Anti-corruption
- Odfjell has a clearly stated zero-tolerance policy on corruption. We have an anti-corruption and integrity framework based on the UK Bribery Act Guidance and Norwegian anti-corruption regulation.
- We conduct an annual risk assessment from which we devise an action plan on integrity work for the company.
- We do annual mandatory training and signing of Code of Conduct and integrity & compliance policies and procedure for board members, all of our employees, consultants, and we include relevant integrity clauses in all our contracts.
- We have established a reporting hotline for whistleblowing, available internally and externally, for the reporting of any compliance-related matters.
- Odfjell is a member of the Maritime Anti-Corruption Network (MACN), and we have implemented and supported the MACN 'Say No' campaign on all our ships. We track requests for facilitation globally with mandatory reporting from all port visits.
- Odfjell has an Integrity Council that coordinates all actions under the integrity framework from all areas of our business.
- All relevant employees will have to go through mandatory training and testing of anti-money laundering risks and policy, including counterterrorist financing.
Sustainable procurement
- We verify and ensure that suppliers follow our Corporate Supplier Conduct Principles. Through our corporate suppliers conduct principles, we have communicated our expectations on ethics, human rights, anti-corruption etc. All suppliers need to sign up to these principles.
- We have an ongoing dialogue with our major suppliers on important ESG matters. Following the new transparency act, we plan to increase audits and supplier reporting vis-à-vis human rights.
- We meet with our major suppliers, and have initiated requests for reporting of CO2 for the products we buy. Tracking emissions in the value chain is challenging. We collaborate with our most significant suppliers to get a better understanding of Scope 3 emissions and then work to reduce them.
- Every year, Odfjell reports its status on green and sustainable procurement to EcoVadis, including information on our interactions with our suppliers and the suppliers' performance in ESG audits, ESG clauses in contracts, training etc.
- Sanctions are measures imposed by governments and international bodies (such as the United Nations, the United States and the European Union) to restrict dealings with certain countries, entities and individuals.
- Odfjell maintains effective measures to ensure compliance with and awareness of our sanctions-related obligations in the due diligence process.
- The responsibility for sanctions screening lays in the concerned units: Commercial, Finance, Legal & Insurance. Odfjell has established a Sanctions screening process and procedure.
- Odfjell is prohibited from transacting with individuals, companies and countries that are on prescribed sanctions lists, and will therefore screen against sanctions lists in all jurisdictions in which we operate.
Ship recycling
Responsible and compliant ship recycling is a significant part of the circular economy, keeping resources in use for as long as possible and minimizing waste.
Odfjell supports and follows the recommendations of the Norwegian Shipowners' Association, the EU and the IMO on ship recycling. We are an active participant in the Recycling Forum of the Norwegian Shipowners' Association and have dedicated personnel to follow up on recycling issues.
We encourage ratification and implementation of the IMO Hong Kong convention to have a mandatory international regulation for ship recycling.
Should an Odfjell ship be earmarked for recycling, the process shall be in full compliance with applicable rules and regulations of the ship's flag state and applicable international rules and regulations. The Ship Recycling Facility shall be compliant with the rules and regulations of the ship's flag state and applicable international conventions.
For more information on our Governance performance please see:
