What good governance means for your business

The Governance component of ESG pertains to the governance factors of decision-making, from policymaking to the distribution of rights and responsibilities among different participants in corporations, including the board of directors, managers, shareholders and stakeholders. Governance factors indicate the rules and procedures for countries and corporations.

The understanding of Governance is still evolving alongside the rise of ESG, but it generally predates environmental and social risks as a corporate priority. The nature of Governance means it plays a key role in different ESG frameworks and disclosures, and determines whether ESG indicators and metrics are ethically pursued and reported.

Governance factors can range from board compositions, understanding and complying with the different ESG frameworks, ethics and compliance, transparency, anti-corruption and integrity and stakeholder engagement.

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Your governance responsibilities

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Your responsibilities in preventing Modern Slavery

Modern slavery remains a significant challenge globally. Addressing this issue requires a multi-pronged approach involving governments, businesses, civil society, and individuals working together to prevent exploitation, protect victims, and hold perpetrators accountable.

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Your obligation to keep on top of regulation

Maintaining solid governance is crucial for a company as it ensures ethical decision-making, transparency, accountability, and the protection of shareholder interests, ultimately fostering trust and long-term sustainability.

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In collaboration with its Members, partners and service providers, TT has produced a toolkit to assist those it insures meet the complex demands developing ESG policies present.

A joint compliance note, issued on 11 December 2023 by five US agencies (thus known as the Quint-Seal Compliance Note) encouraged stakeholders to “Know Your Cargo”,

Security is key for container terminals and ports generally. The threat horizon is vast, incorporating cargo theft, illicit trades, alongside operational safety and the prevention of terrorist attacks. Inevitably, account is needed of both land and water interfaces.

When you rush, the risk increases. Even if it’s only a one-off transaction there may be something
you find that requires further action to mitigate the risk.

Due diligence

The importance of due diligence

The importance of implementing robust due diligence procedures, incorporating all aspects of your business, cannot be underestimated as key risk mitigation. If something appears too good to be true, then it probably is.