39 LEADERSHIP MESSAGES GROUP CEO REVIEW THE BUSINESS CASE FOR INVESTING IN THE TRANSITION Over the years, Yinson has navigated the various challenges and changes in the energy landscape by standing firmly on our fundamentals. We started out in transport and logistics, then pivoted to becoming a full-fledged FPSO provider. Sustainability and the energy transition provided, and is currently still providing, the biggest impetus for our current transformation into an energy infrastructure and technology company. These transformations, albeit bold, were carefully strategised and operationalised with the aim of building profitable, sustainable businesses. The energy transition presents one of the greatest opportunities of this lifetime as the world strives to achieve net zero emissions by 2050. Green energy, which is already commercially viable, will continue to be more competitive in the global energy mix and its reliability will continue to improve with cheaper energy storage and new innovations. We believe that aligning our businesses with the trends and opportunities presented by the energy transition and climate action presents a great value creation opportunity, while enabling us to contribute materially to the global fight against climate change. This long-term view of our business further supports the needs of many of our investors, such as pension funds and insurance funds that are seeking stability in returns over long periods of time. Our business teams excel in developing robust assets that we operate and maintain as business owners. As our business units pursue their growth plans, our latest addition, Farosson, through its asset management segment, will supply further capital pools to invest in businesses, both internal and external, which align with its mandate of sustainable investments. This will unlock the value of contracted future cash flows generated by these projects, enabling capital to be redeployed for the businesses to achieve their growth aspirations. I believe that this will support Yinson in attaining our business goals and achieving our sustainability targets. I have great confidence in the capable and passionate team led by Mr Daniel Bong, who previously held the role of Group CSO and Head of Group Corporate Advisory. The team’s cumulative knowledge and experience are a unique advantage that Farosson has, and will be instrumental in unlocking the growth of this new business. BUILDING OUR CORE RESOURCE − OUR EMPLOYEES At Yinson, we continuously strive to adapt and evolve with changing business and economic realities, leveraging our ability to identify good business opportunities. Over the years, we have grown from strength to strength, earning the trust of the global investor community, major energy players and governments. This achievement did not come overnight, and was ultimately a result of the dedication and consistent effort we have put into developing the backbone of our business – our people. Yinson has always prioritised investments in human capital and digitalisation to take our business to the next level. For example, at the time when the FPSO market was clearly underinvested, we knew we had to be ready for a market that would eventually be seeking out FPSO contractors. This was why we invested in our people at that time, with a focus on upskilling, directing their energies to high value-add initiatives. Our efforts have held us in good stead, as we have build a team that has been able to carry us through our high growth phase when the economy reopened post-pandemic. We continue to work hard to ensure that we maintain our strong standing as an employer of choice, as it is key to be able to continue attracting and retaining the skills needed across all our business units. We launched our Human Resources (“HR”) Transformation Plan in 2020 with the aim of establishing global consistency, delivering HR solutions that can be implemented locally across our global offices, leveraging digitalisation and creating an agile HR framework that can adapt through change. Now, three years later, we have achieved our key deliverables against the seven areas of transformation we identified. We are now moving into the next phase of our people strategy journey. Our people vision does not change; however, our focus will now be on five key areas which are: Embedding our New People Solutions, Driving Employee Experience, Focusing on Leadership & Culture Development, Continuing our Global Human Resources Information System (“Global HRIS”) implementation, and HR Capability Development.
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