About our report
Coast Seafood recognizes the crucial role we play in fostering a more sustainable future. Our value chain impacts people, the environment and society at large.
In this sustainability report, we outline our efforts to contribute to a fair, low-emission society and manage sustainability-related risks and opportunities that may affect our business. Currently, the reporting standards and requirements in the future are unclear. However, regardless of requirements, Coast Seafood aims to establish transparent reporting in line with a recognized standard such as ESRS or VSME.
At this point, the foundation for frameworks and methodologies is based on ESRS, but the report does not comply with all the detailed requirements in the standard. In the coming year, we will focus on improving our data quality to enhance our reporting, aiming for greater transparency.
General
information
Basis for preparation
GENERAL BASIS FOR PREPARATION (BP1)
The sustainability report for the Coast Seafood Group provides a comprehensive overview of all operations and activities, including those of our subsidiaries.
All operational sites, including production facilities, offices and the logistics centers, are integral to our operations. By encompassing these sites, we ensure that high standards of quality and efficiency are maintained throughout the entire production process.
Geographically, the report covers all regions where Coast Seafood operates. This includes both local and international sites, reflecting our global presence and the diverse range of environments in which operations are conducted.
The report covers the entire value chain of Coast Seafood Group, detailing our sustainability practices at each stage:
Sourcing: Responsible procurement of raw materials, promoting ethical trade and protection of natural resources.
Processing: Implementation of energy-efficient and environmentally friendly production methods.
Logistics: Optimization of transportation and distribution to minimize carbon footprint.
Coast Seafood in the World
– A global seafood company
with its heart in Måløy
Martin Øvrebø
Deputy CEO Coast
Strategi and business model
Founded in 1994, Coast Seafood is a Norwegian seafood group specializing in creating value between fish farmers and end-consumer through our leading expertise in processing, marketing, sales and logistics. In this chapter, we present our global reach and market presence, as well as our strategy and business model.
Coast Seafood takes great pride in offering a diverse range of high-quality seafood products worldwide. Our global operations and strategic locations around the world, have given us a comprehensive under- standing of all seafood markets, enabling us to constantly expand our reach and develop new markets.
Value Chain
Coast Seafood is involved in every stage of the value chain. Our primary focus is on maximizing value creation between fish farmers and end-consumers.
We achieve this through our dedicated efforts in processing, marketing, logistics and sales.
Basis for preparation
Metrics and targets
METRICS IN RELATION TO MATERIAL SUSTAINABILITY MATTERS (MDR-M)
To advance sustainability efforts, Coast Seafood is working on establishing clear targets and metrics.
Setting quantifiable targets provides a clear roadmap for progress and ensures accountability for our actions. As we look ahead, our top priority will be to enhance the quality of data across all dimensions. This focus on data acquisition is essential for establishing meaningful targets and accurately measuring our impact.
Coast Seafood commits to the following:
ENHANCE THE DATA QUALITY ACROSS THE ORGANIZATION
DEFINE TARGETS, POLICIES AND PROCEDURES
IDENTIFY OPPORTUNITIES FOR VALUE CHAIN COLLABORATIONS
STRENGTHEN KNOWLEDGE ACROSS ESG TOPICS
Environmental
Information
Climate Change
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL (SMB-3)
Climate change is widely recognized as one of the biggest challenges of our time. Accelerated by human activities, climate change has led to rising sea levels, ocean acidification and other alterations in marine ecosystems. As these changes continue to exacerbate it can have significant impacts on seafood production and the livelihoods of those who depend on it.
As a global seafood group, Coast Seafood recognizes the role we play to reduce our negative impact on climate and environment and preserving the natural resources that support our industry.
Although seafood often has a lower carbon footprint compared to other animal proteins, we will do what we can to contribute to the global targets of the Paris Agreement.
Coast Seafood is committed to promoting responsible stewardship of the oceans and coastal ecosystems we rely on. As we work to improve the quality of our emissions data to better understand our carbon footprint and identify areas for improvement, we are also exploring and investing in innovative solutions to reduce emissions within our operations and throughout our value chain.
Water and marine resources
The health of the oceans is fundamentally linked to the quality and freshness of seafood. Protecting marine environments and ensuring their resilience through sustainable practices is essential not only for the present but also for the future of seafood production.
Norwegian seafood is renowned globally for its exceptional quality, freshness, and taste. Good fish health through sustainable fish farming and clean oceans are therefore fundamental prerequisite in our business model.
Coast Seafood Group identifies water and marine resources as one of our key focus areas. The process for identifying and assessing impacts, risks, and opportunities related to this topic is guided by the dual materiality principle outlined in ESRS, as it is for all our material topics.
We collect our data through a combination of internal records, stakeholder surveys, and industry reports. These sources, along with historical trends, industry benchmarks, and future environmental projections, inform the assumptions we use to anticipate potential impacts and risks. Across all operational sites, we monitor key indicators such as water consumption, marine resource impact, and overall environmental footprint.
