Fish farmers´ main cost drivers, risks and opportunities are increasingly connected to managing our impact on the environment, our personnel and the local communities where we operate. Systematic efforts to secure a sustainable balance are therefore fundamental in order to facilitate long-term, profitable growth. These efforts are increasingly material for the industry´s viability. This helps to secure a healthy result development, which again provides a better return on equity for investors in the industry.
Fish farming is based on the management of shared natural resources. Professional management of these resources is of high interest to our stakeholders and is essential for our own profitability. The clearest example is fish biology, where operational challenges as disease, sea lice and escapes are central, both to the local ecosystem and to product quality, treatment costs and losses. Simultaneously, farmed fish is an important element in providing proteins and healthy food to a growing population.
Fish farming requires that the local communities accept salmon farming in their areas. Hence, Grieg Seafood has a stake in contributing to the local communities were salmon is produced and processed, both with regard to environmental impact and in terms of positive social effects.
Global Salmon Initiative (GSI)
We are an active member of the Global Salmon Initiative (GSI.) GSI is a group of 12 companies which together hold over 50% of the global salmonid production. Member companies have committed to cooperation and transparency, in order to reach a shared goal of producing a sustainable and healthy product. A product that meets a growing population´s need for protein, whilst minimising negative environmental impacts, and positively contributing to a better society.
This initiative obliges us to seek ambitious goals relating to:
- Minimising environmental impact
- Securing sustainable feed
- Improving contributions to the development of local communities
- Supporting economic growth and stability
- Producing a healthy and nutritious product in a sustainable way
In collaboration with the other GSI members, we have continued to develop the focus of the initiative. The CEOs of the member companies convene regularly, and the initiative has become a forum for sharing best practices and to address key challenges. To achieve comparability within the industry and to improve member companies´ reporting and approaches relating to transparency and communication, GSI has developed industry-specific performance indicators. In autumn 2015, GSI published its first progress report summarising the first year’s activities to improve common aquaculture practices across the industry. In 2015 Grieg Seafood assumed the responsibility as Co-Chair of GSI, which is a bi-annual engagement.