A Sustainable Business Approach
Capitals are the resources and relationships we rely on to create value
The Capitals that we draw on include:
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
As a large player in our sector with an ambitious vision for the future, 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.
These responsibilities and relationships are components of the key material matters that we focus on to deliver our strategy, and so our Corporate Social Responsibility (“CSR”) efforts are rooted in our culture and integrated into our daily operating and business practices.
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 broad strategic objectives that guide our sustainability initiatives relate to workplace and operating practices, the environment and the communities where our ships trade and our people live and work. They also relate to corporate governance which we address separately in the governance section of this report.
It is under this framework that Pacific Basin takes an active approach to CSR and whereby our policies and systems govern behaviour and practices. However, it is the spirit and the culture in our Company that turn sustainability efforts into reality and make a difference both within and outside of our organisation.
HOW WE REPORT ON CSR
This report serves as a record of our CSR performance highlights in 2014, focusing on areas that are material to our business and stakeholders. It is designed to be read in conjunction with the CSR content on our website, which summarises more permanent aspects of our CSR narrative, such as:
- Key inputs and outputs of our business
- Initiatives we pursue to tackle our responsibilities
- Materiality, scope of reporting and CSR governance
Our CSR reporting follows the Environmental, Social and Governance (ESG) Reporting Guide published by the Hong Kong Exchanges and Clearing Limited. This guide has been added to the Listing Rules as a recommended best practice.