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P&I CLUB MOVES TO SUPPORT SUSTAINABILITY

Tuesday, October 13, 2020 

At its recent meeting, The Swedish Club board voted to continue to support an Environmental, Social and Governance (ESG) framework policy, which identifies the responsibilities of the Club and commits it to developing a series of practical measures to guide and support employees and members in creating a sustainable organisation fit for the future.

The Club’s organisation will be tasked with strengthening the role that the Club should play and how its ESG commitments can translate across individual departments and member companies. 

MD Lars Rhodin (pictured) said: “As a mutual we have long held the ESG values of transparency, sustainability and accountability close to the heart of our business. This move very much formalises the work that the Club has already been doing to aim for sustainability in our operations, and to consider the impact on society and the environment at large in everything that we do. At the same time, we cannot downplay the importance of constant vigilance and the need to set clear goals for the future.”

The Club’s management has recommended that the Club adopt four of the United Nation’s Global Goals for Sustainable Development, providing a clear direction for the Club’s future ESG efforts. These are: UN Goal 3: Good health and well-being; UN Goal 12: Responsible consumption and production; UN Goal 14: Life below water; and UN Goal 16: Peace, justice, and strong institutions

In addition, the Club has agreed to follow the UN Principles for Sustainable Insurance roadmap. It has confirmed the following intentions:

  • To embed environmental, social and governance issues relevant to its insurance business in its decision-making.
  • To work together with its clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions.
  • To work together with governments, regulators, and other key stakeholders to promote widespread action across society and environmental, social and governance issues.
  • To demonstrate accountability and transparency in regularly disclosing publicly its progress in implementing the principles.

These commitments are formal steps in what will be a long term process of constant review and re-evaluation.

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