124 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 No major nor minor non-conformities were found in the audit report following the 2023 ISO Anti-Bribery Management System (“ABMS”) Surveillance Audit that was conducted for Yinson Holdings Berhad and Yinson Production Offshore Pte Ltd. The audit also commended the full support from Top Management, represented by Yinson’s MSC, and the Board, represented by the BRSC, towards Yinson’s ABMS efforts. Throughout the ISO 37001 ABMS certification periods from 2021 to 2024, no major nor minor non-conformities were reported by the ISO auditors. Continuing our resolute dedication to anti-bribery measures, Yinson Holdings Berhad and Yinson Production Offshore Pte Ltd will actively pursue ISO 37001 ABMS recertification in 2024. Further, our ABAC Cautionary Notice Cards have been translated into multiple languages including Arabic, Bahasa Malaysia, Chinese, French, Hindi, Indonesian, Italian, Norwegian, Portuguese, Spanish, Tamil and Vietnamese. These resources are accessible via our internal staff intranet, YNet and Yinson’s website. Whistleblowing Yinson enhanced our whistleblowing channel with an independent platform in FYE 2024, thereby improving our overall whistleblowing process. We remain steadfast in encouraging stakeholders to raise concerns without fear of reprisal and provide multiple channels for reporting, including toll-free numbers and multilingual support. We continue to promote awareness of whistleblowing through initiatives such as the ABAC Online Training Module and physical posters in global offices. This ongoing effort signifies Yinson’s dedication to maintaining high standards of corporate governance and compliance with laws and regulations. By fostering an environment where concerns can be raised and addressed effectively, we safeguard our integrity and promote trust and confidence among stakeholders, including employees, customers, third-parties and investors. This commitment to ethical conduct is essential for sustainable business practices and long-term success in today’s increasingly complex and interconnected business landscape. During the year under review, six cases were reported through the whistleblowing channel. All claims were investigated, after which five were concluded as unsubstantiated due to a lack of basis for the claims made. One case was substantiated, which has been resolved with the appropriate corrective action taken. Corporate tax strategy and governance Yinson’s overall approach to tax management is aligned with our Core Values and COBE, and it is centred on ensuring that we pay our fair share of taxes and effectively contribute to the countries and communities in which we operate. The tax strategy is comprehensively applied across Yinson, and compliance with this tax strategy is monitored systematically and periodically. YINSON’S KEY TAX GOVERNANCE PRINCIPLES Tax governance Tax is part of Yinson’s fundamental corporate responsibility and governance, with the Board overseeing tax affairs, ensuring compliance and regular updates. Upholding compliance requirements Yinson is committed to our ‘Compliance First’ philosophy. We are committed to paying our fair share of taxes and diligently fulfilling our tax reporting obligations with accurate and timely tax returns and other documentation with all applicable local tax legislations and regulations in countries where we operate. Business structure Yinson employs business structures with genuine substance, aligning with commercial requirements. 1 2 3 Utilising tax incentives Yinson utilises tax incentives where available and applicable, aligning with the relevant regulatory frameworks, the intended policy objectives and the overall business requirements. Relationship with tax authorities Yinson maintains open, collaborative, and transparent relationships with tax authorities in the countries where we operate. Transparency We aim to conduct our tax affairs transparently, with regular stakeholder updates on tax approach, governance and payments. 4 5 6 Our tax strategy aligns with key principles of the Global Reporting Initiative 207, the Bursa Tax Governance Guide and Paragraph 19 and Paragraph 20 of Schedule 19 of the United Kingdom Finance Act 2016. It is periodically reviewed by Group Tax, with amendments submitted to the Audit Committee and Board for approval. Our tax strategy aligns our key tax governance and risk management practices with Yinson’s overarching ESG strategies and objectives. Our commitment to transparency and integrity in tax management is further underscored by our Whistleblowing Policy & Procedure, which incorporates mechanisms for reporting tax-related malpractices. Scan for more information on our approach to Corporate Tax Governance.
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