59 VALUE CREATION AT YINSON Materiality is a fundamental component of our value creation journey, as it allows us to identify what matters most to our business and stakeholders. We use materiality assessments to inform our decision-making, by identifying the key ESG issues that may have a material impact on the value of our business and our relationships with stakeholders. Our materiality assessment is conducted using guidelines from the GRI standards, which provide clear information on how our material matters are identified and prioritised. We recognise that it is critical to understand the interests of our stakeholders, and our business impact on them. We believe this can be achieved through stakeholder engagement, involving continuous dialogue and deep consumer insight, which informs the development of our products, services and strategies. Stakeholder engagement is part of our materiality assessment. We last performed an in-depth materiality assessment in FYE 2022 to identify the relevance of our material matters. We aim to update and review our Materiality Matrix every two years; thus, the next comprehensive materiality assessment will be in FYE 2024. MATERIALITY MATTERS MATERIALITY ASSESSMENT PROCESS Validation of Findings The new Materiality Matrix is presented to our Board and Senior Management for review and approval. Identification of Topics Conduct an evaluation of material matters and issues relevant to our industry from both domestic and global perspectives, while considering our prior Materiality Matrix and those of our competitors. Stakeholder Engagement Engage with more than 40 stakeholders, comprising our Board, Senior Management, representatives from various departments and individuals from vital stakeholder groups such as financial institutions, investors, clients and governmental agencies. Prioritisation of Topics Evaluate the significance of each material topic in terms of its financial, operational and reputational impact based on the insights obtained from stakeholder engagement. Following the analysis, we chart the outcomes on our new Materiality Matrix. YINSON’S 2022 MATERIALITY MATRIX In 2022, we reviewed our 14 material matters through a validation study to ensure that our material matters were up to date. The material matters were compared to local, regional and global industry peers, as well as the Sustainability Accounting Standards Board (Oil & Gas - Services) and the GRI Sector Standards. We concluded that our material matters were current and aligned with industry peers and the selected frameworks. Thus, we retained our 14 material matters for FYE 2023. MG1 MG2 MG6 MG3 MG4 MG5 MS1 MS3 MS2 MS5 MS4 ME1 ME2 ME3 Increasing importance Increasing importance Stakeholder perspective (Degree of societal concern) Yinson perspective (Impact on business) Material topics Climate Change & GHG Emissions ME1 Community Engagement MS5 Business Management & Profitability MG1 Business Model Innovation MG2 Good Corporate Governance MG3 Cybersecurity MG5 Digitalisation MG6 Sustainable Supply Chain Management MG4 Waste & Pollution Management ME2 Environmental Stewardship ME3 Human Capital Development MS1 Operational Health & Safety MS2 Human & Labour Rights MS3 Client Relationships MS4 Points of differentiation : Topics where Yinson can lead. Value enhancement : Topics which can add operational value to Yinson. Value protection : Foundation topics to Yinson.
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