Board Leadership & Effectiveness 147 Effective Audit and Risk Management 165 IntegrityinCorporateReportingand MeaningfulRelationshipwithStakeholders176 Statement on Risk Management and Internal Control 183 Additional Compliance Information 192 04 Corporate Information 370 Statistics of Shareholdings 371 Net Book Value of Land and Buildings 374 Notice of the 34th Annual General Meeting 375 StatementAccompanyingNoticeofthe 34thAnnualGeneralMeeting380 Proxy Form ADDITIONAL INFORMATION 06 Directors’ Report 196 Consolidated Statement of Financial Position 202 Consolidated Statement of Profit or Loss 204 Consolidated Statement of Comprehensive Income 205 Consolidated Statement of Changes in Equity 206 Consolidated Statement of Cash Flows 209 Notes to the Financial Statements 213 Statement by Directors 363 Statutory Declaration 363 Independent Auditors’ Report 364 FINANCIAL STATEMENTS 05 Chairman’s Letter to Shareholders 28 CEO’s Strategic & Operational Review 32 Achieving Our Strategic Ambitions 38 • DeliverClean Generation • Develop Energy Transition Network • Dynamic Energy Solutions • Drive Regulatory Evolution The Market Landscape 50 Our Value Creation Model 52 FROM OUR LEADERSHIP 02 NAVIGATION ICONS This icon tells you where you can find related information in this Report. This icon tells you where you can find more information online. ScanthisQRcodetoviewitonlineorvisit www.tnb.com.my TENAGA NASIONAL BERHAD Integrated Annual Report 2023 2 BASIS OF THIS REPORT This Integrated Annual Report is designed to offer stakeholders a detailed and balanced overview of Tenaga Nasional Berhad’s (TNB) financial and sustainability achievements over the financial year ending 31 December 2023. Our goal is to present our stakeholders, with an accurate view of how we generate value, manage capital decisions, face challenges, and evolve, alongside our future expectations and vision. OUR CAPITALS Manufactured Capital Physical assets and infrastructure that are used in the course of our business operations, such as our power plants,