Corporate social responsibility

The Company holds a majority owning interest in companies en­gaged within a variety of business segments and is not directly engaged in significant business activities on its own, except by vir­tue of its direct and indirect investments in such companies hav­ing different exposures towards Corporate Social Responsibilities.

The Company has no employees and 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 2016 and will continue to work towards minimizing the likelihood of incidents within these areas which could be in breach of the Group of companies’ Corporate Social Responsibil­ity policies.

See:

fredolsen-energy.com/CSR1

fredolsen-ocean.com/about-us/#CSR,

fredolsenrenewables.com/corporate-reports,

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

As an integral part of the Company’s social responsibility, the Company considers annually making financial contributions towards not only for 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 on the amount to be earmarked for these purposes.

In 2016, the Fred. Olsen Social Engagement Group (FOSEG) was established across the board of the various Bonheur-related companies with a view to strengthen further the Company’s ef­fort within these areas by means of more directly engaging the employees of Bonheur-related companies.

FOSEG’s focus is at the same time both globally and locally ori­ented.

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 developing countries.

Another means of support have been to increase entrepreneur­ship amongst women in Tanzania with focus on renewable en­ergy solutions. Care Norge is the main organization that have received support within this specific area.

Locally, FOSEG promote various social activities around the head­quarters in Fred. Olsens gate with emphasis on promoting self-sustainability among youth and people that have fallen, or other­wise have partly been left, outside the society 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.