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The sustainability of Oceana's business depends on the integrity and soundness of the biomass of fish species
that it harvests. The availability of sound scientific knowledge is essential to ensure proper management of the
fishery resources. In addition to supporting the efforts by the MCM branch of the DAFF, Oceana commissioned
scientific reports to provide updated assessments of the current status of the marine resources. Its commitment
to sustainable resource management led to Oceana becoming a founder member of the Responsible Fisheries Alliance
in 2009. The Alliance acknowledges the importance of the long-term benefit of responsible fishing; the ecosystem
approach to fishery management; the transparency of operations; and the traceability of products.
Furthermore, the group recognises the importance of engaging with various stakeholders to understand and respond
to their particular interests and concerns, whilst ensuring continued value creation for its shareholders. Oceana
understands that its business cannot prosper in a failing society and has therefore also embarked upon deliberate
efforts to improve the socio-economic conditions within the coastal communities in which it operates.
To date, Oceana has introduced various policies and management reporting practices to enable the group to comply
with the JSE's SRI Index. Regarded as a credible measurement tool, the Index's criteria are in keeping with the
framework promoted by the United Nations Principles for Responsible Investment. Its constituents include companies
which have integrated the principles of the triple bottom line and good governance into their activities. Oceana
has been included on the SRI Index for seven consecutive years. The Index has enabled Oceana to be in a position
to report to its stakeholders in an effective manner. A key medium-term objective is to align Oceana's internal
reporting process to the GRI.
The 2011 reporting period saw a heightened focus on sustainability efforts with the restructure of Oceana's
environmental committee into a sustainability forum, which forms part of the group's internal governance structure.
The forum's key deliverable was the development of a strategic framework for sustainability during 2011.
Having developed this solid foundation, Oceana will continue to increase its focus on sustainability in the short
and medium term, thereby ensuring that its activities comply with the expectations of all stakeholders. It remains
Oceana's intention to posi tion the group as a leader in sustainability within the fishing industry. Its belief is
that this will only be achieved through collective, committed and consistent effort.
Highlights
- Independently certified by accredited economic empowerment rating agency, Empowerdex, as a black-owned
level 2 B-BBEE contributor
- First distribution paid out to employee beneficiaries of the Khula Trust in 2011
- Ranked 17th overall in the Financial Mail/Empowerdex Top Empowerment Companies survey, up from 32nd
position in 2010, and 2nd in the food and beverages sector, up from 3rd position in 2010
- Included on the JSE Limited's SRI Index for the 7th consecutive year in 2011
- Received a gold award for inclusion in the top 10 companies on the Carbon Disclosure Leadership Index in 2010
- The 2011 Sunday Times/TNS Top Brands survey voted the Lucky Star brand 2nd in the tinned food category,
for the second consecutive year, and 5th in the overall favourite brand category, up from 8th position in 2010
Key Challenges:
- Continued tenure and security of Oceana's commercial fishing rights
- Regulatory authority's limited capacity to ensure compliance and deliver on stakeholder expectations
- Consistent application of government policy in line with other commercial and industrial sectors
regarding transformation
- Continued government funding towards scientific research
- Continued availability of talented human capital
For more information, please download the Sustainability Report.
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