Sector leadership in corporate responsibility is a strategic priority for the Group. It’s the right way to do business and it makes sense commercially.
Reputationally, it secures us a competitive edge – with more opportunities for strategic alliances and better access to capital and liquidity.
We move potentially hazardous materials in large volumes all over the world. We can only do that with the consent of diverse communities in many different countries. Our approach to managing health, safety, environment and community (HSEC) risks has to be systematic and rigorous, both in our own operations and in the way we select, support and supervise contractors.
Different parts of the Trafigura Group have distinct challenges and priorities across the HSEC and compliance agenda. All are required to implement, measure and report performance against priorities and targets agreed at Group and operating levels.
Our approach to responsibility
Trafigura measures its performance against responsibility objectives in five key areas.
Putting our policies into action
The Corporate Responsibility Policy and HSEC Business Principles that underpin our approach are aligned with the UN Guiding Principles on Business and Human Rights (UNGPs). They are regularly reviewed to reflect our stakeholders’ evolving expectations and keep pace with emerging best practice for multinational corporations. Our Code of Business Conduct sets out minimum expectations for all employees and business partners. We actively encourage business partners and other entities directly linked to our business operations, products and services to align with and implement comparable standards.
Our governance structure aims to ensure our policies are implemented consistently across the organisation.
The HSEC Steering Committee aims to ensure our Corporate Responsibility and HSEC Business Principles are implemented consistently. It includes a non-Executive Board member, the Global Heads of Corporate Affairs, HSE and Corporate Responsibility, and COOs and HSEC Heads from across the Group.
The Compliance Committee supervises the implementation of the Code of Business Conduct. It provides guidance and direction to the Compliance Department on addressing issues, improving controls and introducing new initiatives.
The Operational Risk Group aims to improve our operations by making sure that traders and operators are correctly inducted into the company, that they understand the risks, that procedures are clear and that we learn from our experiences.
The Climate Change Group develops and implements our Climate Change Policy. This sets out our ambitions and includes environmental policy initiatives in four main areas: governance, strategy, risk management, and metrics and targets.
In order to embed responsible business practices in our day-to-day operations, our policies need to be put into practice in a consistent and coherent way. To this end, we have developed a comprehensive framework that translates our commitment to responsible business into practical activities that guide our operations.
Mapping what matters
Mapping what matters for our stakeholders and society guides and directs our responsibility strategy. We aim to identify and assess any actual or potential adverse impacts from our own activities and those of our business partners. These are reviewed annually. Our process draws on expertise within the Group and involves extensive consultation with potentially affected groups and other relevant stakeholders.