Sustainability

Our Commitment Our Environment Our Community Sustainability Reporting

Steamships Trading Company Limited

@345 Building, Levels 1-2, Stanley Esplanade,
Section 20, Allotments 3,4 and 5, Port Moresby,
National Capital District, Papua New Guinea

PO Box 1, Port Moresby,
NCD 121,
Papua New Guinea

Tel: (675) 3137400 / 79987000

Consort

Section 23, Lot 7, Milfordhaven Road, Lae

P.O. Box 2191
Lae, Morobe Province
Papua New Guinea

Port Moresby Office
PO Box 1690, Port Moresby 121,
NCD, Papua New Guinea

Unit 1, Building 2, Baruni Industrial Estate
Baruni Road, Baruni
+675 309 1400

pomagency@consort.com.pg

Tel: (675) 478 3000 / (675) 7999 8614
Email: infor@consort.com.pg
Website: https://www.consort.com.pg/

EastWest Transport

P.O. Box 916
Port Moresby, NCD 121, PNG

Port Moresby Office
Napa Napa Road, Baruni
Landline: (675) 324 9600

Lae Office
Montoro Street, Lae
Landline: (675) 472 7744

Website: http://eastwesttransport.com.pg/

JV Port Services

PO Box 634
Port Moresby, NCD 121, PNG

Unit 2, Building 2, Baruni Industrial Estate
Baruni Rd, Port Moresby
NCD 121, PNG

Landline: (675) 321 2120
Email: enquiry@tps.com.pg

Pacific Towing

Motukea Island
P.O. Box 701
Port Moresby
National Capital District
Papua New Guinea

Tel: (675) 3211206 / 3211278 / 72001107
Fax: (675) 3211301
Email: Info@pacifictowingmarineservices.com
Website: https://pacifictowingmarineservices.com

Pacific Palms Property

@345 Building, Levels 1-2, Stanley Esplanade,
Section 20, Allotments 3,4 and 5, Port Moresby,
National Capital District, Papua New Guinea

P.O. Box 2142
Boroko
National Capital District
Papua New Guinea

Tel: (675) 3212822
Fax: (675) 3212370

www.pacificpalmsproperty.com.pg

PO BOX 91
Lae
Morobe
Papua New Guinea

Tel (675) 475 1344/1345
Fax (675) 321 1332

Coral Sea Hotels

@345 Building, Levels 1-2, Stanley Esplanade,
Section 20, Allotments 3,4 and 5, Port Moresby,
National Capital District, Papua New Guinea

P.O. Box 1215
Boroko
National Capital District
Papua New Guinea

Tel: (675) 3278141
Fax: (675) 3253248

www.coralseahotels.com.pg

WHISTLEBLOWING CHANNELS

Individuals may report their concern through various channels:

Via email at stcia@steamships.com.pg
A text message can be sent to the dedicated Mobile Number 71004481
Postal Address at Steamships Trading Company Limited, c/o Group Internal Auditor, P.O. 1, Port Moresby.

Are you aware of any unethical conduct, fraud, perceived wrongdoings, or violation of the Steamships Code of Conduct? If so, then our Whistleblower policy, allows you to report any such incident, in the knowledge that it will be done so confidentially and that your identity will be protected at all times! It’s simple. Send a text to 71004481 or an e-mail to: stcia@steamships.com.pg and the matter will be appropriately dressed. You can mail it to; Steamships Trading Company Limited, c/o Group Internal Auditor, P.O. 1, Port Moresby.

Please contact us if you have any queries.

Statement on Sustainable Development

Steamships Trading Company and its operating businesses (together referred to as “Steamships”) are committed to sustainable development, defined as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” Our aim is to create long-term value for our shareholders and for our other stakeholders – notably, local communities in Papua New Guinea. We wish to excel as corporate citizens of PNG and to be leaders in sustainable development within our industries in the country.

To do this, Steamships will conduct our activities in a manner that protects the environment, health, security and safety of our employees, contractors, customers, and communities. We will be guided by the following principles:

Reduce our carbon footprint by adopting industry best practices to improve energy efficiency, and by increasing the use of renewable energy, and to build climate change resilience into our operations
Reduce the volume of waste generated in our operations, work to divert waste from landfill, and identify opportunities for circular waste management
Use water responsibly and sustainably, and protect our watersheds
Be a good steward of the natural resources and biodiversity under our influence, to identify and manage appropriately the potential adverse impact of our operations on the environment, and to use our corporate skillset to support biodiversity conservation initiatives within PNG
Favour suppliers and contractors who meet, and preferably exceed, our sustainability standards, and to work to embed sustainable development principles in our procurement policy and practices
Safeguard the health and safety of our employees and others with whom we interact, with the ultimate aim of causing zero harm
Provide and maintain safe places of work and equipment, continually review workplaces, equipment, and procedures to further improve safety, and provide occupational health and safety training for employees
Provide a work environment where all employees are treated fairly and with respect and are encouraged to realise their full potential
Empower women in the workplace and encourage their inclusion across all levels of the workforce, including in senior leadership and operational roles
Bring value to the communities in which we operate and respect their culture and heritage
Encourage our staff to engage actively in sustainable development matters at work and in the community
Monitor our performance and report regularly

Steamships will review this policy from time to time as appropriate, and, in any event, once every three years.

