Sustainability Report
Coast Seafood | 2023

About our report

Coast acknowledge the role we play in ensuring a more sustainable tomorrow. Throughout our value chain, we have an impact on people, environment and society.

In our first sustainability report, we present how we work to contribute to a fair, society, and manage sustainability-related risks and opportunities that may impact our business.

The report in inspired by the requirements of GRI as well as CSRD and ESRS as we address our most material impacts, risks and opportunities. In the coming year, we will work to improve our data quality to enhance our reporting.

We work for the coastal values

We work for sustainability

We work for the local community

Words from our CEO

Dear readers,

As founder and CEO of Coast Seafood AS, it is with great commitment that I share our first sustainability report with you.

Through this document, we want to provide insight into how our company’s strategy, business model and value chain not only strengthens our position in the market, but also contributes positively to sustainability and society around us, read more

Sincerely,


Sverre Søraa
CEO
Coast Seafood

Coast Seafood in the World
– A global seafood company
with its heart in Måløy

With our feet planted firmly on the ground in the fishing community of Måløy, we go to work every day in order to build values and challenge accepted truths

Martin Øvrebø
Deputy CEO Coast

Our strategi and business model

Founded in 1994, Coast Seafood is a Norwegian seafood company specializing in value creation 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 to approximately 400 customers across 80 different countries worldwide. Our global operations and strategic locations around the world have given us a comprehensive understanding of all seafood markets, enabling us to constantly expand our reach and develop new markets.”

Vision & Values

Our corporate values are important for us and a part of our identity. With a solid local base and an active view on the global market, our values are a common platform for everyone working at Coast:

Reliable

Because we build long-term relationships based on professional expertise and integrity.

Visionary

Many years of experience that give us a firm foundation, but we are able to think innovatively.

Agile

If we are going to succeed over time, we must also be able to see the entirety and be agile.

Our Global Presence

Coast Seafood exports seafood to the world

We are a seafood company that challenges its surroundings 360 degrees in order to create value all the way from the producers of raw materials to the consumers.

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Markets
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Customers
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Tons exported
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Farmers
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Packing stations
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Processors

Our Priorities
& Commitments

Our Priorities

In 2023, Coast updated our double materiality assessment from 2022 to be more aligned with the requirements of the 1 CSRD and 2 ESRS. The materiality assessment is fundamental to our approach to sustainability and our reporting and plays an important role in informing our future efforts.

In this chapter, we present the key findings of the materiality assessment, which include the most significant environmental and social impacts of
Coast’s operations, as well as the most significant environmental and social risks and opportunities facing Coast. We also present the assessment methodology below.

DETERMINING OUR MATERIAL TOPICS – METHODOLOGY

Our approach to the materiality assessment is in line with the requirements of CSRD and ESRS and encompasses consideration of our entire value chain. The assessment is validated and approved by the Board and will be reviewed annually. Our stakeholder engagement was not updated this year but will be refreshed for next year’s doublemateriality assessment.hange this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Our Sustainability Objectives

Sustainability is a journey that requires continuous effort and commitment. Setting quantifiable targets is a crucial aspect of this journey as it provides a roadmap for progress and holds us accountable for our actions. However, before we can establish meaningful targets, we must prioritize the acquisition of good data across all sustainability dimensions. This will be one of our top priorities moving forward. Alongside this, we will focus on value chain collaboration and knowledge development.

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

Environment

Climate Change – Why it matters

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 elements of our business model.

Sustainable fish farming is a key focus for Coast Seafood Group and we strive to ensure that the fish that we sell is of good health and that fish
welfare has been prioritized throughout our supply chain. Although handling of live fish is a relatively small part of our direct operations, we monitor our suppliers through our quality system and team.

Sustainable farming & healthy
oceans – Why it matters

Sustainable fish farming is a key focus for Coast Seafood Group and we strive to ensure that the fish that we sell is of good health and that fish welfare has been prioritized throughout our supply chain. Although handling of live fish is a relatively small part of our direct operations, we monitor our suppliers through our quality system and team.

