Endorsed in December 2016 and formally rolled out in 2017, the MISC Sustainability Strategy constitutes our six identified sustainability pillars, namely the Customers, Shareholders, Governance & Business Ethics, Employees, Environment and Community pillars. This strategy will act as our five-year roadmap to guide us further in conducting business as a responsible corporate citizen in way that will enhance our social integrity, improve our environmental stewardship and create economic value for our stakeholders.
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. We are confident that these ambitions can be realized with MISC’s Sustainability Strategy, which will essentially be our guide towards achieving our sustainability ambitions and objectives.
This strategy will ensure our material areas and the initiatives we embark on are in line with our Vision and Mission as well as our Corporate Strategy ‘MISC 2020’ 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. Together, MISC’s Vision and Mission, the MISC 2020 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, our marketplace (including customers and shareholders), our governance, our employees, the environment and in the wider communities that we have influence on.
MISC’s Sustainability Strategy has been designed to:
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.
Development of the Strategy
Following on from the identification of the material issues, workshops were conducted for each of the sustainability pillars, for the purpose of agreeing on and prioritizing the material issues. The workshops served as a platform to formalize and prioritise material areas for MISC, as well as to derive action plans in order to address these areas. The outcome of these workshops was consolidated and culminated into the MISC Sustainability Strategy.
MISC Sustainability Strategy
The strategy is essentially a five-year roadmap with specific targets to be achieved by the year 2020, in parallel with our five-year business plan MISC2020. The strategy addresses 11 key aspects which are grouped according to the relevance with our six sustainability pillars of Customers, Shareholders, Governance & Business Ethics, Employees, Environment and Community into clear targets. For each of the targets, key milestones, objectives and action plans were derived for each year leading up to the year 2020.
Despite the variation in the functions and operations of the different BUs, SUs and Subsidiaries, and in having their own set of issues and expectations, the strategy was developed in consideration of this to ensure its relevance in applicability and implementation for the Group as a whole.
At MISC, the strategy is to focus on providing the best service and experience to all our customers – through stringent health and safety standards, operational responsiveness, and tailored solutions in order to exceed customer expectations.
We strive to constantly create value and deliver sustainable returns to our shareholders and investors, through the strengthening of the Group’s core businesses and capitalising on growth opportunities in the future.
Sound internal controls are established to complement business policies and uphold good governance practices. This is fundamental towards not only winning the confidence of investors, but are also prerequisites to achieving the Company’s objectives of enhancing and protecting long-term shareholder value.
In line with our mission to promote individual and team excellence, we are committed towards improving employee competency and skill levels, as well developing leadership capabilities so that our employees are able to successfully tackle business challenges head on.
Our approach towards mitigating our environmental impact has been captured in the Group’s Mission, one of which is ‘to care for the environment and operate responsibly’. Operating in a responsible manner and minimising impact on the environment is key to the way business is managed at MISC.
In support of our mission ‘to create a positive difference to the lives of communities’, our primary focus in on value creation through the provision of education and career opportunities through the Group’s maritime academy, ALAM, and also through the various community outreach programmes carried out.