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.
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:
This report details a very significant amount of the work that is ongoing in our business. For us to have just started to report on this in one sense demonstrates how we are at the beginning of a journey, however that fact that much of this work has been going on for a long period of time also shows how engaged we have been, but perhaps not told anyone about it. There is still much more to do, and we welcome the input of all our staff and stakeholders in this joint enterprise.
Aligned with The United Nations Sustainable Development Goals (UN SDGs), Princess Yachts have begun using the framework to embed sustainability into the organisation to support inclusive growth and global sustainability in the long term. The Company have developed an ESG Working Group who meet monthly to review projects and initiatives which focus on the priority areas for action, with the aim to drive positive and sustainable business growth and development.
