are conducted with a high level of rigour, professionalism and candour. Board is made up of highly skilled and experienced individuals from the respective areas of finance, accountancy, legal, risk management and oil & gas, which in turn, bring hard-edged skills and vast experiences to the Board. The Chairman of the Board is highly experienced and able to direct discussions on relevant matters while drawing constructive queries from members. • Strategic planning and direction Board is cognisant that unanimous focus on strategy planning forms the bedrock of the Company’s long-term success and places strong emphasis on ensuring that strategic deliberations are thorough, effective and fruitful. Board is highly experienced in developing, reviewing, and re-charting corporate strategies for Yinson’s growth and business sustainability. The Chairman of the Board and the Group CEO play pivotal roles in setting the right ‘tone from the top’. • Corporate governance, ethics and integrity Board has set the right ‘tone from the top’ in striving to maintain the highest standards of governance and integrity in Yinson’s overall culture. Management habitually embraces high transparency when it comes to reporting to the Board. Board is cognisant of the overarching impact of the evolving corporate liability topography and strives to enhance its whistleblowing mechanism. • Financial administration and vigilance Board’s ability to prudently manage Yinson’s financial affairs is an invaluable strength. Board’s continuous success in providing financial oversight to the Company may be attributed to the Board’s composition of high-calibre and experienced individuals who are luminaries in the ambit of accounting, investment, risk management and oil & gas. Areas for improvement • Succession planning A clear succession plan for the orderly succession for appointment to Chairman shall be formulating to ensure the Company overcomes any transition it may face. The sophisticated planning of Chairman succession promotes resilience and ensures continued success. • Risk oversight Board shall reassess the current risks management oversight of the Company. Whilst much focus has been given to projects/commercial and financial risks, other critical risks such as technological, environmental and resources risks are given less emphasis. • Information flow and Board administration Shareholders’ feedback during General Meeting shall be compiled and tabled to the Board for notation and taking necessary follow-up actions, if required. • Information system, technological adeptness and resilience Board still lacks certain skill sets particularly those pertinent to the areas of information technology (i.e. potential threats to cybersecurity, system integrity and data breach). There could be more weightage placed on keeping Directors well-informed, particularly in technological advancements and breakthroughs within the marine, offshore, oil & gas, renewables and green technologies industry. • Appropriate skills and governance process for effective ESG oversight Lack of relevant expertise on ESG among Board members to address what is on the horizon for ESG and stay ahead of the rapidly changing environment. Board needs to critically evaluate their collective skill set and oversight process with respect to ESG in view that ESG evolves and potentially becomes a bigger driver of shareholder value. With the riding on the Company’s successful implementation and governance of ESG, Board will benefit greatly from continuing education as the Board carries out oversight responsibilities. CORPORATE GOVERNANCE OVERVIEW STATEMENT 191 ANNUAL REPORT 2022 GOVERNANCE
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