ESG indexes
CDP Climate Change
2022 result: A-
Description: CDP's climate change program aims to reduce companies' greenhouse gas emissions and mitigate climate change risk. CDP requests information on climate risks and low carbon opportunities via its online response system (ORS) once per year. Companies that disclose to CDP are scored using letter grades A to D-.
Comment: Grieg Seafood has engaged with CDP Climate change since 2018. In all years of participation Grieg Seafood has received an Leadership score (A/A-), equivalent to implementing best practices. Additionally, Grieg Seafood was acknowledge as a supplier engagement leader by CDP in recognition of our efforts to measure and reduce climate risk within our supply chain.
CDP Forests
2022 result: B (palm oil), A- (soy)
Description: CDP also collects information about the four agricultural commodities responsible for most deforestation, timber products, palm oil, cattle products and soy, where only palm oil and soy are relevant to Grieg Seafood. Data collection and rating work in the same way as for CDP Climate change.
Comment: Grieg Seafood has reported on CDP Forests since 2020.
FAIRR Index - Coller Fairr Protein Producer Index
2022 result: 2nd place
Description: The Coller FAIRR Protein Producer Index constitutes the world's only comprehensive assessment of the 60 largest animal protein producers on critical material ESG risks. The methodology is based on an annual consultative process. All data used in the company analyses are publicly available.
Comment: Grieg Seafood is engaging with the index to better understand the concerns of our stakeholders and issues we should address in our reporting.
Sustainalytics ESG Risk Rating
2022 result: 27.8 - Medium Risk (where 0 is best)
Description: The ESG Risk Ratings by Sustainalytics measure a company's exposure to industry-specific material ESG risks and how well a company is managing those risks. The ESG Risk Ratings are categorized across five risk levels: negligible (0-10), low (10-20), medium (20-30), high (30-40) and severe (40+).
Comment: Grieg Seafood has been actively engaging with Sustainalytics during 2022 and managed to achieve a significant improvement in our overall rating to less then 28, which is the threshold for receiving active engagement from Sustainalytics. This means that despite the industry’s high risk exposure, we have a strong management of material ESG issues.
MSCI ESG ratings
2022 result: AA
Description: MSCI ESG Ratings are designed to measure a company's resilience to long-term industry material environmental, social and governance (ESG) risks. MSCI uses a rules-based methodology to identify industry leaders and laggards according to their exposure to ESG risks and how well they manage those risks relative to peers. The ESG Ratings range from leader (AAA, AA), average (A, BBB, BB) to laggard (B, CCC).
Comment: In 2022, Grieg Seafood maintained robust measures to mitigate risks tied to the potential adverse environmental impact, and continues to be a leader in the industry with an AA-score.
Position Green - ESG 100 - The Oslo Stock Exchange
2022 result: A
Description: Position Green publishes the “ESG 100 - The Oslo Stock Exchange” report, assessing the 100 largest listed companies on the Oslo Stock Exchange based on commonly reported ESG topics and reporting practices from A (best) to E (no reporting or very incomplete reporting).
Comment: Grieg Seafood has been engaging with Position Green since 2019. In 2022, Grieg Seafood maintained an A score for “excellent reporting in line with best practice”.
GRI Global reporting initiative
2022 result: Audited
Description: In 2016, GRI transitioned from providing guidelines to setting the first global standards for sustainability reporting – the GRI Standards. The GRI Standards have a modular structure and are the world’s most widely used sustainability reporting framework. The standards continue to be updated and added to.
Comment: The Annual Report 2022 is the fourth annual report prepared in accordance with the GRI Standards. In 2022 we have adopted the revised Universal Standards 2021 and the Sector Standard for Agriculture, Aquaculture, and Fishing 2022.
GSI Global salmon initiative
2022 result: Audited
Description: The Global Salmon Initiative (GSI) is a leadership effort established by global farmed salmon CEOs committed to helping feed the world in a healthier, more sustainable way through advancements in responsible salmon farming. Representing 40% of the global farmed salmon industry, GSI members recognize their ability – and responsibility – to drive positive change at scale.
Comment: We have reported to the GSI for several years. Please find more information in the annually issued GSI sustainability report.
NUES Norwegian code of practice for corporate governance
2022 result: In compliance
Description: The Norwegian Corporate Governance Board (“NCGB” or “NUES”) issues the recommendation on corporate governance for companies listed in Norway.
Comment: We adopted the Norwegian Code of Practice for Corporate Governance in 2007.
OECD guidelines for multinational enterprises
2022 result: -
Description: The OECD Guidelines for Multinational Enterprises are recommendations addressed by governments to multinational enterprises operating in or from adhering countries. They provide non-binding principles and standards for responsible business conduct in a global context consistent with applicable laws and internationally recognized standards. The Guidelines are the only multilaterally agreed and comprehensive code of responsible business conduct that governments have committed to promoting.
Comment: We adhere to principles and standards for responsible business conduct.
OSE Oslo Stock Exchange (Euronext)
2022 result: -
Description: The Euronext ESG Reporting Guidelines have been created to help listed companies in their interactions with investors and the wider ESG community, to help them understand how to address ESG issues as a key component of investor relations, as well as the main principles to consider when preparing an ESG report.
Comment: We follow the Euronext guidance on ESG reporting.
TCFD Task force on climate-related financial disclosures
2022 result: -
Description: The Financial Stability Board created the Task Force on Climate-related Financial Disclosures (TCFD) to improve and increase reporting of climate-related financial information.
Comment: Our fourth TCFD report has been published in connection with the Annual Report 2022. Climate-related scenario analysis is included in our TCFD report.
TNFD Task force on nature-related financial disclosures
2022 result: -
Description: The TNFD consists of various groups, which together make up the TNFD Alliance. At the centre sits the Taskforce, a group of 40 Taskforce Members. TNFD’s mission is to develop and deliver a risk management and disclosure framework for organizations to report and act on evolving nature-related risks, with the ultimate aim of supporting a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes.
Comment: Grieg Seafood has joined the TNFD as a Taskforce Member, alongside global financial institutions and businesses. As sea farmers, healthy oceans are at the heart of our operations, and understanding and addressing nature-related risks is important for us. The finalized framework is earmarked for release in late 2023.
EU Sustainable Finance Taxonomy
2022 result: n/a
Description: In 2022, the EU taxonomy provided a classification system for which economic activities can be considered environmentally sustainable. Companies covered by the requirements from and including 2023 are companies with over 500 employees, and which either have total assets over NOK 160 million or turnover over NOK 320 million.
Comment: Grieg Seafood will be required to report according to the EU taxonomy. However, aquaculture has not yet been included in the list of industries covered by the taxonomy, and there are no screening criteria available for any of our activities. We are constantly monitoring developments in this area.