Environment & Social governance (E&S)
We are committed to ensuring that E&S is an integral business consideration and that our operations should be safe for employees, contractors, neighbouring communities and the environment.
Vitol has always been focused on the safety and environmental controls relating to the movement of commodities, shipping and operations and their potential impact on local communities. Over the last few years we have invested in a number of physical assets, some owned directly and some via partnerships. To ensure a consistent standard of E&S across the group, we have developed an E&S framework covering all activities. The E&S framework sets out Vitol’s beliefs and requirements and Vitol expects all the companies in which it has a shareholding to follow these or similar standards, but recognises that its influence will be commensurate with its shareholding, as well as other factors.
Sustainability
Vitol recognises the challenges facing the environment and the need for a transition to cleaner forms of energy. We are investing in renewable technologies, as well as carbon capture initiatives and are actively seeking aligned opportunities.
Supply chain
Vitol deals with a broad range of companies, all of which are subject to our Compliance Programme.
Stakeholders
We engage directly with all relevant stakeholder groups, including, but not limited to banks, governments and financial regulators as well as NGOs and the media. We appreciate that our business’ licence to operate is not a given right, but one that must be earned through responsible operations and gaining the trust of our stakeholders
We recognise the risks involved in our business and our responsibility to uphold high and safe standards of operation across our business.
Responsibility is integral to Vitol’s culture. It defines how we work and how we behave, governing how we interact with our customers, our partners and our communities. We seek to ensure our business is managed efficiently and safely at all times. Our ESG Committee is responsible for reviewing and considering the ESG impact of all aspects of our business, monitoring the company’s performance in and recommending appropriate improvements to the monitoring and understanding of ESG risks.
Whilst the committee leads ESG initiatives, all employees are expected to consider the environmental and social impacts of our business activities as part of their day-to-day decision-making process.
Human Rights
Vitol is committed to respecting all internationally recognised human rights and seeks to conduct the business in accordance with the UN Guiding Principles on Business and Human Rights. KPIs related to human rights are reported by its portfolio companies and Vitol has developed a plan to embed human rights thinking further in its business.
