Transparency and accountability
Capital markets have existing structures and controls. These provide a robust and sustainable framework for investors to have confidence that executive management teams and boards conduct themselves and execute strategy correctly and in a measurable way. Several agencies play a role when a company is listed as a publicly traded company. Stock exchanges require high standards of accounting discipline and regulatory compliance. Investors will also demand a consistent application of best practice in terms of presentation and detail of financial performance.
Third party specialist agencies measuring outputs on governance, ethical standards and other non-financial items - such as CDP (the Carbon Disclosure Project) - are becoming increasingly important. The Poseidon Principles is a transparent body that brings together industry participants and practitioners directly, alongside the financiers of shipping, in developing a core code of standards to comply with shipping’s decarbonisation. The self-regulatory mechanism behind this collective group provides full transparency for all capital providers to the shipping sector.
Euronav, along with other responsible tanker operators, has an obligation and duty to defend and promote our business model and wider corporate reputation. Euronav believes that by joining bodies such as the Poseidon Principles and the Global Maritime Forum, along with initiatives such as the Getting to Zero Coalition, the Company is contributing actively and positively to improving shipping and crude tanker shipping’s reputation by engaging with a diverse base of stakeholders.
Providing a leadership role and undertaking (voluntarily) features such as the special report in our annual report are examples of how we, as a specific industry sector, can improve the transparency in the organisation of the industry.