STEERING TOWARDS A SUSTAINABLE FUTURE
Stena’s sustainability work is business-oriented and aim to discover new business opportunities and develop the brand, while also identifying and managing risks.
The principle of delegated business responsibility within Stena, with decisions being taken close to the business, is expressed in the coordinated process for sustainability work, SuStenability. Pursuing the SuStenability process ensures a clear structure and follow-up for all of Stena’s sustainability work, while leveraging knowledge and experience within the businesses.
The aim of SuStenability is also to create greater commitment to sustainability work. The process comprises the following elements:
- Description of each business area’s value chain and business model, and the activities’ impact on the environment, and on economic and social conditions.
- Assessment of the risks identified on the basis of the aforementioned value chain.
- Analysis of significant issues and focus areas.
- Ensuring that policies for the environment, social conditions, personnel, human rights and anti-corruption are in place.
- Formulation of measurable goals and areas for improvement. Linking of goals and focus areas to the relevant UN Sustainable Development Goals, where possible.
All companies report increased interest in sustainability issues among their customers, in terms of both companies and private individuals. Banks and other investors also show a greater interest in how Stena works with sustainability issues and handles different types of risk. During the year, the internal sustain ability work was intensified through continued development of the SuStenability process. On the property side, there is focus on the social perspective and development of relationship management, while environmental work is further developed within all business areas, with focus on limiting carbon dioxide emissions. Stena also sees great potential in operating and developing sustainability work through technical development and digitalisation. A number of initiatives in this area tookplace in 2019.
Stena’s sustainability work is based on each business area, according to its materiality analysis and risk analysis, selecting the performance indicators that it is most relevant to measure.
No centralised targets are set, although there is a centrally located sustainability department, to support the business units. A new aspect in 2019 and going forward is that all business areas must report their direct carbon dioxide emissions as part of the budget process, since the Group can see an increased need for a holistic approach to emission issues. Inclusion of the reporting of carbon dioxide emissions in the budget process means that this is increasingly linked to the financial follow-up.
Twice a year, an overall report on sustainability activities is presented to the audit committee, which is a committee under Stena AB’s Board of Directors. This puts sustainability work on the agenda, and the Board is kept informed of the ongoing activities. Each business area has a sustainability coordinator who is responsible for promoting the internal work. The coordinators meet regularly, three times a year, to exchange experience and get training in the area, together with the central sustainability department. Together these functions form the SuStenability network.
Stena’s core values are Customer satisfaction, Quality, Dedicated employees, Innovation and Results. The core values serve as guidelines for taking responsibility within Stena and are also the foundation for the sustainability initiatives. Continuous dialogue with stakeholders contributes to care for customers, employees and society. To a great extent, the focus on innovation is the driving force in improving energy efficiency at sea and ashore, and contributing to a reduced environmental impact. Safety, quality and responsible conduct characterise the performance of all tasks and contribute to long-term profitability.
CODE OF CONDUCT
The Stena Groups’s code of conduct presents guiding principles for the operation of its activities on a socially and environmentally sustainable basis. It addresses issues related to the environment, social conditions, personnel, human rights and anti-corruption. The code of conduct also concerns relationships with business partners, whereby Stena reserves the right to withdraw from a relationship if a partner does not live up to good business conduct.
All employees are expected to have read and familiarised themselves with the code of conduct. The code of conduct is also an integral part of the employment contract and part of the introductory programmes for new employees and business partners. All employees take an e-learning program which includes the code of conduct. Group training takes place for seafaring personnel with limited access to computers. In 2019, all business areas undertook an assessment of their operations in relation to the code of conduct, in order to ensure that procedures are in place and that the code is complied with. The result was reported to the audit committee at Stena AB and it will be the basis for the future work in the respective business area.
Code of Conduct
Stena’s code of conduct and shared Group policies are the basis and the benchmark for all business areas. In certain cases, the individual companies have also created their own policies. If an employee discovers something that violates applicable legislation, Stena’s code of conduct, values or policies, there is also a whistleblower function for reporting incidents, with full anonymity. The service is provided by an external partner and all information is encrypted, which further strengthens security.
Stena’s code of conduct and whistleblower policy are available to all employees on Stena’s intranet, together with instructions for the reporting steps that employees are encouraged to take when notifying suspected malpractice. Other Group-wide policies are also published on the intranet.
Stena has a well-established risk analysis method. The risk analysis concerning sustainability risks is undertaken by the business areas’ sustainability coordinator together with the management group. This working method is based on Stena’s principle of delegated business responsibility, where the knowledge is held by the business units. Within all business areas, there is dialogue between the person responsible for the overall risk analysis and the person responsible for analysis of sustainability risks. The aim is to ensure consensus.
The risk analysis for sustainability is based on risks related to environmental, personnel and social conditions, human rights and anticorruption. The analysis is performed once a year and focuses on sustainability risks related to Stena’s activities and, where relevant, Stena’s business contacts, products and services. For each business area, an assessment is made whereby the gross risks are assessed, thereafter mitigating measures are considered. In the next step, a matrix is created to show the net effects of the sustainability risks.
Many business areas also raise the sustainability risks to their own board of directors, in order to assess whether sufficient effort is made to counteract these risks.
The day-to day dialogue with stakeholders, that all employees in the different business areas are involved in, is the most important input to the materiality analyses. Thus, in the materiality analysis work, the persons responsible in the business areas’ different functions are consulted. These persons are in regular contact with external stake holders, whose perspectives are highlighted in the materiality analyses.
As a consequence of Stena’s diversified activities, the stakeholders are multi faceted and include such groups as Stena Property’s tenants, subsuppliers to Blomsterlandet, logistics companies that use Stena Line, and some of the world’s global energy companies that buy transport from Stena Bulk. On this basis, it is important that each business area performs its own materiality analysis, which is then the basis for the company’s sustainability work, and is reported centrally. The materiality analyses with related performance indicators are approved by the business units’ management groups.
Significant sustainability areas have also been identified at joint Group level, whereby the Group’s sustainability department has identified the environment, safety, employees and society as important focus areas. Since the business areas have such different types of activities, their impacts in these areas also vary.
As a consequence, performance indicators and focus vary between the business areas. An annual overview of the sustainability risks is made, together with follow-up on the companies’ performance indicators. An overview of the materiality analysis in the companies is obtained every other year.