Maritime and Merchant Bank ASA strives to always behave responsibly and ethically, and the behaviour we expect from our clients is mirrored by the standards we hold to ourselves. Corporate social responsibility is about combining profitability with responsible actions. The Bank focuses on responsible lending, to be a secure bank for our deposit customers, safeguarding customer privacy and preventing financial crime while caring for our employees.
The goal of the Bank is to support sustainable clients and partners over the long term, and we believe these results can be achieved through continued development of our own business while encouraging the positive development of customers and other partners. Being a sustainable bank will change with the requirements we face, and this will be a gradual and on-going process.
Shipping is a very important component of international trade, and currently represents the most efficient way of transporting large volumes of commodities and goods. Shipping transports the world’s needs for energy, food and goods between different markets. The total CO2 emissions for shipping accounts for about 3% of global CO2 emissions.
Making the shipping industry more sustainable is a collective challenge, requiring engagement from all actors across the value chain when it comes to decarbonisation, responsible ship recycling and safeguarding labour and human rights for seafarers and other shipping workers. As a financial institution we have the ability to provide guidance and support by sharing our knowledge, and we choose our partners and customers to bring about positive change.
In June 2021, the IMO adopted extensive new CO2 emission regulations applicable to existing ships. The regulations are divided into three different components: the Energy Efficiency Ship Index (EEXI) addressing the technical efficiency of ships; the Carbon Intensity Indicator (CII) rating scheme focusing the operational efficiency; and the Ship Energy Efficiency Management Plan (SEEMP) which concentrates on the management system. The regulations will be effective from January 2023.
The EU, through the European Commission, presented to the European Parliament and European Council in July 2021 an extensive package of proposals intended to reduce the EU’s total Green House Gas (GHG) emissions by 55% by 2030 in conjunction with EU’s overall goal for full decarbonization by 2050. The package contains comprehensive regulations of both operational and fiscal character for the maritime industry which will gradually be imposed from start of 2023. The International Maritime Organization (IMO)’s and EU’s proposed regulations are important steps towards radically reduced total emissions from the shipping industry. Maritime & Merchant Bank ASA will follow the thorough work for implementation of the respective regulations closely during the forthcoming years and will, to the best of our ability, support our clients in the work to adapt to the new rules.
The Bank continuously works to ensure that women and men have equal opportunities, and that no individual shall experience any form of discrimination based on gender, colour, religion, age, sexual orientation, marital status, ethnicity, disabilities, political opinion or any other personal preference. The Bank promotes equality, which is reflected in our business processes for recruitment and staff/management development. We want to be an equal opportunities workplace, and 47% of the employees are female, and of the management group 25% are female.
The Bank has and shall continue to build a strong compliance culture. This ensures that the bank adheres to applicable laws, rules and regulations in the market and countries we operate in. As regulatory requirements continue to evolve, we will also continue to invest in developing our risk management framework and capabilities to ensure that any new requirements remain firmly embedded in our daily activities.
Our main focus in relation to corporate governance are matters related to ownership of clients, Anti Money Laundering, KYC (Know Your Customer) information and CFT (Combating the Financing of Terrorism). The Bank has developed an extensive template/questionnaire, which is sent to each potential corporate customer prior to opening of a business relationship.