Strong ethics and corporate responsibility are essential to maintaining the trust of our stakeholders.
We are committed to upholding the highest standards of governance and transparency, not only to ensure compliance with legal and regulatory requirements but also to safeguard our reputation and sustain long-term growth. Our governance structure is designed to promote accountability and integrity throughout our operations, with a focus on ethical behavior, responsible decision-making, and effective risk management.
Board of Directors
CSL’s corporate management is overseen by a nine-member Board of Directors, which includes CSL’s three owners and six independent directors. In addition to overseeing the company’s business activities, the Board of Directors advises the management team on CSL’s strategic and operational direction.
Many of the Board’s responsibilities are carried out through three working committees who meet and report back to the Board throughout the year. CSL and its owners believe that strong governance practices are essential to ensuring the company is managed responsibly and in accordance with CSL’s core values.
Audit and Risk Committee
The committee supports the Board of Directors by overseeing critical areas, including financial reporting integrity, internal controls, risk management, policy compliance, financial management performance, budget review, valuations for significant transactions, financial calculations for executive incentives, financing activities, and external auditors’ qualifications and performance.
Human Resources Committee
The committee’s responsibilities include assessing the performance of the CEO and senior management against the strategic plan, making recommendations on remuneration packages and annual wage adjustments, requiring management to report serious breaches of the Company’s Code of Corporate Responsibility, overseeing ongoing investigations, and referring serious breaches to the Audit and Risk Committee if necessary.
Corporate Environmental Sustainability Committee
The committee’s duties involve monitoring the impact of environmental factors on the CSL’s long-term business value and reporting to the Board of Directors. It supports management in fostering environmental sustainability in response to legislative developments and standards. This includes monitoring compliance with environmental laws, implementing environmental policies, conducting environmental audits, tracking progress in waste reduction, advising on strategic partnerships, and approving the annual Corporate Sustainability Report.
Our Governance Priorities and Initiatives
CSL’s Code of Corporate Responsibility underpins our ethical commitment and practices. The Code establishes our ethical responsibilities. It provides clear rules outlining appropriate conduct towards customers and business partners, our respect and fair treatment of employees, compliance with law, the need to protect the environment, and our zero tolerance for any form of corruption. The Code is part of our social licence to operate. Observing the Code is the obligation of every CSL director, officer, and employee.
We firmly believe that actively engaging with stakeholders to identify and address the root causes of corruption is the most effective approach to combat corruption, rather than simply avoiding regions where it is perceived.
This is why we adopt a zero-tolerance policy regarding any form of corruption in our business operations. Our robust anti-corruption program focuses on due diligence and stringent controls to ensure a corruption free business environment. We have assumed a leadership role in the Maritime Anti-Corruption Network, which works with governments, non-governmental organizations and civil society to identify and mitigate the underlying causes of corruption. Our ultimate goal is to foster a culture of integrity within the entire maritime community.
Our anti-corruption program is designed to ensure CSL’s business operations are corruption-free. We achieve this objective through four components:
- a strict policy against any form of corruption;
- due diligence and verification of everyone representing CSL in any dealings with government officials;
- training employees on corruption avoidance and best practices;
- a system of checks and verification to prevent corruption.
CSL recognizes its obligation to act responsibly towards people. This commitment rests on our fundamental respect for, and support of, internationally recognized principles contained in the UN Global Compact, as made operational with the UN Guiding Principles on Business and Human Rights (UNGPs).
To act responsibly, we have committed to adopting a system that identifies, prevents, mitigates and accounts for potential and actual material adverse impacts on society that we cause or contribute to, or that are linked to our company by our business relationships. This includes remediating material adverse impacts our business causes or contributes to on all human and labour rights referenced in the International Bill of Human Rights (IBHR). We also abide by the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work (ILOD).
CSL also has an established process to prohibit discrimination based on religious creed, colour, race, national origin, ancestry, age, disability, family status, gender, sexual orientation, veteran status, pregnancy, childbirth or any other characteristics protected by law. We outline our expectations for our employees in our Employee Handbook.
In accordance with CSL’s Code of Corporate Responsibility, CSL always:
- respects human rights throughout its operations in every country;
- provides fair and competitive employment terms;
- promotes equal opportunity employment;
- treats employees fairly and complies with applicable laws and regulations.
Our robust compliance program ensures our business operations strictly adhere to the laws and regulations of the countries where we operate. All interactions between CSL employees and public officials are conducted with utmost integrity, safeguarding the reputation of both parties involved. In addition to complying with laws applicable to individuals and CSL, all employees are expected to uphold CSL’s high ethical standards.
We prioritize a comprehensive approach to risk management through our Enterprise Risk Management (ERM). Through this process, we identify and measure the top risks that our organization faces. We prioritize decision-making that considers these risks and ensure effective management strategies are in place. Regular risk identification, quarterly updates, and an annual review form essential components of our risk management practices. We place emphasis on integrating risk considerations into our strategic processes and decision-making. Communication, training, and the active involvement of senior management are crucial in identifying, managing and reporting on key risks.
Modern slavery encompasses various forms of contemporary exploitation, including forced labour, forced marriage, human trafficking, slavery, servitude, and child labour. CSL is deeply committed to upholding stringent ethical standards throughout our global operations, unequivocally rejecting modern slavery, human trafficking, and any form of coerced labour. As an integral aspect of our business strategy, CSL maintains a comprehensive corporate social responsibility program, which encompasses the implementation of diverse policies and procedures to foster ethical conduct, provide a safe working environment, and ensure equitable labour practices.