Corporate Social Responsibility
We are a substantial shipping business that draws on and impacts a number of "Capitals” – the resources and relationships we rely on
We recognise our stakeholder, community and environmental responsibilities which have a bearing on the long-term sustainability of our business. We believe that many of the responsible actions we take also make us competitively stronger and enhance the future value of our business.
Our Corporate Social Responsibility (“CSR”) efforts are rooted in our culture, integrated into our daily operating and business practices, and driven by the key material matters that we focus on to deliver our strategy.
By integrating CSR information in our Annual Report, we create transparency about our operations so that stakeholders have a clear sense of our non-financial business practices and the linkage across our actions, policies and performance.
The main CSR-related Capitals we draw on are:
- Human Capital – the skills, experience 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
- Natural Capital – predominantly our fleet’s consumption of fuel and other inputs and the resulting impacts of emissions on the atmosphere and marine environment
- Social & Relationship Capital – 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
Key Material Matters
We assess all the matters that are material to the long-term 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 longterm 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.
An Integrated Reporting Framework for our Annual Report
In preparing our Annual Report, we follow the International <IR> Framework of the International Integrated Reporting Council which enhances the way we think, plan and report the story of our business.
Our integrated report demonstrates how we embed holistic, integrated thinking into our strategy and plans and make informed decisions and manage key risks to build investor and stakeholder confidence and improve future performance. We also show how we rely on and impact our resources and relationships – our Capitals – to protect and create value over the long term.
The main change in our Annual Report this year is that our business highlights and outlook content have been integrated into our Chief Executive’s Review – core to our Business Review – to eliminate repetition and unnecessary pages.
Cost saving in a very weak market
You may also note that we are using two-colour printing (necessitating black and white photos) and cheaper paper in the internal pages of this Annual Report. While it may not be as pretty, this initiative is expected to reduce our 2015 report production costs by 25%.