Corporate social responsibility

The Company is an investment company which holds majority interests within a variety of business segments and is itself not directly engaged in significant business activities, except by virtue of its direct and indirect investments in such companies having different exposures towards Corporate Social Responsibilities.

As an investment company, the day-to-day administrative services are performed by Fred. Olsen & Co.

Each main subsidiary has established its own Corporate Social Responsibility guidelines, which are available on the individual entity’s web site. The overriding guidelines on Corporate Social Responsibility of the Group of companies are thus expanded and further detailed as considered appropriate by each of these subsidiaries to reflect the nature of their individual businesses.

It is the policy of the Group of companies to conduct business in accordance with the letter and spirit of the law and within the overriding ethical standards of good business conduct, including non-discriminatory behaviour, respect for human rights, workers’ rights, social aspects, environmental issues and anti-corruption. This is reflected in the respective companies’ Code of Conduct, which as aforesaid is available on the relevant company’s web site and to all its employees.

The Group of companies has not had any major incidents related to human rights, working rights, environmental issues or corruption during 2017 and will continue to work towards minimizing the likelihood of incidents which could be in breach of the Group of companies’ Corporate Social Responsibility policies.

See the following web-sites            

bonheur.no/CSR

fredolsen-energy.com/about/#CSR

fredolsen-ocean.com/about /#CSR

fredolsenrenewables.com/corporate-social-responsibility/

fredolsencruises.com/about-us/corporate-social-responsibility/csr-policy

As an integral part of the Company’s Corporate Social Responsibility, the Company annually considers financial contributions towards not only social and charitable purposes, but also to­wards projects and purposes that are considered to be close to the Company’s sphere of interest.

On a recurring basis, the Annual General Meeting based on cor­responding recommendations from the Shareholders’ Commit­tee resolves the amount to be earmarked for such purposes.

In 2016, the Fred. Olsen Social Engagement Group (FOSEG) was established with a view to further strengthen the Company’s ef­fort within these areas by means of more directly engaging the employees of Bonheur-related entities in related tasks. The group has continued its work during 2017 and focuses on supporting qualifying sustainable projects, both globally and locally.

Globally, FOSEG have followed up on previous years’ support towards the non-profit organization “Health and Human Rights Info (HHRI)”. HHRI’s object is to strengthen and develop health and psycho-social work towards people that have been exposed to organized violence, war and serious violation of human rights by establishing and operating a resource database to assist health workers working amongst such people. Support has also been provided towards specific water irrigation projects in Ethiopia with a view to improve self-sustainability as well as support to increase entrepreneur­ship amongst women in Tanzania with focus on renewable en­ergy solutions.

Locally, FOSEG promote various social activities around the head­quarters in Fred. Olsens gate with emphasis on stimulating self-sustainability among youth and people in general that have fallen outside the society and/or the labor market. Kirkens Bymisjon (Oslo City Mission) and Stella Kvinnesenter (Stella Red Cross Centre for women by Oslo Red Cross) represent projects that have received support in this respect. In addition, Tøyen Sportsklubb has also received support for their important activities for youth.