"Vitol acts upon findings that are in violation of the ESG framework and engages where appropriate"
Our ESG framework is aligned with the UN Guiding Principles on Business and Human Rights (UNGPs) and includes our commitment to respecting the International Labour Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work, the International Bill of Human Rights, and the Maritime Labour Convention. In the framework, we define our expectations on responsible business conduct for our own operations and business partners.
We acknowledge the importance of the private sector in promoting human rights, however, we also recognise its limitations and ability to influence change. Vitol therefore prioritises areas and activities within our own direct influence or considered to present the greatest risk to people (salient issues).
The UNGPs provide the overarching guidelines for Vitol’s risk-based human rights governance and reporting plan created in 2019 and which sets out our priorities. Vitol’s Human Rights Manager oversees the implementation of the plan and reports quarterly to the Board.
Salient human rights issues
|Overview of high-risk and priority areas for enhanced due diligence to prevent, avoid and mitigate adverse impacts
|Covers all physical activities
Know your counterparty (KYC)
|Counterparty screening based on risk or adverse media, potentially asking further due diligence questions and defining additional requirements
|Covers all trading counterparties, high-risk service providers, joint ventures
Human rights reviews
|On site assessment of human rights management and time-bound improvement plans
|Covers Vitol investment companies
Human rights impact assessments
|Deep dive assessment and rightsholder engagement
|Covers activities that are core to Vitol where we anticipate the presence of salient issues
• Salient human rights issues define Vitol’s human rights due diligence strategy
• Findings from KYC, human rights reviews, and human rights impact assessments are integrated into the salient human rights issues assessment
A pioneering approach to human rights impact assessments in shipping.
- To prevent, avoid, and mitigate adverse impacts and to provide remedy,
- Improve company policies
- Where we anticipate salient issues
- Where we have leverage to mitigate
- Actual and potential human
- Understand priorities of
- Desktop research
- Anonymous surveys and direct interviews with potentially
- Risk-based improvement plan