Net Zero and Climate Risk Resolution

Steamships acknowledges the scientific consensus on climate change, the contribution of the private sector to that change, and the adverse effects of climate change on operations, supply chains, and communities. Steamships supports the aims of the Paris Agreement, as well as industry-led, national, regional, and local policy solutions to reduce carbon emissions and build resilience to climate change. We recognise our responsibility to our shareholders and our obligations as a corporate citizen of Papua New Guinea to achieve net zero carbon emissions across all three carbon emissions scopes by 2050.

Steamships’ Board of Directors and executive management therefore resolve to:

work towards setting science-based decarbonisation targets and establishing a pathway to achieving net zero emissions by 2050
take adequate steps to build our resilience to climate change by:
- identifying and managing climate change risks and opportunities; and
- developing strategies in line with global best practices to adapt to and mitigate the negative effect of climate change on our operations.

Steamships will review this policy from time to time as appropriate, and, in any event, once every three years. Additionally, this policy is supported by an internal net zero workplan which is subject to review every two years by the Steamships Board of Directors.

Q: How do I know if any of Steamships businesses is looking for staff?

a Answer: Jobs are usually advertised locally.

Q: What positions are generally available?

Answer: We advertise for full time positions as well as for graduate trainees through our Graduate Training Program. See "Graduate Program" page for more information.

Q: How do I apply to work at Steamships or any of its businesses?

Answer: Each of Steamships' businesses handles its own recruitment. See “Join us” page for contact details.

Q: Can I ask about a job even if one is not advertised?

Answer: Yes – we welcome approaches from people who think they have something to offer. Contact the part of the company that interests you with details of your skills and experience. See “Join us” page for contact details.

Q: Where will I be working if I join the company?

Answer: Most positions are based in Port Moresby and Lae. However, we do have operations in Goroka, Mt Hagen, Madang, Popondetta, Kimbe, Rabaul, Kavieng and Buka.

Event	Date
Annual General Meeting	13-Jun-24
Release of 2023 Annual Report	28-Mar-24
Record Date for 2023 Final Dividend	26-Apr-24
Ex-Dividend Date for 2023 Final Dividend	24-Apr-24
Release of Full Year Results for 2023	28-Mar-24
Release of 2023 2nd Half Yearly Results	29-Feb-24
Payment of 2023 Interim Dividend	31-Oct-23
Record Date for 2023 Interim Dividend	02-Oct-23
Ex-Divident Date for 2023 Interim Dividend	29-Sept-23
Release of 2023 Half Yearly Results	31 Aug-23
Payment of 2022 Final Dividend	28-Jul-23

Issuer Code

Official Listing Date

30 June, 1962

Share Registry

Computershare Investor Services Pty Limited
GPO Box 2975
Melbourne VIC 3001
AUSTRALIA

Telephone
Within Australia: 1300 850 505
Outside Australia: +61 3 9415 4000

Fax +61 3 9473 2500

Email: steamships@computershare.com.au
Website: https://www-au.computershare.com/investor

Change of Shareholder Details

Shareholders should notify Computershare of any changes in shareholder details via the Computershare website or in writing (email, fax, mail). Examples of such changes include:

Registered name
Registered address
Direct credit payment details

Stock Exchange

Shares are listed on both the PNGX Markets Limited (PNGX) and the Australian Securities Exchange Limited (ASX).

	HY2024 K'000	2023 K'000	2022 K'000
Revenue and other income from continuing operations	358,081	669,296	631,262
Operating Profit	37,015	78,755	80,961
Profit attributed to shareholders	25,271	58,144	57,985
Cash generated from operations	53,368	103,559	183,519
Net cash (outflow)/inflow before financing	(16,967)	(145,255)	30,096
Shareholders' funds	1,059,261	1,052,595	1,027,010
External borrowings	361,655	420,218	263,084

Steamships Trading Company or Steamships, as it is more commonly known, is a diversified leader in shipping, transport, property and hospitality operation in Papua New Guinea.

Commencing operations in 1918, Steamships has been investing in PNG’s growth, development and progress ever since, steadily evolving its business to meet current needs and anticipate the future. The group has been integral to, and part of, PNG’s development into a modern and formative leader within the Asia-Pacific region.

Committed to our people, the sustainability of our operations, and the future of Papua New Guinea, Steamships is pioneering sustainable progress in PNG for the next generation of stakeholders.