Clean oceans are a prerequisite for long-term sustainability of the fishing industry. We are dependent on the ocean, not only for our business to strive, but for the future generations to be able to enjoy valuable resources. Our business model relies on important marine ecosystems giving us many reasons to preserve their home.

Sustainable fish farming is a key focus for Coast Seafood Group and we strive to ensure that the fish that we sell is of good health and that fish welfare has been prioritized throughout our supply chain. Although handling of live fish is a relatively small part of our direct operations, we monitor our suppliers through our quality system and team.

Clean oceans are a prerequisite for long-term sustainability of the fishing industry. We are dependent on the ocean, not only for our business to strive, but for the future generations to be able to enjoy valuable resources. Our business model relies on important marine ecosystems giving us many reasons to preserve their home.

Resource use & Circular Economy
– Why it matters

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, we recognize the importance of resource efficiency and waste
management in protecting our natural capital.

To actively promote a more sustainable and circular economy, we have recently undertaken a range of initiatives. These initiatives focus on reducing our environmental footprint and look for new solutions that prioritize waste reduction, reuse, and recycling. By implementing these measures, we aim to minimize our negative impact and ensure that materials and resources are kept in circulation for as long as possible.

Healthy foods – Why it matters

Delivering high-quality seafood goes hand in hand with sustainable seafood practices. As a provider of seafood products, we recognize the vital role we play in promoting health and well-being through the food we offer. We have a responsibility to ensure quality which encompasses key aspects such as food security, tracing, fish welfare and sustainable production. We provide 1 200 000 healthy meals per day and will always adhere to the strictest food security standards in the world.

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.

Our People – Why they matter

Our people – employees, workers in the value chain and our local communities, 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. At the same time, we are committed to the wellbeing of the local communities in which we operate.

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.

Governance – why it matters

Good governance is a critical aspect of any organization. As a global seafood exporter, Coast is committed to the effective and ethical management of its resources, operations, and relationships. At its core, good governance involves for Coast ensuring transparency and accountability in decision-making, promoting fairness and inclusivity, and upholding ethical standards and legal requirements.

OUR IMPACT
Coast Seafood’s goal is to maintain good business practice and ethical
standards in all of the company’s activities. We have established a code
of conduct that provides guidance on ethical decision-making.

Download report

  • Sustainability report - Coast Seafood | 23

Dear readers,

As founder and CEO of Coast Seafood AS, it is with great commitment that I share our first sustainability report with you. Through this document, we want to provide insight into how our company’s strategy, business model and value chain not only strengthens our position in the market, but also contributes positively to sustainability and society around us.

STRATEGY AND SUSTAINABILITY
Our commitment to sustainability is embedded in every part of our business – from sourcing raw materials to delivering the finished product to our customers. We understand that our business operates in an environment where the choices we make have far-reaching consequences, not only for our own success, but for the planet and future generations. That’s why our strategy actively includes the identification and implementation of sustainable practices across our value chain. We work continuously to reduce our carbon footprint through improvements in energy efficiency, processing, and optimization of logistics. In addition, responsible sourcing of materials is a priority to ensure that our operations support ethical trade and protection of natural resources. Our commitment to sustainability innovation is evident through our investment and development of more environmentally friendly and energy-efficient production methods.

RELATIONSHIP WITH THE LOCAL COMMUNITY

As an integral part of our responsible work, supporting and developing the communities in which we operate is a fundamental principle of Coast Seafood. We believe in building strong, reciprocal relationships with local communities through direct engagement, investment in local infrastructure and support for small and medium-sized enterprises. By creating jobs in the local community, we contribute to increased well-being, economy and the opportunity to move back after education or relocation.

Our commitment to local communities manifests itself through our efforts to create jobs, professional development and ensure the health and safety of both our employees and the communities we are a part of. We recognize the role we play in contributing to local economic growth and how our success is directly connected to the prosperity of the communities we serve.

Our journey towards sustainability is continuous, and we understand that there is still much work to be done. But with a solid grounding in our strategy and a strong connection to the local community, I am convinced that Coast Seafood is well positioned to achieve lasting positive change. We invite you all to join us on this journey, where our common goal is to ensure a sustainable future for our planet and for future generations. Sincerely,

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