Monitoring and controls

The CEO of Concordia Maritime is responsible for coordinating and running the Company’s sustainability work on an  overall level and regularly reporting on developments to the Board. The Board continuously monitors the Group’s work on sustainability issues. Developments are always dealt with as a separate agenda item at each ordinary Board meeting.

Concordia Maritime has a number of internal regulations, which with the external regulations and laws provide the framework for the Company’s operations. They include the Articles of Association, the Board’s rules of procedure, the CEO’s instructions, the Code of Conduct, the sustainability policy, the information policy, the financial policy and authorisation instructions.

Monitoring with partners

The Company works continuously with its partners, primarily Stena Bulk and Northern Marine Management (NMM), to develop sustainable working practices and further improve the sustainability performance.

There is a quarterly follow-up of the work on safety, environmental and social issues The results are recorded and used in ongoing improvement work.

Both Stena Bulk and NMM have well-developed procedures and processes to ensure that their operations are conducted in line with defined goals and Concordia Maritime’s Code of Conduct.

In 2022, new KYC and sanction control procedures were established. The work is being carried out in close cooperation with Stena Bulk and an external legal partner.

Whistleblower system

Within the Stena Sphere, there is a Group-wide whistleblower system. Employees who discover something that violates Concordia Maritime’s, Stena Bulk’s or NMM’s codes of conduct, policies or applicable law are able to report the malpractice anonymously. The service is provided by an external partner and all information is encrypted to ensure anonymity.