Corporate Profile

Headquartered in Port Moresby, Steamships has four major operating categories: Logistics, Property & Hospitality, and various joint venture operations.
Logistics: Consort Express Lines (coastal shipping & services), East West Transport (land freight and logistics), Joint Venture Port Services (stevedoring & handling, and equipment hire), Gulf Maritime Services and Pacific Towing Marine Services (Harbour towage, salvage & commercial diving)
Property: Pacific Palms Property (developer and manager of residential, commercial, retail, industrial properties), Raitpla Property Management (property & project management and leasing services), Portside Business Park
Hospitality: Coral Sea Hotels (seven hotels and apartment complexes in PNG's major commercial centres), ENZO’s Pizza (ten outlets nation-wide)
Joint Ventures: Colgate Palmolive PNG (50%). Wonye Limited (50%), Harbourside Precinct (50%), Gulf Maritime Services (47.5%), Joint Venture Port Services (13 Joint Ventures with local landowners around Papua New Guinea, Pacific Rumana Ltd. (50%), Viva No. 31 Ltd. (50%)
Public company, listed on Port Moresby Stock Exchange and Australian Securities Exchange
Majority shareholder includevJohn Swire & Sons (PNG) Limited, Nambawan Superfund
Over 3700 employees across PNG
Major supporter of PNG community initiatives in education, health, environment, and social welfare
A PNG leader in sustainable business practices, measured against the world’s leading sustainability benchmark, the Global Reporting Initiative.

The Steamships story began in the early years of the 20th century in what was then one of the least known parts of the world. Retired sea captain, Algernon Sydney Fitch, founded the business to run salvage operations in Australia. In 1919 he sailed the company’s first ship, the SS Queenscliffe, to Port Moresby to trade along the Papuan coast. In 1924 the public company was formed and the Steamships story had well and truly begun.

At each stage of the economic development of the largest nation and economy in the South Pacific, Steamships has fostered businesses and industries that have helped build PNG. The Group has boosted local economies through businesses initially established in Port Moresby, the gulf and western reaches of the former territory of Papua and later in New Guinea and the Highlands. Steamships' coastal shipping and stevedoring services supported the PNG economy as it started to develop and explore its rich and diverse endowment of natural resources, including plantation crops and mining. In response to new opportunities, Steamships diversified into hotels, manufacturing, distribution and other services.

Steamships Trading Company has a long tradition of investing in Papua New Guinea’s growth, development and progress. Its transition from pioneer coastal trader to a diversified leader in shipping, transport, property, manufacturing, hotels and information technology has been integral to, and part of, Papua New Guinea’s development. More recently that development has accelerated so that Steamships is triple the size it was ten years ago and PNG has become a modern and formative leader within the Asia Pacific region.

An Official History

During its 100 years of existence, Steamships Trading Company has become a Papua New Guinean icon. From its humble beginnings in 1918 as a one-vessel trading operation to its present position as one of the largest private employers in the country, Steamships' history has tracked that of Papua New Guinea itself, and that of its peoples.

In this book the Company's history has for the first time been researched and recorded. The author, James Sinclair, was himself a long-time resident of PNG. He has done meticulous research and conducted many interviews. Perhaps uniquely in a history of this magnitude, he has been able to speak with all but three of the Managing Directors who have steered the course of the Company from its beginnings, and has also drawn on the memories and records of many other people, for whom Steamships was an integral part of their lives. All this makes this history a very personal document, as it charts the struggles and achievements of many people, Papua New Guinean and expatriate, who played their parts in the building of this great company.

I believe that this history highlights what has made Steamships successful. Its founder, Captain Fitch, was a dynamic, dedicated and progressive man, not averse to taking risks and standing up for what he felt was the right course. His approach has been followed by successive management teams over the years, with results that speak for themselves.

When I joined Steamships in 1956 it was the junior brother in the triumvirate of Burns Philip, W.R. Carpenter and Steamships. Burns Philip has all but disappeared and is not but a fading memory in PNG. Carpenter's is still there, but not as a major presence in the perception of the public. Steamships is now the premier trading company of PNG.

I was directly involved with Steamships, as employee, Director and Chairman, for 47 years between 1956 and 2003. This history brings back a wealth of memories for me, as it will for a great many others. It also stands as a proud guide for those who will come after, ensuring that the story of the Company, and the lessons of the past, will be there to help shape the future.

James Sinclair has done an excellent job in bringing together the tangled threads of this complex story, and producing a fascinating and very educational book.

Don Harvey
Chairman 1976-1986

DOWNLOAD PDF

Applications for 2024 Graduate Development Program is now closed. No late applications will be accepted.

Good luck to all those who have applied, keep an eye out on the Steamships Facebook page for updates. We look forward to welcoming you soon.

Why Our GDP is important to us.

Steamships Trading Company is one of PNG’s biggest multiindustrial companies to date.

Our continual growth remains positive, pioneering sustainable progress in PNG into the 21st century. We lead a diversely, skilled, and agile workforce of over 2500 employees; the energy source of our business success.

Our Graduate Development Program aims to attract, develop and retain our future business leaders with mindsets of innovation and valor. We value mindsets built with honesty, excellence, respect, customer focus, and sustainability and are in search of team players looking to build a career with such values.

We have been in the business for over 100 years, and are still in search for something new- Maybe it's You.

How it Works.

