Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Climate Goals & Targets

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Norwegian Code of Practice for Corporate Governance

Environmental Metrics

ESG Focus Areas

• Active ownership
• Decarbonisation and green growth
• Compliance, ethics, and anti-corruption
• Human rights

Social Achievements

• Addressed a human rights issue with Hyundai Glovis related to unacceptable vessel recycling practices, resulting in a new policy for vessel recycling aligned with the Hong Kong convention.

Governance Achievements

• CEO, CFO, and all board members completed mandatory training on ethics and anti-corruption.

Climate Goals & Targets

Environmental Challenges

• Climate risks (physical and transition risks) for Hyundai Glovis stemming from extreme weather, rising water levels, and climate policy changes.
• Human rights risks and potential violations in Hyundai Glovis' operations and value chain.
• Compliance, ethics, and corruption risks in Hyundai Glovis' operations and value chain.

Mitigation Strategies

• Active engagement with Hyundai Glovis as a shareholder to address ESG concerns.
• Implementation of a clear policy by Hyundai Glovis for vessel recycling.
• Ongoing human rights due diligence assessment for Hyundai Glovis investment.
• Monitoring and tracking of Hyundai Glovis' progress on emissions reductions and green growth initiatives.
• Hyundai Glovis has an established corporate governance and ethical management system in place.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather
• Rising water levels

Transition Risks

• Regulatory changes
• Market shifts
• Energy transition
• Decarbonisation of shipping and logistics

Reporting Standards

Frameworks Used: TCFD

Environmental Metrics

ESG Focus Areas

• Climate change
• Workers in the value chain
• Business conduct

Environmental Achievements

• Hyundai Glovis launched ambition to achieve net zero status by 2045; Hyundai Glovis removed from Norway’s Council on Ethics observation list.

Social Achievements

• Hyundai Glovis implemented a revised Green Ship Recycling Policy in February 2023.

Governance Achievements

• CEO, CFO, and board members completed mandatory ethics and anti-corruption training; No material issues or alleged violations concerning compliance, ethics, or corruption reported.

Climate Goals & Targets

Environmental Challenges

• Limited data on Hyundai Glovis' international operations and seafarers in their sustainability reports; Difficulty in understanding the actual implementation of human rights across Hyundai Glovis' organization and value chain.
• Climate-related risks for Hyundai Glovis including typhoons, rising temperatures, GHG regulations, changes in consumer behavior, and the Emissions Trading System (ETS).

Mitigation Strategies

• Treasure management will encourage further transparency in Hyundai Glovis’ reporting and strive for alignment of the annual sustainability report with the scope and scale of operations. They will also encourage disclosure of their human rights impact assessment.
• Treasure actively engages with Hyundai Glovis regarding climate risk and emissions reduction, monitoring progress against targets and green growth investments.
• Hyundai Glovis has established a long-term goal of “Achieving Net Zero by 2045” with specific implementation plans.

Supply Chain Management

Supplier Audits: Hyundai Glovis: 501 suppliers evaluated in 2022 (desk or on-site); 181 on-site assessments by third party.

Responsible Procurement

• Hyundai Glovis Supplier Code of Conduct

Climate-Related Risks & Opportunities

Physical Risks

• Typhoons
• Rise in average temperature

Transition Risks

• GHG regulations on international ships
• Changes in consumer behaviours
• Emissions Trading System (ETS)
• Reduced investments in companies with low environmental ratings

Opportunities

• Utilisation of new technologies
• Utilisation of public incentives
• Use of high-efficiency transportation
• Change of consumer preferences

Reporting Standards

Frameworks Used: TCFD, CSRD (applicable from 2025)

Certifications: Eco Lighthouse (leased office space)

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed