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 2024 |
|---|---|---|---|
| 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 | • Organised annual Senior Officers Conferences to promote knowledge sharing and best-practice • Trained crew on LPG propulsion engine operations • Continued engagement with BW@Work, our internal communications platform, to keep crew informed about updated guidelines and new initiatives |
| 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 | • Developed Personal Development Plans for individual employees • Organised various initiatives to enhance employee engagement, foster team cohesion, and promote a healthy work-life balance • Encouraged talent mobility and opportunities through university outreach and an improved career page on our website, specifically for the Singapore office |
| 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 | • 24-hour customer service via our chartering and trading desks • In-person sessions on fleet developments, performance, and services • Enhanced offerings with BW Product Services and BW LPG India |
| Suppliers | Online industry events and seminars; Emails, calls, website and social media; Online meetings | • Sustainable supply chain • Prompt payment • Equal opportunities and clear engagements | • Increased the weighing factor of ESG in tender • Monitored ESG reports of suppliers • Selection of green shipyards in China for BW LPG's dry dockings • Timely payments to suppliers in accordance with contractually agreed terms • ABAC policy letters signed and enforced on new and active suppliers • Communication and meetings with new and active suppliers on ESG and the Supplier Code of Ethics for all purchase orders and contracts |
| 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 | • BW LPG’s key management actively engaged in direct dialogue with analysts, as well as existing and potential investors, through both physical and virtual meetings • Issued press releases and communicated with stakeholders at conferences and seminars, and via social media platforms • Accurate disclosure of our annual report, quarterly interim financial reports and presentations were provided in a timely manner, in accordance with our financial calendar • Distributed dividend and evaluated additional dividend or share buybacks • Increased liquidity and strengthened our capital market platform with the US dual listing on the NYSE |
| 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 | • Maintain regular in-person and online contact with lenders • Annual Q&A session with banking relationships to share business updates • Update lenders with clear communication on strategic and ESG covenants |
| 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 | • Enhanced industry visibility and knowledge-sharing by participating at industry events • Worked in partnership with BW Group affiliates to improve industry standards • Adapted to changing regulations and expectations by updating internal policies and processes • Held training session for directors, executive management and employees to raise awareness on regulatory requirements |
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
