Maintaining Open
Communication
Identifying Our Stakeholders
BW LPG aims to meet all stakeholder expectations. Here we show
- Key expectations of our stakeholders
- How we engage with our stakeholders
| Stakeholders | How We Engage | Key Expectations | Engagement and Initiatives in 2023 |
|---|---|---|---|
| Crew | Training, workshops, conferences; Emails, in-house social media platform, surveys; Vessel visits and office attachment programs | • Occupational safety • Career development and training • Fair compensation • Supportive, diverse and inclusive culture • Work-life balance | • Held bi-annual Senior Officers Conferences to encourage dialogue and provide updates • Provided LPG propulsion engine training for crew on board dual-fuelled LPG vessels • Continued engagement on BW@work (an internal communications platform) for workplace-related guidelines, initiatives and learnings |
| Employees | Online townhalls and meetings; Emails, Intranet, Surveys; Involvement in community outreach initiatives | • Occupational safety • Career development and training • Fair compensation • Supportive, diverse and inclusive culture • Work-life balance | • Leveraged LinkedIn Learning to provide flexible training and upskilling opportunities • Enhanced annual employee pulse survey to collect more nuanced feedback • Sponsored multiple employee engagement activities to promote team bonding and encourage work-life balance • Launched “Our Whole Self” program, a diversity, inclusion and belonging (DI&B) program alongside BW Group |
| Customers | Online industry events and seminars; Emails, calls, website and social media; Online presentations and meetings | • Operational excellence • Competitive rates • Flexible and good customer service • Integrated service offering • Low carbon footprint | • Completed conversion of 15 VLGCs with LPG propulsion engines to improve environmental efficiency of vessels • 24-hour customer service • In-person meetings on fleet developments, performance and service offerings • Diversified our business offerings with the expansion of BW Product Services |
| Suppliers | Online industry events and seminars; Emails, calls, website and social media; Online meetings | • Sustainable supply chain • Prompt payment • Equal opportunities and clear engagements | • Conducted ESG assessment on all active suppliers in collaboration with Sustainalytics • Continued dialogue and meetings with existing and new suppliers • Audited suppliers for compliance with BW LPG’s Code of Ethics and Business Conduct |
| Investors | Annual/Quarterly reports and press releases; Emails, calls, website and social media; Online presentations and meetings | • Return on investments • Transparent and clear strategy • Compliance with regulations • Abreast of industry trends with sound risk assessments • Alignment of shareholders’ interest with management | • Participated in the Carbon Disclosure Project (CDP) • Improved disclosures in external reports • Provided timely updates through quarterly earnings presentations • Live Q&A sessions during quarterly earnings presentations • Strengthened in-person dialogue with current and potential investors and regularly participate in investor conferences |
| Lenders | Annual/Quarterly reports and press releases; Emails, calls, website and social media; Online presentations and meetings | • Timely and reliable reporting • Compliance with loan covenants • Material ESG initiatives to support sustainability strategy | • Regular dialogue with lenders both in-person meeting and online • Held annual bankers meeting with live Q&A session to share business updates • Provide timely updates and clear communication of strategic and ESG initiatives |
| Government and Regulators | Online industry events and seminars; Emails, calls, website, press releases and social media; Participation in industry coalitions | • Safe and reliable shipping • Collaborate and innovate • Abide by regulatory requirements • Develop superior management policies | • Actively participated in industry events to raise awareness and share knowledge • Increased collaboration with BW Group Affiliates and industry peers • Revised internal policies to reflect changing regulations and expectations |
Playing an Active Role in the Industry
Membership and Association
BW LPG is a member of the following industry groups and associations.
Meeting Stakeholders and Industry
Read about our latest engagements at industry and community events.
Caring for the Community
BW LPG recognises that it is crucial to extend care to the broader community to foster cohesiveness, especially in times as challenging as these. We choose to support initiatives that have a lasting impact on the communities, long after the collaboration is completed.
Governance
We aim to support projects that have lasting environmental and social impact. Initiatives are carefully assessed to ensure that the support we provide is meaningful, and can leave a positive, enduring impact on communities.
Identifying community initiatives can often be serendipitous. It can also be challenging to conduct accurate preliminary impact assessments without deep local knowledge. To maximise chances of successful partnerships for positive community impact, we support initiatives that are recommended by trusted members of our network, and work closely with leaders on-the-ground.
Monitoring and Evaluation
Employees contribute, execute and monitor initiatives in collaboration with community leaders. Feedback is sought for impact assessment and progress reports are regularly reviewed. We maintain an internal system to keep track of the use of funds and ensure accountability of stakeholders involved so as to meet project timelines and commitments.
Supporting the Supply of LPG into India
In India, indoor pollution from cooking with biomass is estimated to cause about 1.1 million deaths per year. In response, the government of India has launched a program to bring LPG access to 80 million households below the poverty line. Through our Indian subsidiary, BW LPG India, we are increasing LPG imports into India to support the transition to cleaner burning energy. When LPG replaces dangerous sources of traditional fuels, it can save lives. As we bring LPG to uplift communities in India, we also generate sustainable economic value for our shareholders in the world’s second largest LPG consumer in the world.
Improving Gender Diversity in Shipping
In line with the expansion of our presence in India, BW LPG’s subsidiary in India has pledged to provide scholarships to female cadets from less privileged households. Selected candidates are provided full financial support over the course of their education at The India Maritime University. Through these scholarships, we hope to develop a community of female cadets, make maritime education more accessible and affordable, and encourage diversity in shipping.
Powering Kitchens, Empowering Children
BW LPG India and the Akshaya Patra Foundation signed a Memorandum of Understanding in November 2023 for BW LPG India to support the Foundation as an Energy Partner for nine centralised kitchens in the States of Andhra Pradesh and Uttar Pradesh. The kitchens are located in Gambhiram, Gudivada, Kakinada, Kuppam, Mangalagiri, Nellore, Srikakulam, Vizag and Varanasi. The collaboration is in line with the corporate social responsibility goal of BW LPG India, which is to uplift communities with energy. Through this collaboration, BW LPG India will support the cooking of approximately 12 million mid-day meals for children from over 2,200 schools in the two States.
Policies and Guidelines
Communicating our standards for business conduct clearly and transparently through policies and guidelines.
Sustainability Strategy and Governance
Guided by our Vision and Purpose, our sustainability strategy is based on three key pillars and are underpinned by our CARE values.
Risk Management
Risks are identified in the course of business operations and added into our risk universe