According to Professor D. A. Kolb, 'knowledge results from the combination of grasping experience and transforming it'.

Here at Steamships Trading Company, we provide the right exposure and opportunities to assist your professional development. In our program, you have four twelve-month rotations in any of the following industries: Logistics and Transport. Property and Hotels and Corporate HR, Finance, and Affairs.

During each rotation, graduates are challenged to balance multiple projects and daily department taskings; with minimum supervision and time. Each rotation is also complemented with structured classroom sessions led by experienced trainers for soft skill development and depending on the systems your project might involve, we'll also equip you with the right training for that too.

You get to grasp your experience and build your legacy as you dream it to be You choose your own story.

Help and Support.

You know that nervous feeling when you enter a room full of strangers for the first time and you've got to work with them - we know that feeling too.

Our Graduate Development Program offers lots of support. We have an online sharing platform set up specifically to connect you with our GDP alumni and other graduates who are still on the program. We also have quarterly Meet & Greet events so you can link in person and meet other established young leaders outside of the company and grow your professional network.

Every rotation, you are also presented with opportunities to have direct one-on-one meetings and coaching from our senior top-level managers including the General Managers, Finance, and HR Managers across the business.

As long as you are in the Graduate Development Program, you will be connected to us. If you have any questions throughout the program, our Corporate HR and Finance Departments will always be just a phone call away.

What is Steamships Community Grants Programme?

For over 100 years Steamships Trading Company has invested and partnered with the people of Papua New Guinea.

The Steamships Community Grants Program supports Papua New Guinean registered (IPA) charities and NGOs that provide development and community advancement in health, education, social welfare, and environment.

The Steamships Community Grants Program was formally established in 2016 with ten committee members, including several divisional General Managers, two external experts, the Managing Director as Chairman, and the Chief Operating Officer.

Steamships community investment and partnership dates as far back as 1941 when the company constructed a two-storey building school for the Sisters of Our Lady of the Sacred Heart in Port Moresby. The cost at that time was £1,624.

The grants program supports projects which fall into four pillars of the Steamships Sustainable Development: Our People, Our Community and Our Environment.

The focus is on Health, Education, Social Welfare and Environment

Our Focus

Health activities that focus on combatting communicable diseases (those that can be spread from person to person such as TB, measles, or malaria) and non-communicable diseases (those that cannot be spread such as cancer or diabetes) These diseases represent the top ten causes of death in Papua New Guinea. From a Company’s point of view, they also impact the wellbeing and productivity of the Steamships Group’s workforce. The Community Grants Program will also support organisations that offer innovative approaches to responding to preventable illnesses and injury because this far too tragic outcome is an area of concern for Steamship’s employees.

Education activities with a focus on a) increasing literacy and b) improving the quality of education. These areas are major challenges in PNG and are of high priority for communities and the government. Literacy and access to quality education are also essential in improving every aspect of a person’s or communities well-being from Health, Education, Social Welfare, women’s empowerment, and law and order to income generation. They are also important because Steamships depends on an educated and literate Papua New Guinean workforce across all its operations.

Social Welfare with a focus on a) women’s empowerment and b) supporting the most marginalized people in PNG, especially the disabled and children. The focus on women recognises the fact that when women and girls are safe, healthy, educated, employed, and empowered to contribute to all aspects of life, communities, and nations flourish. For Steamships, supporting women builds a larger and more diverse pool of talent and strengthens the productivity of the workforce. Ensuring a focus on the most vulnerable demonstrates that Steamships is a proud member of the PNG community and is committed to assisting those who would otherwise fall between the cracks. This is an area of high priority to employees and as such generates high staff morale.

Environment focusing on community awareness, conservation and education to enhance community understanding of environmental issues and management. Encouraging efforts to protect the environment and change attitudes towards creating clean, healthy and sustainable environments.

Applications for the Steamships Community Grants Programme are open on the 15th January 2024, and close on the 23rd February 2024. Please submit your application to community@steamships.com.pg. Only emailed submissions will be accepted.

Download Files

Please look for our announcements in the papers and our Facebook and LinkedIn pages.

Applications for computer equipment donations

Steamships is pleased to donate second-hand computer equipment to worthy community causes and NGOs, subject to availability. To register your interest, please complete the application form which will be submitted to our team for review.

Application for computer equipment donation

Closing Prices

Date	LAST	HIGH	LOW
Dec-23	12.51	12.54	12.49
Nov-23	12.55	12.55	12.30
Oct-23	12.27	12.27	12.22

*Volume of shares shown represents only those shares traded on ASX.

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Security is a fundamental concern for all businesses operating in PNG. Robberies and assaults are increasingly common in PNG’s commercial centres, particularly Port Moresby and Lae. Steamships reviewed its security policies and procedures in 2012 in an effort to minimise security risks within its current operating environments. Regular security briefs and site audits were carried out to ensure worksite security policies were being implemented. Action plans were further refined to provide all staff with security guidance and assistance in managing situations that occur within and outside the workplace. The Group has implemented an EAP (Employee Assistance Program) to assist employees affected by increased levels of public violence, carjackings and hold-ups.

