Materiality

Our sustainability actions are guided by what matters most

BW Tucana is the tenth vessel to be retrofitted with LPG dual-fuel propulsion technology
Sustainability is an integral part of our Vision to be Best on Water.

Double Materiality Assessment

In 2023, we revisited our materiality assessment to examine the materiality of each ESG topic from two dimensions: our impact on the environment and society, and the financial impacts on the business. This double materiality assessment (“DMA”) forms the cornerstone of the Company’s ESG strategy, priorities and baseline for reporting.  

The DMA was conducted in four stages. 

1 Input
Stakeholder Survey and Engagement + Enterprise Risk Assessment
2 Assessment
Environmental and Social Impact Business (Financial) Impact
Input and feedback were collected to understand the concerns and impacts of ESG topics from key stakeholders’ perspective:

All business units assessed the risks and opportunities faced by BW LPG in the short, medium and long term.

Combining the annual enterprise risk management process with the stakeholder materiality assessment ensures congruency between business aspirations and ESG.

  • Investors
  • Lenders
  • Customers
  • Crew and Employees
  • Suppliers
  • Other (Auditors + Marine Community)
3 Validation
Cross referenced with industry and market trends, regulations, ESG ratings and recognised frameworks/standards. Validation by BW LPG Executive Management.
4Results— Identification of Material Issues to Prioritise

  • Anti-Bribery and Anti-Corruption

    Activities that inhibit or oppose bribery or corruption in the operations of a company

  • Business Resilience

    Ensure a sustainable business model with adequate measures to support future-proofing the company

  • Climate Change

    Strategy for a just transition, innovation, and management of climate change issues

  • Community Engagement and Impact

    Management of effects on local communities

  • Corporate Governance

    High standards of reporting and governance structures

  • Emissions and Energy

    Manage energy efficiency and fuel consumption, greenhouse gas and toxic emissions

  • Health and Safety

    Health, safety and welfare assurance for onshore staff, crew and contractors

  • IT Management

    Manage internal systems and data

  • Operational Excellence

    Provide high levels of service and maintain good relationship

  • Protecting Biodiversity

    Impact of business operations on biodiversity

  • Recruitment, Development and Retention

    Provide growth opportunities, training and fair workplace packages

  • Responsible Products and Services

    Alternative service offerings that will benefit society and the environment

  • Supply Chain Management

    Manage third-party sustainability related issues and product sourcing

  • Working Environment

    Ensure an equitable, diverse and inclusive workplace that respects human rights

Prioritising Material Topics

Based on the relative materiality of each ESG topic, BW LPG identifies Climate Change, Anti-bribery and Anti-corruption, Effective Management, Corporate Governance and Working Environment as high priority topics that require the most attention and we will enhance our programmes to tackle existing and emerging issues surrounding these topics.

Mid priority topics – Health and safety, Responsible products and services, business resilience, recruitment, development and retention and supply chain management will continue to be monitored, with some enhancements of programmes. Lastly, protecting biodiversity, IT Management and Community Engagement & Impact are seen as lower priority matters as our business activities do not have direct or significant impacts on the environment, society and business in relation to these issues. These issues will be monitored as current programmes are adequate in addressing impacts. 

A complete list of ESG topics was consolidated into relevant subtopics where we refined descriptions to better reflect the importance and connectivity, considering internal and external inputs. The outcome of the assessment identified eight material topics most relevant to BW LPG. Following a review by senior management, the material topics were presented and endorsed by the Audit committee and directionally supported by the Board of Directors. We explain why these topics are essential to us and update our progress annually in publicly available reports.

See our Annual Reports here

ESG Governance

Our Board of Directors oversees ESG strategies, risks and initiatives. Our Audit Committee monitors progress of ESG initiatives and ensures integrity of reporting. Our Executive Management formulates ESG strategies and drives initiatives, and a cross-department team within BW LPG, represented by various Heads of Departments and senior colleagues of the Company, meet regularly to discuss our sustainability approach and focus topics.

This is led and supported by the entire Executive Management with their deep maritime experience. For each material topic, action plans and targets are set with policies and clear governance structure put in place to ensure accountability.

Read more about ESG governance here