MISC Annual Report 2017
43 Strategy & Performance Customers Community COMMUNITY Governance & Business Ethics GOVERNANCE MARKETPLACE Shareholders Environment ENVIRONMENT Employees WORKPLACE SUSTAINABILITY@MISC SUSTAINABILITY STRATEGY UPDATES Endorsed in December 2016 and formally rolled out in 2017, WKH 0,6& 6XVWDLQDELOLW\ 6WUDWHJ\ FRPSULVHV RXU VL[ LGHQWLƓHG sustainability pillars : 7KLV VWUDWHJ\ DFWV DV RXU ƓYH \HDU URDGPDS WR JXLGH XV IXUWKHU LQ conducting business as a responsible corporate citizen in a way that will enhance our social integrity, improve our environmental stewardship and create economic value for our stakeholders. It is intended to ensure our material areas and the initiatives we embark on are in line with our Vision and Mission as well as our Corporate Strategy MISC2020, and aligned to the requirements of impending regulations/legislations and the expectations of our stakeholder community, adapting to the volatile shipping industry and strengthening our market position. Our ambition is to take sustainability leadership in our sector with it being embedded into our business philosophy, principles and value systems, organisational structures, and business operations. Together, MISC’s Vision and Mission, the MISC2020 Corporate Strategy and our Sustainability Strategy will act as our compass for the Group as we steer towards a successful journey. THE APPROACH AND DESIGN The MISC Sustainability Strategy demonstrates in a clear way how we will address our impact on the environment, our marketplace (including shareholders and customers), our governance and in WKH ZLGHU FRPPXQLWLHV WKDW ZH KDYH LQŴXHQFH RQ MISC’s Sustainability Strategy is designed to : • Assist the organisation to embed sustainability as an integral part of its business. • Develop short, medium and long-term strategies as well as KPIs relevant to sustainability. • Improve the ability to respond to stakeholders on matters related to sustainability. • Promote the integrity and quality of responsible products and services. • Promote internal understanding of sustainability and accountability among Heads of Departments and employees. The strategy presented here represents the overarching goals to be achieved by 2020 for each sustainability pillar, their link to MISC’s Mission Statements, objectives and the rationale behind them. 2017 was the year of the formal roll-out and implementation of the various initiatives and activities under each pillar of the Strategy. Progress updates are also provided here, in addition to the new activities and initiatives to be undertaken for the upcoming year. A formal process and management system is in place where progress will continue to be tracked, measured and managed, with regular updates to be provided in upcoming disclosures. INTEGRATED REPORTING AND FUTURE DISCLOSURE As we transition towards Integrated Reporting <IR>, we will also now no longer be producing standalone Sustainability Reports as ZH GLG LQ WKH SUHYLRXV \HDUV DV LQIRUPDWLRQ UHODWLQJ VSHFLƓFDOO\ RQ sustainability will be assimilated within the <IR>. This will also be in line with our commitment towards environmental protection and conservation, through the reduction of paper usage and printing. We are planning towards comprehensive disclosure of our Sustainability programmes and performance through the online platform via our corporate website. In addition to annual corporate disclosure, all further information and disclosure on Sustainability including the MISC Sustainability Strategy pillars, objectives, initiatives, performance updates shall be made available through this platform and will be updated on a regular and scheduled basis.
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