Within an industry that is highly regulated and where access to marine resources is governed through a competitive application process, it is critical to ensure that the group's operations comply with all of its key stakeholders' expectations, whether they relate to compliance with regulation or policy criteria.

Oceana's long-term sustainability depends largely on the health of the fish resource. To ensure the integrity and soundness of the biomass of fish species that the group harvests, sound scientific knowledge is essential and facilitates proper management of the fish resource. In addition to supporting research by the Department of Agriculture, Forestry and Fisheries (DAFF), Oceana commissioned independent scientific studies aimed at improving the reliability of the scientific data in providing an accurate reflection of the current status of marine resources that it harvests.

All of Oceana's commercial fishing rights falling within the green category of the Southern African Sustainable Seafood Initiative (SASSI) consumer list, and the South African hake trawl fishery are certified by the Marine Stewardship Council. The group's commitment to sustainable resource management led to it becoming a founder member of the Responsible Fisheries Alliance (RFA) in 2009.

A continuing focal point in securing fishing rights for the group remains the assessment of transformation. Oceana has always had a proactive and focused transformation strategy, aimed at accelerating broad-based black economic empowerment
(B-BBEE) initiatives in all seven elements of the B-BBEE scorecard. This is reflected in the results of its annual independent
B-BBEE audit, conducted by independent and accredited economic empowerment rating agency, Empowerdex. Oceana has been rated independently as a black-owned and controlled company with commendable empowerment credentials.

REPORTING

Oceana's 2012 reporting period saw a heightened focus on sustainability efforts with the development of our long-term sustainability framework. The group also successfully aligned its sustainability reporting with the Global Reporting Initiative (GRI) III.

SUCCESSES IN 2012

During 2012, Oceana celebrated a number of successes in respect of its commitment to corporate responsibility:

• The Oceana Foundation was launched, ensuring a more effective and mutually beneficial investment in communities in which it operates.
• Its South African fishmeal factories received International Fishmeal and Fish Oil Organisation (IFFO) Responsible Sourcing and Responsible Production Certification.
• It published its carbon footprint report for the first time (a first for the industry).
• The results of surveys commissioned and published by the Financial Mail, a respected business magazine in South Africa, showed that Oceana was the 4th most empowered company listed on the Johannesburg Stock Exchange (JSE) and the 18th top performing company in South Africa.
• It became a signatory to the joint declaration on global action for wild fisheries initiated by The Prince's Charities International Sustainability Unit.
• It became a signatory of the United Nations Global Compact (UNGC).
• The group participated for the third year in the Carbon Disclosure Project and received a Gold award for its inclusion in the Carbon Disclosure Leadership Index (CDLI). An average environmental score of 94% was achieved by land-based sites and an 88% overall score by Oceana vessels during an Environmental Control System audit conducted by Marsh Risk Engineering services.
• Oceana maintained an independent broad-based black economic empowerment (B-BBEE) level 2 rating, despite significant changes in the targets both for Employment Equity and Preferential Procurement. The group also retained its JSE's Socially Responsible Investment Index listing for the eighth consecutive year.
• The Group had no fatalities and the Disabling Injury Frequency Rate (DIFR) has decreased to 0,96.