Corporate Social Responsibility

The Company holds investments in a variety of business segments through subsidiaries. The Company is thus not itselfengaged in significant business activities, except by virtue of its direct and indirect investments in such subsidiaries, each having different exposures towards Corporate Social Responsibilities. The day-to-day operation of the Company is provided 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 behavior, 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 2019 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.

As part of the onboarding program for new employees within both the Group of companies and Fred. Olsen & Co., all new employees are required to participate in the established e-learning modules (which currently consist of Code of Conduct, Corporate Social Responsibility and Anti-Corruption / Anti-Bribery). The content of these courses are regularly reviewed and relevant updates are implemented accordingly. All employees will conduct an annual refresher in the aforementioned modules.

See the following web-sites:

As an integral part of the Company’s Corporate Social Responsibility, the Company annually considers financial contributions towards social and charitable purposes, in addition to 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 with more direct engagement from the employees of Bonheur-related entities. The group has continued its work during 2019 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 (sexual) 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 support various charities 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.