Informing our approach
Engaging with stakeholders
We greatly value our international network of stakeholders for the insights they provide, and we seek to facilitate consistent, coordinated and meaningful engagements. We believe it not only strengthens relationships but introduces improvements to our approach. In line with IPIECA guidance, we conduct stakeholder mapping to identify key groups and prioritise our engagements.
We engage stakeholders who hold both positive and negative perceptions of Vitol to inform our approach to ESG management. Sentiment and critical matters raised by stakeholders is collated and reported to the Board and to the ESG committee as appropriate.
| Stakeholder | Why we engage | How we engage |
|---|---|---|
| Co-investors | We invest in many of our energy assets alongside a select group of investment partners, including private equity, family offices and sovereign wealth funds | We maintain active, year-round, open dialogue with co-investors through the portfolio-company Board and committee meetings |
| Customers and counterparties | We have business relationships with companies that produce, consume and move energy. Our counterparties include governments, national oil companies, manufacturers, and local and national power grids. We believe in partnership and look to invest in long-term relationships | Every day, we engage with parties through our commercial teams |
| Employees | Our employees are our most important stakeholder group. We rely on their expertise, commitment and professionalism for the business to function and succeed. As an employee-owned business, there are governance processes in place to ensure appropriate challenge and review of Board decisions. We believe this ownership model, unusual in a company of our size, engenders a culture of challenge and high performance | We communicate via email, virtual and face-to-face townhalls, intranet content, employee networks and events. Communication is led by senior management, directors and team leaders |
| Financial Institutions | We are fortunate to work with over 100 banks worldwide on the financing of our core business and strategic investments. Equally, insurance is key to helping us manage the physical risks of our business and we have longstanding and strong relationships with our insurers. Increasingly, our banks and insurers are seeking not only insight into operational awareness of our assets and investments but longer-term strategic insights such as climate-related risk | Through corporate presentations and results meetings, and regular bilateral calls and meetings |
| Government | We seek to have an open and constructive relationship with governments in every jurisdiction in which we operate | Communications with governments are maintained through statutory representation and multilateral meetings |
| Impacted Communities | We seek to develop two-way communication channels with relevant stakeholders to ensure Vitol and local ESG frameworks are understood and implemented. For exploration and production projects, we tailor our approach depending on the type of project, geography and commodity in question, as well as the requirements of local regulations, and our operating and financial partners. As part of any ESG impact assessment, we seek to engage and consult with all relevant impacted stakeholders, including disclosing information to affected communities throughout our operations | We seek to uphold positive relationships with communities via project and location specific engagements based on community impact and needs |
| Media | We regard free and independent media as an important part of society | We engage with the media on a regular and ongoing basis through our communications department |
| Non-Governmental Organisations (NGOs) | We respect the role that NGOs play in society | We engage with NGOs as appropriate, either directly or through portfolio companies |
| Portfolio Companies | Our portfolio companies represent the breadth of the energy sector. As a shareholder, our responsibilities extend to them and their employees | In many instances, we hold Board positions in our investments and therefore conduct engagement through this channel. Our ESG team engages through its audit processes and via peer to peer meetings and workshops |
| Regulators | Our business requires us to operate across regulated and unregulated markets worldwide. We seek to have an open and ongoing dialogue with regulators wherever we operate | Engagements with regulators are maintained through bilateral meetings, regulatory filings and upon request |