Steamships intends to conduct external security audits of all company premises in 2013. This will ensure all Divisions remain vigilant and proactive regarding the security of the Group’s people and assets.

Steamships’ makes strong efforts to improve employee knowledge and awareness of key health issues. Staff actively participate in awareness programs for first aid, drug and alcohol abuse, oral health, HIV, AIDS, Malaria and Tuberculosis.

Steamships works hard to ensure that safety is a management priority at all levels of the organisation. The Group prioritises a “Wok Seif” culture and has introduced a “Zero Harm” mandate aimed at ensuring it operates as an incident-free organisation.

The Group has formal management-worker health and safety committees in all Divisions. These committees provide advice on occupational health and safety issues and help monitor key initiatives. They also ensure equitable input from all levels of staff.

Steamships’ increased safety focus has played a significant role in improving overall safety statistics and Group-wide awareness of near misses.

Steamships supports the following cultural initiatives in PNG:

Literary development: Steamships sponsored PNG’s prestigious literary award, the Crocodile Prize, allocating K10,000 for the 2012 Short Story Prize. The Crocodile Prize encourages and publishes Papua New Guinean writers, providing the opportunity for the people of PNG to read their national literature.

Publication support: In 2012 Steamships assisted the All Nation Women’s Group, which launched its book ‘Artists, Cooks & Storytellers: Moments in Papua New Guinea.’ Funds from the sale of the book were used to create an educational bursary to help pay school fees for students attending the Hohola Youth Development Centre, located in a community close to the East West container depot.

Steamships supports the following sports initiatives in PNG:

PNG Paralympics: Steamships continues to assist the PNG Paralympics Committee in their training of PNG athletes. Steamships is committed to giving disabled people the opportunity to achieve their dreams and aspirations.

Kone Kanu Klub: The Kone Kanu Klub is a rowing club based in Port Moresby that regularly represents the country in international competitions. Steamships, through its Shipping division, is a gold sponsor of the club.

Trukai Fun Run & PM’s Golf Challenge: Steamships took part in the annual Trukai Fun Run in 2012 by sponsoring a number of primary and secondary schools in Port Moresby. It also supported the annual PM’s Golf Challenge. These events raise funds for the PNG Sports Federation to assist with its programs. Steamships staff also participate in the events through their respective Divisions.

Steamships supports the following education initiatives in PNG:

Buk Bilong Pikinini (BBP): Steamships signed a five-year agreement during 2012 with BBP, an independent not-for-profit organisation that aims to establish children's libraries and encourage reading and learning. In addition to financial support to the Lawes Road (Port Moresby), Lae and Goroka libraries, Steamships is providing rent-free space at its Bird of Paradise Hotel for BBP’s Goroka library.

British Chevening Scholarships: Steamships & Swire continue to co-sponsor two Chevening scholars from PNG with the British High Commission. The program makes awards to outstanding scholars with leadership potential from around the world to study postgraduate courses at universities in the UK. In 2012 two scholarships were completed and for 2013 the recipient was Coral Sea Hotel’s Group Sales Manager, Misika Rea. In early 2013, Misika travelled to the United Kingdom to commence her studies.

PNG Maritime College: Steamships continued to provide support for the PNG Maritime College, which is the only institution in the country that provides comprehensive training for seagoing personnel. Further, Steamships has partnered with the China Navigation Company to establish a Madang Centre of Excellence to provide training which will ensure a culture of safety prevails at sea and onshore.

Steamships supports the following health and social welfare initiatives in PNG:

YWAM Medical Ship: Steamships entered into a four (4) year agreement with YWAM Medical Ship in 2012 to supports its effort to deliver health care services to the coastal & rural parts of the Gulf and Western Province. YWAM provides ophthalmology, dental and general health care service including awareness during their outreaches. In addition to the K400,000 sponsorship, the Steamships Trading Company wharf in Port Moresby is available for the YWAM Medical Ship to berth in between its outreaches.

Business Coalition Against HIV and AIDS (BAHA): Steamships is a gold sponsor of BAHA and supported the organisation in 2012 in its efforts to provide training and HIV/AIDS awareness programs in the private and public sectors. In 2011, Steamships committed a total of K150,000 to BAHA over a 3-year period.

Operation Open Heart (OOH): Steamships’ OOH is an annual event, currently in its 16th year. It involves the flying in of doctors from Australia to carry out open heart surgery on patients that do not have access to treatment in PNG. Steamships’ staff have benefited in the past from the surgical procedures and continue to have access to the operations, while PNG cardiac surgeons and doctors have learned and gained valuable experience.

Susu Mamas Inc: Steamships continues to support Susu Mamas’s vision to reduce maternal and infant morbidity and mortality in PNG by part funding the operation of their clinics. In 2012, Steamships supported Susu Mama’s program to provide workshops on nutrition, breastfeeding and antenatal education in clinics around the country.