Resource use & Circular Economy
The world’s natural resources are under increased pressure. The global use of resources is closely linked to negative ripple effects such as greenhouse gas emissions, climate change, loss of biological diversity, waste and pollution.
At Coast Seafood, we recognize the importance of resource efficiency and waste management in protecting our natural capital.
Our process for identifying and assessing material impacts, risks, and opportunities related to resource use and circular economy is guided by the dual materiality principle. This framework is outlined in the European Sustainability Reporting Standards (ESRS).
The approach is both comprehensive and data driven. Extensive data is collected on resource inflows, outflows, and waste from all operational sites. This data is carefully analyzed to identify areas of high risk. It also highlights potential impacts on resource use and waste management.
Own workforce
Our people – employees all play a crucial role in achieving our short and long-term goals. As a responsible business, we are committed to upholding labor standards, respecting human rights, and promoting non- discrimination within our workplace.
Our aim is to foster an environment where our employees can thrive and reach their full potential.
Our employees are the cornerstone of our success. Their contributions are invaluable in driving our progress and accomplishments. We are firmly committed to conducting business responsibly, placing labour standards, human rights, and equal treatment at the forefront.
Through our work with the Transparency Act (see report), Coast Seafood has committed to acting responsibly and ensuring respect for fundamental human and labour rights. This commitment is set out in our Human Rights Policy and our Supplier Code of Conduct.
Consumers and end-users
Healthy foods – Why it matters
Delivering high-quality seafood goes hand in hand with sustainable seafood practices. Ensuring quality encompasses key aspects such as food security, tracing, fish welfare, and sustainable production.
Coast Seafood provides 1,200,000 healthy meals daily and adheres to the strictest food security standards.
Seafood is renowned for its nutritional value, offering a wealth of omega-3 fatty acids, vitamins, and minerals. It is often considered a more sustainable protein source compared to other alternatives. At Coast Seafood Group, we take great pride in being a part of this sustainable solution.
We recognize the potential implications that our business can have when things go wrong or are not conducted responsibly. To guarantee the safety of our customers, we have implemented various measures, procedures and protocols. These are designed to ensure that the food we provide is safe and adhering to the highest standards of quality and responsible practices
We rigorously monitor and analyze microbiological results to ensure they remain below the limits set by the European and Norwegian Food Safety Authorities. Additionally, all our suppliers are approved by the Norwegian Food SafetyAuthority for their specific activities in food production and undergo regular audits.
Vega Salmon has implemented an innovative antilisteria approach with radical preventive measure
The listeria programme include:
- Routine microbiological testing
- Hygiene zoning
- Validated cleaning procedures
- Staff training
- Continuous improvement
The quality of our products begins with good fish health and welfare at the farm sites, including handling, feeding and treatment of illness. Our seafood suppliers are often smaller, local fish farmers with a strong focus on the wellbeing of the fish. It is important for us that the companies we are working with strive to give the fish its best possible conditions during its life. We encourage our suppliers to get certified to ensure the best possible fish welfare. All employees working at farm sites and packing stations receive regular training in fish health and welfare by approved external course holders.
Fish Welfare
Fish welfare is important throughout the whole life cycle of the fish, including harvesting at the packing stations. Our packing stations are closely monitoring operations and working to maintain good conditions throughout the harvesting process.
Governance
Governance – why it matters
Good governance is a critical aspect of any organization. As a global seafood exporter, Coast Seafood is committed to the effective and ethical management of its resources, operations, and relationships.
At its core, good governance involves ensuring transparency and accountability in decision-making, promoting fairness and inclusivity, and upholding ethical and legal requirements.
Coast Seafood Group has a strong governance structure to ensure effective decision-making and a commitment to a sustainable long-term development of the group. The Group Board of Directors is the main decision-making body, responsible for setting the company’s strategic direction, ensuring long-term success, managing risks, and integrating sustainability into the business.
Companies with substantial operations or minority owners have separate active Boards of Directors to support the Group Board in monitoring the business and implementing group strategies and policies.
ESG policy
Purpose
As part of delivering world class seafood, we aim to contribute to sustainable practices across environmental, social and governance (ESG) aspects within our industry.
Coast Seafood is committed to long-term sustainable and responsible development, which entails conducting our activities in compliance with applicable law and in alignment with recognised industry standards and best practices.
The purpose of this ESG Policy is to outline the principles for Coast Seafood’s approach to matters concerning environment, social and governance. We seek to integrate ESG matters into our daily operations, including our processing of seafood, by assessing and taking account of risks, impacts of decisions, and opportunities to adopt ESG for long term value creation.
Our efforts to identify, integrate and improve on our material ESG matters are continuous, while we recognize that responsible and sustainable development may entail certain dilemmas and complexities.
We conduct our business with a high standard of ethical and responsible behaviour. To uphold high environmental, social and governance standards to our shareholders, and the community, we have adopted this ESG policy.
Social
information