Environment, Social and Governance Reporting

Within the Group of companies, there is a strong commitment towards integrating sustainability into the businesses, as this forms the base of a sound long-term business model and supports the shift to a decarbonisation of society, aspiring to minimise the environmental footprint in all our activities.

 Bonheur ESG report 2020.pdf

The Company was a pioneer in recognising the need for renewable energy and has over the last 25 years established various renewables-oriented companies, covering the entire value chain from developing to constructing and operating onshore windfarms as well as installation and service of both onshore and offshore windfarms. This progress continues through further improvement of the existing operations, development of new technologies and new investments with strong focus on long-term sustainability with examples like moving into construction and operation of offshore wind and development of floating solar projects, as well as other new technologies.

The Group of companies aims to have high integrity and ethical standards and are committed to comply with all applicable laws, rules, and regulations. This is reflected into the respective companies’ Codes of Conduct, and all employees and suppliers are obliged, at all times, to behave and conduct their business strictly in accordance with the principles of such codes. It is equally rooted within the Group of companies that an active and sound corporate governance is essential to a sustainable development of investments which in turn serves the best interests of the shareholders, employees and the society. Social awareness and active engagement with local stakeholders and communities are essential prerequisites for successful investments. Across the business segments of the Company there is a strong commitment towards engaging with local businesses, suppliers, and service providers to ascertain that the activities performed also extend to their benefit. It is part of the inherent operating philosophy to focus on training and employing people from the local communities where practically possible and to ensure good working conditions, honouring labour rights and promoting diversity.

Given the importance of ESG, and further that during 2020, several of the main operating subsidiaries of the Company have strengthen and enhanced their ESG reports, the Board of Directors have decided to report ESG for 2020 in a separate report. This report must be read in conjunction with the Board of Directors report and vice versa.

The structure of the ESG report, is firstly to describe how the Company is governed with the importance of transparency in the corporate governance, with the composition and independence of both the Shareholders’ Committee and the Board of Directors and with internal Control in general. Secondly, the ESG report describes the environmental aspects showing that the Group of companies consolidated have a large positive CO2 footprint with the direct contribution from the wind farms and the indirect contribution from the Wind Service segment who are actively involved in transport, installation and service of wind turbines. Furthermore, the report elaborates on the Green Finance Framework which was established by the Company in 2020. Thirdly, the ESG report describes the people side of the Group of companies who strives for good and safe working environment, equal opportunities without any discrimination and compliance to the code of conduct and anti-corruption policies. And, fourthly, the ESG report describes the positive local contributions in the countries of operations through employment of local people, taxes paid and the Fred. Olsen Social Engagement Group (FOSEG). Looking forward beyond 2021 the ESG report also describes positive initiatives like offshore wind and floating solar, in addition to the continuous work of reducing CO2 emission in our operations.

Further information may also be found on the respective operating subsidiaries webpages:
FOR ESG report 2020-Rev-A (fredolsenrenewables.com)
FOWIC ESG report 2020-4 (windcarrier.com)
GWS ESG report 2020 (globalwindservice.com)
FOCL ESG report 2020 (https://www.fredolsencruises.com)

These subsidiary companies have selected and prioritised those ESG topics that are considered the most significant to the operations in issue through a materiality analysis involving a processes with internal interviews and market analyses, in addition to considering relevant ESG standards and the business context of the individual industry in question.

The Group of companies’ sustainability reporting is inspired by the World Economic Forum’s (WEF) Stakeholder Capitalism metrics which were published in September 2020. The metrics are drawn from existing voluntary standards such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD) and aim to provide a core set of common sustainability metrics, covering the topics of Governance, Planet, People, and Prosperity. In addition, the Group of companies has a focus on the upcoming implementation of the EU taxonomy.