Cheshire Disability Services (CDS): CDS is the only organisation in PNG that takes care of, and trains, people living with disabilities. They currently house a total of 21 disabled people and provide training and education to others living in communities around Port Moresby. In 2012 Steamships funded the annual wages of two CDS staff.

Salvation Army ‘Red Shield Appeal’: Steamships continued its partnership with the Salvation Army, through which it annually hosts the Red Shield Golf Day tournament and provides K100,000 to launch the Red Shield Appeal.

Rotary against Malaria (RAM): RAM continues to fight to contain and prevent malaria in PNG. The organisation distributes mosquito nets to villages around the country. Steamships’ support for RAM ensures that people in the rural areas in which the Group operates have access to treated mosquito nets.

Halfway House & Tembari Children Care Inc: The Halfway House gives women and children who are victims of violence and abuse a place to take shelter. Steamships supports the Halfway House by assisting in the purchase of food for the women and children that live there. Tembari Children Care Inc is a day care facility at the ATS Oro Settlement in Seven Mile, just outside Port Moresby.

Steamships’ “Make a Child Smile” project: This project involves Steamships’ employees visiting hospitals and other institutions over the Christmas season. Staff collected toys throughout the year and delivered them to the institution of their choice as gifts during Christmas.

Media or Investor enquiries should be directed to Steamships Company Secretary,
Mr Sean Pelling.

Phone: (+675) 322 0222/328 or mobile: (+675) 765 35421
Email: SPelling@steamships.com.pg

The material contained in this website has been prepared by Steamships Trading Company Limited, on the basis of the most current information available to it. The company believes, to the best of its knowledge, that all information given is reliable, but makes no guarantee of its accuracy.

Steamships Trading Company Limited and the companies and individuals represented in this website are not responsible for any errors or omissions contained in this website, and reserve the right to make changes without notice. The said parties take no responsibility in respect of any use or reference to this website or the information contained in it, and are not liable in any event for any damages whatsoever arising out of or related to this website or the information it contains.

Users of this website should not take any of the information in this website as being advice or recommendation, and should not rely on the information in this website for any purposes.

No user of this website may distribute, modify, transmit, or use the contents of this website in any manner for public or commercial purposes without written permission from Steamships Trading Company Limited. All materials and information in this website may be down-loaded for non-commercial or personal use only. Under no circumstances should the use of this website be construed as granting a licence or right to use any of the intellectual property rights displayed in this website, without the written permission of Steamships Trading Company Limited.

Steamships Trading Company & The Global Reporting Initiative

Steamships is committed to publishing relevant and accurate sustainability reports. It is our policy to monitor our performance and report regularly.

Our annual sustainability reports are prepared with reference to the updated standards of the Global Reporting Initiative (GRI).

Steamships also produces quarterly internal sustainability reports for review by the Board of Directors.

Community is the third and final pillar of Steamships’ Sustainability Strategy. Community structures are very important in Papua New Guinea which, with a population of seven million, is home to some 700 distinct and diverse tribes and over 830 known languages. Tribal traditions and community culture remain strong in spite of the various social challenges associated with a fast-growing economy and modernising nation.

Approach to Community Development

Steamships approach to community development is based on adding value to the communities in which the Group operates, over and above the economic benefits derived from employment, taxes and levies and associated businesses. The Steamships community investment program targets four key areas: health and social welfare, education, sports and culture. Funding to these areas and environmental initiatives was over K1.6 million in 2012. Steamships’ community strategy is to ensure effectiveness by focusing financial support on a select group of larger, high impact activities.

Steamships’ Divisions support various initiatives at the local level in which they operate, over and above those supported by the Group. For example, Pacific Palms Property has pursued initiatives with community groups in Badili such as the upgrading of local sports fields.

Summary of Community Investments in 2012

Area	2012 Spending (Kina)	2013 Budget (Kina)
Health & Social Welfare	908,000	1,223,000
Education & Environment	542,000	449,000
Sports & Culture	158,000	355,000
TOTAL	1,608,000	2,027,000

Organisations that we support

YWAM
Cheshire Homes
Susu Mama
Buk Bilong Pikinini
Department of Environment and Conservation
PNG Paralympics
BAHA
Salvation Army
Westpac Outstanding Women Awards
Coalition for Change
Operation Open Heart
TI PNG (Walk Against Corruption)
Trukai Fun Run
RSPCA

Environmental sustainability is the second pillar of Steamships’ Sustainability Strategy. It is a corporate priority and a Key Performance Indicator for the Group.

Papua New Guinea has a remarkably diverse environment, ranging from mountain ranges rising to 4,400 metres above sea level to hot, humid lowland rainforests and swamps. It is also home to unique marine areas including diverse coral reefs, mangrove forests and coastal wetlands. A vast number of plant, mammal, reptile, fish and bird species highlight the incredible biodiversity of the country.

Steamships is very aware of the potential impacts its business operations can have on this unique environment and is committed to minimising its footprint at every stage of each operational process across the Group.

