Care in everything
By taking a long-term approach, with focus on care, Stena’s business units deliver services for society both on land and at sea, today and in the future.
Stena’s overarching sustainability framework, SuStenability, sets the basis for the Group’s sustainability work. The aim is to ensure a clear direction, uniform structure and common processes for the entire Group.
The principle of delegated business acumen within Stena, based on the unique conditions in the individual business units, with decisions being taken close to the business, is well-integrated in the framework. Working close to the business contributes to increased commitment to sustainability, as business opportunities, knowledge and experience can be more easily leveraged and translated into concrete initiatives.
SUSTENABILITY–STENA’S SUSTAINABILITY PROCESS
Stena’s Code of Conduct and shared Group policies set the framework and the foundation level for all of the Group’s operations. All shared Group policies were updated and approved in the spring of 2021.
Stena’s Code of Conduct stipulates the rules for the Group concerning the environment, social conditions, personnel, human rights and anti-corruption. It also concerns relationships with business partners, and how Stena reserves the right to withdraw from a relationship if a partner does not live up to the principles of good business conduct.
The Group’s guidelines are available to all employees. All employees within the Group are expected to have read and familiarised themselves with the Code of Conduct and Group policies.
The Code of Conduct is an integrated element of the employment contract and part of the introductory programme for new employees.
At the beginning of the year, a mandatory e-learning was completed, with each session focused on the respective Group policies. The aim was to increase knowledge and thereby provide guidance for employees.
The business units also have their own policies and guidelines, also for suppliers, which are adapted to the needs of the businesses and the environment in which they operate. These are based on Stena’s shared guidelines.
FOCUS AREAS AND GOALS
Stena has four focus areas as the basis for strategic sustainability work, to guide the Group going forward. The four focus areas are the environment, safety & security, people and society. These have been identified as the most important areas, based on the business units’ materiality analyses, as they unite Stena’s various operations.
In 2021, all business units adopted targets and KPIs within the framework of the four focus areas. For several business units, this entailed raising the level of ambition.
Stena mainly uses the term sustainability when describing its work within this area. Stena’s four focus areas for the strategic sustainability work can be mapped into the commonly used: Environmental, Social and Governance (“ESG”) approach. However, the terms sustainability and ESG can be used interchangeably. How the sustainability focus areas fit into the ESG concept are presented below:
Materiality and stakeholder dialogues
Materiality analyses are performed on a regular basis by the business units, and include impacts on the business models and value chains, and on society in general. The results of the materiality analyses form the basis for setting measurable goals and KPIs. The stakeholder perspective is well-integrated in the analyses. Stena’s stakeholders are multifaceted and include tenants, suppliers, logistics companies and some of the world’s largest global energy companies.
During the year, stakeholder dialogues in various forms were conducted by the business units. In most cases, this concerned ongoing dialogue primarily with customers and suppliers, as part of the business collaboration. The dialogues were also conducted as targeted questions in customer surveys, training for suppliers, and targeted sustainability-related initiatives and activities with selected stakeholders.
Each business unit has a sustainability manager, who is responsible for driving the sustainability work forward. Together these functions form the SuStenability network.
The sustainability managers and the central Sustainability Department meet two to three times a year, to exchange experience and training in the area. Activities in 2021 included a digital workshop held by the company Stena Circular Consulting from the Stena Metall Group, on the topic of the circular economy.
Stena has well-established risk analysis methods and processes, a work that is conducted by the respective business units. Identification and analysis of sustainability risks is an integral aspect of the business units’ overall risk activities. This takes place in consensus with and dialogue between those responsible for each aspect.
Identification of sustainability risks concerns the environment, personnel, social conditions, human rights and anti-corruption. This is conducted once a year and is reported to Stena AB’s central Sustainability Department.
If an employee discovers anything that violates applicable legislation, or Stena’s Code of Conduct, values or policies, there is a whistleblower function to report the incident, based on full anonymity. The whistleblower function is available to all employees on Stena’s intranet, with instructions and information about the steps employees are encouraged to take to report suspected irregularities.
The service is provided by an external partner and all information is encrypted, as an additional security measure.
Reporting and follow-up
Materiality analyses, with related goals and KPIs, are approved and followed up by the business units’ management groups and Boards of Directors. Twice a year, an overall report on sustainability activities is presented to the Audit Committee under Stena AB’s Board of Directors. In this way, sustainability is placed high on the agenda and the Board of Directors are kept informed of both the results and the ongoing work.