Bus iness Overvi ew Sect ion 01 19 Annual Report 2022 OUR APPROACH TO VALUE CREAT ION STAKEHOLDER MANAGEMENT RISK OPPORTUNITIES It is essential that Ranhill continues to feel the pulse of its many stakeholders – maintaining a clear understanding of the aspirations and objectives of stakeholders, notably regulators, the government and financiers. Being unaligned to stakeholders may lead to various issues such as regulatory non-compliance, loss of access to financing or even not being included in ESG indices that would impact brand reputation and visibility. By aligning closely to stakeholders, Ranhill continues to ensure that its business goals and objectives continues to remain relevant and that it retains the support of diverse stakeholder groups. Collaborating with stakeholders amplifies value creation – improving brand perceptions and enables opportunities to share the Group’s perspective on a wide range of material matters. TALENT DEVELOPMENT AND RETENTION RISK OPPORTUNITIES Talent scarcity continues to be an issue faced, especially skilled talent with specific technical proficiencies. In addition, recruiting and retaining talent with business acumen and leadership attributes also remains a challenge. Business development and growth are intrinsically linked with talent and the inability to secure and retain high-performing employees can impact the realisation of KPIs and targets over the medium to long-term. Talent scarcity necessitates new approaches include rethinking conventional talent recruitment and management approaches. The situation has propelled Ranhill to look internally towards meeting its requirements for technically proficient and skilled employees. This includes developing inhouse talents through company organised and sponsored training courses and programmes, and focusing on internal promotions. Other alternatives include recruiting directly from universities, technical institutions and also redesigning business processes to reduce reliance on manual labour. This promotes cost savings and supports operational efficiencies. TECHNOLOGY AND INNOVATION RISK OPPORTUNITIES The proliferation of technology enables new solutions and possibilities for value creation. However, technology acquisition may require significant CAPEX and there may be a period of adjustment before the full value creation impact of the implementation can be realised. During the transition, there may also be challenges such as user rejection, ineffective implementation, the costs associated with trial and error and potentially, the lack of concrete results achieved that may undermine user acceptance of the implementation process. Selection of unsuitable technologies may also negatively impact operations leading to financial and operational losses. Technologies such as carbon capture and storage provide new business opportunities for Ranhill. Emerging and existing technologies enable cost and operational efficiencies across the value chain, strengthen competitive edge and enable the development of new industry breakthroughs that strengthen the Group’s value proposition.
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