70 percent of the earth is covered by the ocean. Today, however, we only get about two percent of our food from the sea. The ocean can provide much more healthy nutrition to people on all continents. Fish also has a low carbon footprint and needs few inputs from scarce resources like fresh water or fertile land.
Because there are limits to the amount of wild fish that can be sustainably harvested, the growth of seafood in peoples’ diets must come from aquaculture. Sustainable farming of fish and other marine species has an enormous potential globally.
Though we have made great progress in finding more sustainable fish farming methods over the last decades, many challenges remain. In Grieg Seafood, we see it as our responsibility to advance food production below water while keeping the ocean and the planet healthy.
THE UNITED NATIONS DEVELOPMENT GOALS
To promote sustainable development, Grieg Seafood strives to find the right balance between environmental, social and economic considerations in our operations. The 17 United Nations Sustainable Development Goals guide countries’ and companies’ efforts to do so. Our production is in line with several of the 17 goals, but Grieg Seafood will focus particularly on the goals where we can have the greatest impact.
OUR STRETCH GOALS
2 - Zero Hunger: As the salmon farming industry is driving development in global aquaculture, we contribute to a sustainable marine food system. Sustainable farming methods, practices, biological and technical innovation, research, new knowledge and governmental management developed for the salmon farming industry can be transferred to the production of other marine species in other parts of the world. As such, we need to find solutions to our challenges
not only to make our own farming more sustainable, but also to advance the practices of fish farming industries in other countries. That way, we can truly contribute to zero hunger.
13 – Climate Action: Farmed fish is one of the animal proteins with the lowest carbon footprint. Salmon farmers must still do our part to reach the targets of the Paris Climate Agreement. We can decrease the carbon footprint of our salmon even further.
14 – Life below water: We work to conserve and sustainably use the oceans, seas and marine resources for sustainable development. We have a responsibility to protect marine biodiversity, and we strive to find new ways to reduce our environmental footprint and improve the welfare of our fish.
17 – Partnerships for the goals: We cannot reach the goals we have set alone. We collaborate with authorities, researcher institutions, other salmon farmers, NGOs, students, suppliers and others to advance sustainable aquaculture. We share knowledge, expertise and technology. We seek to be honest, exchange ideas and to learn from our surroundings.
WE ARE ALSO COMMITTED TO
4 – Quality Education: We must ensure that our employees receive the right training and development to match the competencies the Company needs at all times.
5 – Gender Equality: A diverse workforce with people of different backgrounds is not only our social responsibility. It is also key to profitable growth.
8 - Decent Work and Economic Growth: We provide jobs with good and fair conditions in rural areas. We contribute to economic growth to our local communities in Norway, the UK and Canada.
9 – Industry, innovation and infrastructure: We take part in research and innovation to find new solutions to our challenges.
16 – Peace, justice and strong institutions: We will do business in a way that is inclusive, just and accountable, and that promotes strong societies and institutions.
WHO WE ARE
We are open with each other. We share knowledge, ideas and learn from each other. We meet new perspectives with an open mind. We are always honest – also in difficult situations. Our managers have an open door, and are always open for ways to improve.
We are open and transparent towards society. That is the only way we can earn their trust. We proactively share honest information about our operations with the public, the authorities and the media – even before they ask. We invite the community to our facilities, participate in the public debate and engage in dialogue with other users of the fjords.
OUR APPROACH TO SUSTAINABLE BUSINESS
In our long-term perspective, clean seas, healthy fish and economic profit are no contradictions. It is our task to make these considerations go hand in hand. Our overall target goes beyond short-term profitability. With our five pillars, we are committed to sustainable and long-term value creation for all of our stakeholders.
REPORTING ON OUR PROGRESS
This is an integrated report where we are reporting on our progress on all of our pillars. On profit related topics, we follow the guidelines of the Oslo Stock Exchange (OSE). On sustainability parameters, we are inspired by the Global Reporting Initiative (GRI) and the Global Salmon Initiative (GSI), the Sustainable Stock Exchanges (SSE) initiative and the FAIRR Index.
OUR MATERIALITY MATRIX FOR SUSTAINABILITY REPORTING
On topics related to sustainability, we have conducted a priority analysis in line with the GRI Standards. The identified sustainability aspects are based on environmental, social and economic impact that our stakeholders think Grieg Seafood can have, in both positive and negative ways. The aspects are also assessed according to the impact on Grieg Seafood’s longterm performance. The materiality analysis is based on stakeholder dialogues and evaluations by the global and regional management teams.
Risk management is our culture, ethical values, behavior, and understanding of risk. Risk management is what we do every day to provide reasonable assurance to our stakeholders that we will achieve our goals.
Risk management involves identifying what types of risk exposure we face, measuring those potential risks, proposing means to hedge, insure or mitigate the risks, and estimating the impact of various risks on our production and future earnings.
In accordance with the COSO ERM framework, the foundation for our risk management is our vision, values, and our strategy. This defines what we are trying to achieve and how we want to conduct business. We aim to have a culture of risk awareness, which means that risk management and controls are systematic, and embedded in our procedures. Our Board of Directors defines the Group's overall risk appetite and tolerance level, and is ultimately responsible for the governance of risk management. The Group management team ensures the effectiveness of relevant risk reducing measures, while managers at all levels exercise risk awareness and make risk conscious decisions in their everyday management. Risk management aids decision-making, contributing to efficient resource allocation and continuous improvement. This is how we enhance our business and achieve our goals.
We address risk within strategic goal achievement, the efficiency of our operations, financial reporting, and compliance with laws and regulations. Some of our main risks, in particular risks related to biology, climate and our employees, are congruent with our materiality matrix. Please read Part 2 in this Annual Report for more information on our efforts related to the material aspects.
TRANSPARENCY AND STAKEHOLDER DIALOGUE
NATIONAL & INTERNATIONAL AUTHORITIES care about sustainability challenges, balanced regulation and long-term value creation.
We have an open dialogue with official authorities in the countries where we operate, and collaborate on all aspects. We aim to accommodate all requests for meetings and dialogue. We recognize public concern for the oceans, invite them to our farms and participate in the public debate about salmon farming. We try to find solutions to accommodate other interests as much as possible.
THE GLOBAL SALMON INITIATIVE (GSI)
GSI was established in 2013 and is a group of 17 companies which together hold over 50% of the global salmonid production. GSI member companies have committed to cooperation and transparency, to produce a sustainable and healthy product. A product that meets a growing population´s need for protein, whilst minimizing negative environmental impacts, and positively contributing to a better society. The CEOs of the member companies convene regularly, and the initiative has become a forum for sharing best practices and to address key challenges. GSI has developed industry-specific performance indicators.
The Bellona Foundation is a Norwegian, independent non-profit organization that aims to meet and fight the climate challenges, by identifying and implementing sustainable environmental solutions. They work towards reaching a greater ecological understanding, protection of nature, the environment and health. Bellona is engaged in a broad range of current national and international environmental questions and issues around the world.
THE SEAFOOD INNOVATION CLUSTER
The cluster aims to foster strategic collaboration, initiate partnerships and facilitate collaboration processes in the whole seafood value chain, to solve challenges and make the industry more sustainable. The cluster is a Norwegian Centre of Expertise.