Report on the non-financial metrics maps the effects and responsibility of HB Grandi
More and more companies in Iceland are issuing sustainability reports providing thorough information on non-financial metrics in their operation.
With the issue of an annual sustainability report, HB Grandi hf. has been a leading fisheries company in Iceland. The report was first issued for 2017.
HB Grandi has built up considerable in-house knowledge on issues relating to sustainability and, in recent years, has been working on mapping the effects and responsibility of the company. The sustainability report has been prepared in accordance with the guidelines laid down by the Global Reporting Initiative, G4, which is an international standard.
Why issue a sustainability report?
In 2016, Iceland adopted legislation that stated that large companies must publish information on their environmental and social impact in their annual report. Such legislation has been in force for several years in the Nordic countries and will be adopted into EU legislation according to an EU directive from 2014.
In addition, there are increased demands from investors and society that undertakings must provide information on the non-financial aspects of their operation. HB Grandi is among the growing number of Icelandic companies where the sustainability report has become a part of its operation. These include companies such as Alcoa Fjarðarál, Marel, Arion Banki, Ölgerðin Egill Skallagrímsson and many more.
Companies listed on Nasdaq Nordic are encouraged but not compelled to publish ESG (Economic, Social, Governance) information.
HB Grandi is a food production company that sells its products, processed from wild-caught fish, to demanding markets all over the world, and buyers are making ever greater demands to know more about the companies from which they purchase products. Among other things, they want to know:
- How the company treats its employees.
- Whether the company conducts the operation in harmony with the local community where it operates.
- Whether the company behaves responsibly with respect to the environment and in its conduct toward natural resources.
Buyer demands will continue to increase in the future, and as a result, the performance of companies in the field of sustainability will grow ever more important. The sustainability report is an ideal platform to shed light on what has been done well and what may be improved. Last but not least, the report shows what the company has achieved during the year and what it plans to do next year.
The 2018 Sustainably Report of HB Grandi was issued in conjunction with the annual report at the Annual General Meeting of the company at the end of March. The report is available to all on the company’s website, in both Icelandic and English. The report is comprehensive and includes discussions on the company’s policy formulation and future vision as well describing the main events in the operation during the year, collaborative projects and innovation. It is worth drawing attention to the chapter Human Resources Issues. This contains the company’s human resources policy, discussion on safety issues and their development, personal data protection, equal pay certification, gender ratios, employee training, etc. Quality issues are, of course, discussed in detail, and information provided on what has been achieved during the year.
The chapter Economy contains information on the tax footprint of HB Grandi, its procurement policies, investment in infrastructure and social services among other aspects.
One of the weightiest parts of the sustainability report deals with environmental issues. There, the main focus is on the company’s environmental settlement and CO2 emissions from the operation. HB Grandi has prepared an environment settlement report since 2015, and this shows the manner in which things have developed over the years.
For HB Grandi, the sustainability report is an important tool to make decisions in accordance with the company’s policies and the expectations of owners, customers and society as a whole. Clear goals in the field of environmental issues and understanding their importance is of great benefit for society as a whole.
Torfi Þ. Þorsteinsson
Director of Community Relations
This article was first published in Kompás, málgagni útskriftarnema skipstjórnarskólans. 41. árgangur 2019
(Magazine published by The School of Navigation, graduation class of 2019)