A Sustainable Business Approach
We are a substantial shipping business that draws on and impacts the resources and relationships we rely on to create and protect value. These are called our "Capitals".
As a large player in our sector with an ambitious vision for the future, we recognise our responsibilities to these Capitals which have a bearing on the long-term sustainability of our business. We believe that many of the responsible actions we take – our commitment to Corporate Social Responsibility (CSR) – make us competitively stronger and enhance our financial performance, our reputation and the future value of our business.
These responsibilities and relationships are components of the key material matters we focus on to deliver our strategic objectives. Our active approach to CSR is therefore rooted in our culture and, governed by our policies and systems, integrated into our daily business behaviour and operating practices.
Our Resources in Action
We attach great importance to cultivating resources and relationships (our stores of value or Capitals) which we employ as optimally as we can to propel us towards our vision and benefit our shareholders and customers
Our Focus Areas
Our CSR initiatives are guided by broad strategic objectives that relate to:
Our CSR initiatives enhance safety and workplace fulfilment, minimise our operations' environmental impact, and enrich engagement with the communities in which we operate
drawing mainly on human capital which includes the skills, experience, behaviour and loyalty of our staff that we reward and enhance with fair remuneration and a commitment to health and safety, development and training, equal opportunity and a comfortable and fulfilling workplace.
drawing mainly on natural capital, predominantly through our fleet’s consumption of fuel and other inputs and the resulting impacts of emissions on the atmosphere and marine environment.
drawing mainly on social and relationship capital which is the mutually beneficial partnership we strive to maintain with our customers, suppliers and other stakeholders in our communities, while recognising their rights and needs and always demonstrating responsible business practice.
These responsibilities are core to our culture, strategy and long-term vision, and it is our spirit and culture that turn sustainability efforts into reality and make a difference both within and outside of our organisation.
The Board is responsible among other things for the development of our long-term corporate strategies and broad policies. In setting our standards, it considers the needs and requirements of the business, its stakeholders and the Corporate Governance Code and ESG Reporting Guide encompassed in the Stock Exchange’s Rules Governing the Listing of Securities on The Stock Exchange.
As such, the Board has overall responsibility for, and is engaged in, our CSR strategy and reporting, including evaluating and determining CSR-related risks, and ensuring appropriate and effective CSR risk management and internal control systems are in place. Management provides confirmation to the Board of the effectiveness of these systems.
The Board delegates to the Audit Committee (comprising all six Independent Non-executive Directors) more specific responsibility for reviewing the effectiveness of the Group’s internal control and risk management systems, and reviewing the work of the Risk Management Committee. In turn, our Risk Management Committee (comprising our CEO, CFO, Company Secretary, and Risk and Internal Audit Manager), reporting to the Audit Committee, is responsible for assessing and enhancing the Group’s risk management, as well as CSR and corporate governance policies, strategies and performance.
The Chief Executive Officer is delegated responsibility by the Board for executing our corporate sustainability strategy and initiatives. In turn, his direct reports across the Group have functional responsibility for sustainable business practice in specific areas, most notably our Fleet Director and the senior managers of our Fleet Management division (covering technical operations, fleet personnel and risk, safety & security) and our Human Resources and Administration department.
Key Material Matters
We assess all the matters that are material to the longterm success of Pacific Basin and the sustainable growth of our business and operations. This exercise – an analysis of opportunities and risks and how to balance them – also assists us in developing and achieving our strategic objectives. Sustainability is a key element of each of these material matters, and this is the driving force behind our long-term progress and success.
Through this process, we have identified the material matters below which are key components of our business model and key drivers of our Group’s performance and long-term viability.
What is material is defined as a matter that would impact our senior management, Board and Board Committees’ decisions, applying several criteria such as:
- the potential economic impact of a matter on the business and its value over the short, medium and long term;
- our main stakeholders’ concern with a matter and its likely effect on them; and
- the extent to which a matter is likely to grow in significance and impact in the future.
Deepening our customer relationships
Investing in our people
Investing in our high-quality fleet
Safeguarding health, safety & environment
Maximising efficiencies & reducing costs
Enhancing corporate & financial profile
Evolving management & governance practices
Materiality Matrix & Stakeholder Engagement
Pacific Basin engages in active two-way dialogue with our stakeholders – primarily customers, suppliers, employees, shareholders, financiers, industry associations and regulators. This enables us to map issues that are of greatest importance to our business and stakeholders, and determine the key matters for discussion in our CSR reporting. In addition to our day-to-day contact with customers, we conduct regular and in-depth customer and investor surveys that provide insight about our operations and ways we can improve. We also engage actively with associations that work to influence and respond to regulations that affect our industry.
We measure and report key performance indicators (KPIs) across our environmental and workplace performance. Through the reporting of these KPIs and information in our CSR Report, we disclose each element deemed to be of greatest impact to our business and stakeholders.
We welcome our stakeholders’ feedback on our approach to CSR and the key material matters we discuss in our CSR reporting. Please refer to the feedback form and contact details.