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32     About HRC                 Value Creation            Management Discussion     Leadership
                                                                  & Analysis


            FY2023 STRATEGIC REVIEW




            BUSINESS STRATEGY







               PEOPLE &            OPERATIONAL          HSSE &              STAKEHOLDER         FUTURE
               LEADERSHIP          EXCELLENCE           COMPLIANCE          VALUE               FOCUS


               •  Working with     •  Reliability       •  Process safety   •  Customers        •  Continuous
                values             •  Effective work    •  People safety    •  Shareholders       improvement
               •  Open and honest    processes          •  Security         •  Investors        •  Investment
                communication      •  Cost efficiency   •  Environment      •  Authorities        projects
               • Employee          •  Refining margin   •  Health           •  Government       •  Growth ideas
                engagement         •  Product quality   •  Sustainability   •  Lenders
               •  Retention                             •  Compliance       •  Suppliers
               •  Recognition                                               •  Neighbours
               •  Talent
                development
               •  Succession
                planning











                                                        PEOPLE & LEADERSHIP

                  While the refinery assets went through a major Turnaround in 2023 (TA 2023), it was a timely year for a workforce
                  turnaround too, to refuel a strong group identity post-transition, and boost commitment towards achieving organisational
                  sustainability goals as ONE Hengyuan. In keeping up with an increasingly competitive industry, and staying ahead of the curve,
                  the groundwork for a comprehensive People Programme was laid during the year.
                  Core Values of Collaboration and Respect were exemplified in the development of the programme, as employees were
                  engaged in identifying gaps towards the creation of a more rewarding and fulfilling workplace. With the People Programme,
                  we can also realign individual goals with ESG targets that will motivate employees to actively contribute to the Company’s
                  sustainability and  social responsibility objectives.
                  During the year, an action plan was developed to address areas of opportunities in organisational effectiveness,
                  talent development and total rewards, as we embarked on fortifying a resilient and future-ready workforce.
                  Through these efforts in creating a more rewarding workplace, as well as due to the commitment of our staff during the
                  TA 2023, turnover rates for 2023 decreased significantly from 14.37% in FY2022 to 7.96% in FY2023.
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