PIL Sustainability Report 2023

We are pleased to share PIL’s Sustainability Report 2023. It marks our continued commitment to progressing in our sustainability journey. The 2023 report provides further insight into the actions and achievements related to the environmental, social and governance aspects of our business. It was a year of significant progress for PIL as we continued our transformation into a people-centric organisation committed to a sustainable future.

In the Chairman’s message, Mr S.S. Teo, Executive Chairman, wrote, “For us, the year 2023 was the start of a key milestone in PIL’s journey, as we rolled out our new Purpose and refreshed Values, reinforcing the resilient spirit that defines us. As part of being Future-focused, sustainability is at the forefront of our journey.”

The Report is also our first to be prepared by taking into account the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).

On the environmental front, we have continued to actively pursue decarbonisation strategies, invest in greener technologies, fuels and operational efficiencies. This includes renewing our fleet of vessels with orders for 13 new LNG dual-fuel vessels, to minimise our footprint on the environment.

Mr Lars Kastrup, CEO, highlighted in his interview in the report that “Innovation is essential to our growth and success. We are continuously exploring new technologies and business models to stay ahead of industry trends and meet the evolving needs of our customers. This includes investing in research and development and fostering a culture of creativity and willingness to push boundaries within our organisation.”

As a people-centric company, we are committed to the well-being of our people wherever they are, at land and at sea. In addition to looking after their safety and health, we have launched the PIL Academy to develop their talent and upgrade their skills for career growth.

Wherever we operate around the world, we are committed to supporting local communities and economies. We have undertaken a variety of initiatives aimed at supporting education, healthcare, and environmental conservation, in terms of staff volunteers or donations, from South America to Africa, the Middle East, and Asia.   

As we progress and push boundaries, we firmly believe that good governance

is essential for long-term success by ensuring accountability, fairness, and transparency in all our business engagements. We established an integrated compliance programme and conduct risk assessments, implement protective measures such as contractual protection and due diligence, and monitor any breaches of our anti-bribery and corruption policies.