ESG is a term used to refer to the decisions and behaviour of an organisation in relation to ESG matters. It is increasingly used instead of the more traditional terms “corporate responsibility” (CR) and “corporate social responsibility” (CSR) although the scope of ESG is broader, to reflect growing stakeholder interest and developing frameworks in relation to how a company is managed, directed and controlled and how it manages its environmental, as well as social, aims and responsibilities. Growing concerns about the future of our planet and its people, coupled with increasing legal obligations that reflect these concerns, has led to greater interest from multiple angles in how companies do business responsibly and with a view to aligning their interests with those of both our wider society and the environment.
There is a growing trend for ESG requirements and compliance to be a pre-requisite for contracting. If Princess Yachts is unable to meet these requirements, this raises potential commercial barriers and risks the loss of business.
This report outlines the significant amount of work that is ongoing at princess towards investing in the future of our planet and the communities in which we operate.
Irrespective of the raft of legislative and voluntary frameworks that we need to navigate and the pressure from stakeholders that we face, Princess Yachts needs to consider what type of organisation it aspires to be. Doing business involves a consideration of purpose as well as profit and investing in the future of the communities in which we operate and our planet.
In fact, increasing our focus on ESG issues may lead to longer term improved performance by:
There is still much more to do of course, and we welcome the input of all our staff and all our stakeholders in this. It is after all very much a joint enterprise.
By design, we will minimise the environmental footprint of our boats by optimising weight, efficiency and emissions throughout the entire product range.
We will optimise our manufacturing processes to reduce/reuse/recycle waste moving through net zero with clean energy to have a positive impact on biodiversity and the environment.
We will move our materials selection towards sustainably sourced alternatives with lower ecological impact.
Our people are our most important asset; their well-being, training and development remains our highest priority.
Good governance is at the heart of what we do, it is essential to achieve our ambitions and drive improvement, as well as maintain legal and ethical standing in the eyes of shareholders, regulators and the wider community.
Princess Yachts have continued to use the 17 United Nations Sustainable Development Goals (UN SDGs) as a framework to help embed sustainability into the organisation and ensure that that the company’s strategies are linked with global priorities. The company recognise that all of the SDGs are interconnected and therefore have maintained their proactive ESG Working Group, which consists of key people from across the organisation who gather monthly to review projects and initiatives which focus on priority areas for action.