Approach to Environmental Sustainability

Coordinated by the Group HSSE Manager, Environmental Aspects & Impacts (EAI’s) registries are being developed and implemented in each Division. EAI’s identify, monitor and update Divisions on the specific environmental impacts of business operations and support the development of plans to minimise or eliminate these. Progress on EAIs is monitored across the year through an inspection and audit process.

Steamships firmly believes that environmental education is one of the most effective ways to ensure the principles of environmental sustainability are understood and adopted within the Group and the community. Steamships was an active participant in various community environmental programs in 2012, often working in collaboration with the PNG Government, local community groups and other private companies.

The Group is a major supporter of PNG’s World Environment Day celebrations, because of their focus on educating children about conservation and the PNG environment. Steamships supports the school component of the celebrations by sponsoring the prizes and awards for the competition “Best Environmentally Friendly School” at five schools in the National Capital District, as well as the “School Innovation Project.”

Progress continues at the Swire Papua New Guinea Rainforest Study (SPRS), with plans to develop five new forest plots finalised in 2012. The project continues to be well supported by local communities and by the end of 2012 had provided access to formal education for over 200 children in the research area.

Steamships announced the inaugural recipient of the Swire Conservation Scholarship in Forest Science and Conservation during 2012. This Scholarship, funded by the Swire Educational Trust, aims to support individuals of exceptional promise in developing leadership roles in forest science and management in PNG. It provides the opportunity for a student from PNG to achieve a Master of Science by research at an international university of their choice.

Sustainability at Steamships is guided by five focus areas, together referred to at the THRIVE strategy: these are Climate, Waste, Water, People, and Community. By prioritising the environmental sustainability of our operations, our duty of care to our staff , and our role as a corporate citizen of Papua New Guinea, we aim to remain a major contributor to the economic development of PNG and a committed steward of the unique environment and culture of our nation.

Improving sustainability is a process and requires systematic strategy. It starts with robust monitoring and culminates in action. We continue to develop and strengthen our internal processes and embed sustainability within our standard business practices. Our Sustainability Policy, endorsed by the Board of Directors and signed by the Company’s Chairman and Managing Director, outlines our approach to sustainable development and is supported by an evolving suite of internal policies and implementation action plans.

Building on our long history, Steamships aims to lead sustainable progress in PNG for the next generation of stakeholders. We remain steadfast in our commitment to supporting the people we employ, contributing to the development of the communities in which we operate, and reducing the impacts we have on PNG’s unique environment. We do so because we understand that our long-term business goals can only be achieved if we embed the principles of sustainable development in our operations.

Under the five THRIVE pillars, we aim to:

Reduce our carbon footprint and develop a pathway to net-zero emissions by 2050. Take adequate steps to build our resilience to climate change.
Reduce the volume of waste generated in our operations, divert waste from landfill, and identify opportunities for circular waste management.
Use water responsibly and sustainably and protect our watersheds. Be a good steward of the natural resources under our influence.
Safeguard the health and safety of our employees, causing zero harm. Provide a fair, safe, and equitable workplace. Empower women and encourage their inclusion at all levels of the workforce.
Bring value to the communities in which we operate and respect their culture and heritage.

Media or Investor inquiries should be directed to Steamships Company Secretary, Sean Pelling.

Phone: (+675) 322 0222/328 or

Email: SPelling@steamships.com.pg

Under the five THRIVE pillars, we aim to:

Reduce our carbon footprint and develop a pathway to net-zero emissions by 2050. Take adequate steps to build our resilience to climate change.
Reduce the volume of waste generated in our operations, divert waste from landfill, and identify opportunities for circular waste management.
Use water responsibly and sustainably and protect our watersheds. Be a good steward of the natural resources under our influence.
Safeguard the health and safety of our employees, causing zero harm. Provide a fair, safe, and equitable workplace. Empower women and encourage their inclusion at all levels of the workforce.
Bring value to the communities in which we operate and respect their culture and heritage.

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COLGATE PALMOLIVE (PNG)

Steamships holds a 50 per cent beneficial interest in Colgate-Palmolive (PNG) Ltd (Colgate), a company that markets and distributes oral, personal, home and fabric care products in PNG. Joint control is exercised by the board however day to day management is performed by Colgate-Palmolive Australia.

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Steamships risk appetite is observed as moderately conservative and has identified its material business risks and actively manages those risks. All material business risks that arise in the course of the Group’s activities have clearly defined management ownership and accountability for reporting to the Board.

The Board is responsible for reviewing the Group’s policies on risk oversight and management. In doing so, the Board satisfies itself that management has developed and implemented a sound system of risk management and internal control.

The Group is committed to the management of risks throughout its operations to protect its employees, the environment, Group assets, earnings and reputation. Certain risks occur in the normal course of the Group's business and include foreign exchange and interest rate risks.

The Group Risk Management program utilises a risk management tool and database to assist in monitoring and enforcement of compliance with the Group’s risk management procedures and policies. The Group also uses other risk management techniques, including insurance, to reduce the financial impact of any uncontrollable or catastrophic losses.

