Sustainability

Respect and support all internationally-proclaimed human rights

Targets

• 100% of reported incidents related to labour or human rights are investigated and closed within 180 days
• ≥97% staff retention at sea
• ≥90% staff retention on shore

Results in 2022

• 100% of reported incidents were investigated and closed within 180 days
• Sea staff retention of 97.4%
• Shore staff retention target not met. Retention dropped to 85%, due to employee resignations following organizational changes and a more competitive job market
• Pay equity efforts are ongoing. Annual compensation reviews include internal and external equity evaluations

Results in 2023

• 100% of reported incidents were investigated and closed within 180 days
• Shore staff retention rate of 91%
• Group wide sea staff retention rate of 95%, slightly below target due to Australian seafarer shortage
• Pay equity efforts are ongoing. Pay equity and fairness are evaluated with all compensation-related processes and decisions, and honored by legislation, where required.

Actions for 2024

• Ensure employee awareness of labour and human rights policies and programs
• Train additional Ratings in Teekay Australia to mitigate sea staff shortages

Further increase gender and national diversity within Teekay

Targets

• Build awareness to ensure employees feel part of an organization that welcomes differences, provides equal opportunities, and fosters a sense of belonging for everyone.

Results in 2022

• Due to organizational changes, Teekay’s diversity strategy was not developed as planned in 2022. Instead, our goal in 2023 is to continue building awareness to ensure employees feel part of an organization that supports diversity.
• The Teekay Future Leaders (TFL) program has resulted in 11 female graduates to-date
• Teekay Tankers engaged one female and one male intern in 2022

Results in 2023

• Leadership and culture training focused on values, shared leadership language, and inclusive workplace behaviour
• The Teekay Future Leaders (TFL) program has resulted in 17 female graduates to-date

Actions for 2024

• Continue to build awareness to ensure employees feel part of an organization that welcomes differences, provides equal opportunities, and fosters a sense of belonging
• Deliver Diversity, Equity & Inclusion Education Training to global shore employees

Provide healthy working conditions that promote well-being for employees

Targets

• Health repatriation case frequency (HRCF) for sea-staff ≤1.8

Results in 2022

• Target achieved in 2022. Group-wide HRCF of 1.05
• Launched Wellness Days for shore-based employees in select locations

Results in 2023

• Target achieved in 2023. Group-wide HRCF of 1.55
• Wellness Days for shore-based employees in select locations

Actions for 2024

• Continue to support, communicate, and educate on employee health and wellness support programs

Protect the security of our seafarers, ships, and digital assets

Targets

• Zero vessel security incidents
• Zero vessel security related non-conformances in external audits and zero security-related Port State Control (PSC) detentions
• Zero vessel cyber security incidents

Results in 2022

• All targets achieved in 2022
• There were no vessel security or vessel cybersecurity incidents in 2022

Results in 2023

• Target not met. One vessel security incident was recorded in 2023. Zero cyber security breaches occurred.

Actions for 2024—Ship Security

• 24/7 monitoring of security risk situation and guidance to vessels and crew
• Continue our participation in Intertanko Security Committee

Actions for 2024—Cyber Security

• Further enhance our cybersecurity awareness program
• Roll out new solutions in our cyber security roadmap

Manage all our business activities with integrity and do what is right

Targets

• 100% of business ethics breaches are investigated and closed within 180 days
• ≥95% invited shore-based employees attend online delivery of ‘Doing Business with Integrity’ presentation
• 100% of new vendors pre-approved through third-party due diligence process

Results in 2022

• All targets achieved in 2022

Results in 2023

• All targets achieved in 2023

Actions for 2024

• Ethics training for shore staff
• Continue to develop our partnership with the Marine Anti-Corruption Network to focus on managing port corruption risks

Zero spills and full compliance with regulations

Targets

• Zero spills greater than one barrel
• Zero ballast non-compliances
• Zero SOx and NOx non-compliances
• Continue reducing single-use plastic water bottle consumption onboard

Results in 2022

• All targets achieved
• Onboard consumption of single use plastic drinking bottles was reduced by 84% in 2022, and usage in Teekay offices has been eliminated

Results in 2023

• All annual targets achieved
• Onboard consumption of single-use plastic drinking bottles has been reduced >80% since 2021

Actions for 2024

• Continue ballast water treatment system installation program

Increase transparency and elevate standards in the ship recycling industry

Targets

• Zero regulatory non-compliances
• Regular on-site inspections at any active ship recycling facilities

Results in 2022

• All targets achieved in 2022

Results in 2024

• All targets achieved in 2023

Actions for 2023

• Complete green recycling of the Petrojarl Foinaven
• Continue our support of the Ship Recycling Transparency Initiative (SRTI)