Corporate Governance at V.
Whistle Blowing, and Bribery and Corruption Our Open Reporting Policy instils confidence among our crew and employees, encouraging them to report any concerns, from health and safety issues to unethical conduct. This policy ensures adherence to our shared values. We are committed to eliminating bribery and corruption within V.Group. Proudly, we report no fines or charges related to bribery or corruption in 2023, maintaining our unblemished record. We aim to continue this trend into 2024 and beyond. Industry Participation Active participation in industry organisations and collaboration with peers is a core aspect of our corporate strategy. We engage in the following initiatives: • UK Chamber of Shipping’s HSE, Safety Culture, and Carbon Working Groups • ISWAN • HiLo Risk Management • Partners in Maritime Safety • The Sailors Society • Interanko Human Element Committee • Intercargo • Intermanager • RINA Decarbonisation Committee • Global Maritime Forum – Getting to Zero Coalition • Mærsk Mc-Kinney Møller Center for Zero Carbon
ESG Committee
Corporate governance is the cornerstone of a successful business. At V., we have implemented robust governance structures and processes to ensure our operations are efficient and ethical. These include instilling our corporate values in all colleagues, encouraging open communication for addressing concerns, and integrating sustainability into senior management’s decisions through our remuneration policies. Governance Structures and the Implementation of ESG To effectively manage and respond to climate-related matters, the Group has implemented a comprehensive climate governance framework, detailed below.
Chaired by the Director of Sustainability and Decarbonisation, the ESG Committee includes a multidisciplinary team of senior management representatives from operations, finance, legal, commercial, sustainability, human resources, internal control, HSSEQ (Health, Safety, Security, Environment, and Quality), and procurement. The ESG Committee meets quarterly and is responsible for ensuring that climate-related risks and opportunities are identified, assessed, and managed effectively. Their responsibilities include:
• Timely and appropriate identification and assessment of climate-related risks and opportunities.
• Allocation of adequate resources to mitigate climate- related risks and capitalise on opportunities.
Executive Management
• Delivery of a coherent strategy to manage climate risks and opportunities, including the Group’s strategic approach to carbon reduction. By implementing this governance framework, the Group ensures that climate-related matters are managed with the highest level of scrutiny and strategic importance, aligning with our commitment to sustainability and responsible business practices. To ensure the safety and wellbeing of both crew and shoreside employees, we operate under a shared framework of values. Regular Code of Conduct training is mandatory for all staff, reinforcing our commitment to safety and excellent working conditions.
The Board has delegated climate-related responsibilities to the Executive Management team. In turn, the Executive Management team has established an Environmental, Social, and Governance Steering Committee (ESG Committee) to provide active oversight of ESG matters, including climate-related risks and opportunities. The ESG Committee comprises subject matter experts from across the business, ensuring dedicated focus and expertise on ESG issues. The Director for ESG and Sustainability reports monthly to the Board and Executive Management team on climate- related matters. This reporting includes updates on material risks and opportunities managed by the ESG Committee, regulatory changes impacting the Group, and the status of strategies and initiatives to enhance the Group’s service offerings. During the year, the Board and Executive Management team evaluated the commercial opportunities and risks associated with the introduction of the European Union Emissions Trading Scheme (EU ETS).
44 | Corporate Governance at V.
Governance | 45
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