108 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 HUMAN & LABOUR RIGHTS DEFINITION OF MATERIAL TOPIC Maintenance of key principles relating to Human & Labour Rights (“HLR”) standards as those defined by international conventions. MS3 GS1 GS5 IMPACTS S3 S5 S4 S8 S9 S10 S2 S1 Why is this topic material to us? Basic human rights and fair employment are fundamental aspects of any responsible business. These basic rights are grounded on principles of dignity, respect, fairness, and equality. By adhering to these basic rights, businesses can gain a better understanding of societal expectations and adopt more sustainable practices that benefit all stakeholders. Yinson is committed to upholding and respecting human rights in all aspects of our operations. This includes treating all employees fairly and with dignity, and maintaining a zero-tolerance policy towards discrimination, harassment, and bigotry. We also ensure that fair employment practices, including equitable remuneration and diversity, are advocated at Yinson. Through this conduct, we can create a productive work environment that fosters trust among all stakeholders. Additionally, embracing diversity allows us to draw on a broad range of perspectives and experiences, fuelling innovation and creativity. CHAMPIONING HUMAN RIGHTS & HUMAN CAPITAL DEVELOPMENT Management approach At Yinson, we are guided by the Group’s HLR Policy, which reflects our dedication to upholding international human rights principles such as the Universal Declaration of Human Rights, UN Guiding Principles on Business & Human Rights, the International Labour Organisation’s (ILO) Declaration on Fundamental Principles and Rights at Work as well as national and local laws and regulations. We are also committed to implementing the Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy (MNE Declaration) by taking proactive measures to prevent and remedy any violations of human rights across our operations. We aim to ensure that our business activities are conducted in accordance with human rights principles and this applies to all employees, contractors, and thirdparty entities involved in our operations. This includes recognising and respecting the rights of host communities, contracted partners, employees, and all other stakeholders with whom we engage along our value chain. Yinson advocates fair and honest treatment of all employees, in accordance with applicable labour laws that safeguard their rights. We offer competitive salaries and benefits, and we unequivocally condemn any form of forced labour, including modern slavery. At Yinson, we uphold our employees’ rights to freedom of association, expression, and collective bargaining. Our global expansion has propelled us to celebrate and value the diverse backgrounds of our employees which leads us to promote DEI through our People Strategy. Upholding our DEI principles means that we are creating an open and inclusive work environment where employees feel safe to voice their opinions without the fear of discrimination. To ensure equality, we have taken proactive measures towards equitable pay, reviewed our current approach under the Total Rewards Strategy Project, and developed a Groupwide total rewards philosophy with a detailed action plan for equitable pay. Yinson’s HLR Policy represents our commitment towards international human rights principles, and we actively execute Group-wide measures to prevent and rectify any HLR violations that may arise. We also enhanced our HLR training programmes to raise awareness of this critical issue. As part of our due diligence procedures, we enforce HLR expectations on our third party entities. We conduct supplier screening processes based on human rights criteria and ensure compliance from our suppliers. We regularly review and update our suppliers’ assessment processes to constantly be aligned with international human rights standards and best practices.
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