Steamships’ management reports regularly to the Board on the effectiveness of its risk management systems and performance in managing material business risks. Steamships is incorporated in Papua New Guinea and is not generally subject to the Australian Corporations Act, hence the Board does not require the Managing Director and the Finance Director to provide a declaration that is consistent with section 295A of the Australian Corporations Act 2001.

Steamships currently has as part of the decision making process, the following board committees:

Audit Committee

Revised formal terms of reference for the Audit Committee were updated in November 2017. The Audit Committee recommends the appointment and remuneration of the external auditors, reviews the Group's financial statements and the adequacy and effectiveness of existing internal and external audit arrangements. It also considers management of the Group's risk (including safety and operational risks). The findings and recommendations of the Committee are reported to the board. The Committee meets three times a year, at which time it receives and discusses reports from senior management and from external auditors. The members of the Audit Committee, their qualifications and their attendance at meetings of the Committee held are shown in the Annual Report.

Remuneration and Nominations Committee

Steamships’ board has established a Remuneration and Nominations Committee comprising the Steamships Chairman, Managing Director and a Non-Executive Director. Steamships acknowledges the ASX recommendations that suggest this committee be chaired by an independent director, however the board considers this committee structure appropriate given Steamships’ shareholder structure.

The Remuneration and Nominations Committee meets bi-annually or, as a minimum, annually, to determine the compensation of the senior executive staff. Attendance at committee meetings is noted in the Annual Report. The Committee also reviews the Group’s staff learning and development plans and is responsible for the succession planning of all senior manager positions. The recommendations of this Committee are minuted.

Strategic Planning Committee

The Board has formed a Strategic Planning Committee that meets annually and provides a detailed review of the annual budget and the three-year planning process in discussion with the executive directors and divisional general managers. This review in no way diminishes the responsibility of the full Board to review and approve the Group’s strategy at a macro level.

The selected strategy is implemented by means of programmes, budgets and procedures. Implementation involves the organisation of the Group’s resources and motivation of the staff to achieve objectives.

Charter

Terms of Reference - Audit and Risk Committee - [ Download PDF ]
Board Charter - [ Download PDF ]
Remuneration and Nomination Committee Charter - [ Download PDF ]

Policies

STC-P-01 STC Health, Safety & Environment Policy - [ Download PDF ]
Code of Conduct - [ Download PDF ]
Equality, Diversity and Inclusion Policy - [ Download PDF ]
Whistleblowing Procedure (2023) - [ Download PDF ]
Public Disclosure and External Communications Policy (2023) - [ Download PDF ]

Corporate Governance Statement 31st December 2023

Steamships is committed to adopting and implementing rigorous corporate governance practices across all its activities and divisions.

The following corporate governance report has been approved by the Board of Directors.

Steamships has adopted the following governance structure:

Directors’ attendance at the Board and relevant Board Committee meetings during 2023 is as follows:

Steamships believes it complied with the Australian Stock Exchange Corporate Governance Principles & Recommendations (the fourth edition) during the twelve months ended 31 December 2023, except as disclosed below. References noted below as “ASX CGS Principles” align to this document. Each section addressing a key principle includes references to relevant information that appears in the 2023 Annual Report or on Steamships’ website.

Principle 1 / Lay Solid Foundations for Management and Oversight

Steamships internal management systems and process are designed to support the Board in providing strategic guidance for the Company and provide effective management oversight. The Board operates under a charter (in accordance with ASX CGS Principles 1.1) which defines the Board’s duties and those delegated to committees and management. This charter is reviewed annually.

The Company makes careful and appropriate enquiries before appointing a director (in accordance with ASX CGS Principles 1.2) and has a written contractual agreement with each of its directors’ and senior executives (ASX CGS Principles 1.3). During 2023 the Chairman of the board conducted a performance evaluation of the board, its committees, and the directors. In addition, performance evaluations for all senior executives were carried out.

The Company Secretary reports to the board, through the Chairman, and agrees all agenda items, meeting minutes and dates of future meetings (in accordance with ASX CGS Principles 1.4).

Neither the Chairman of the Board of Directors nor the Chairperson of the Audit & Risk Committee is independent. This is contrary to the ASX CGS principles and recommendation 2.5 and 4.1 (a)(2)). Both are connected to major shareholders of Steamships Trading Co Ltd. The Chairman of the board is not the CEO.

Recognising that a committed and diverse workforce improves operating performance and delivery of objectives, Steamships has a diversity policy in place at all levels, including the board (in accordance with ASX CGS Principles 1.5). This policy promotes gender diversity and PNG citizen development. As at December 2023 one of the eight directors are female (being 12.5%), however a new female director was appointed on 1 March 2024, bringing the percentage of female directors to 25%. Progress is reported quarterly to the board. The objective is to have a minimum of 30% of directors and senior managers of each gender.

A summary of the status as at 31 December 2023, and comparison between 2023 and 2023, is as follows:

Principle 2/ Structure the Board to Add Value

While the Board maintains overall responsibility for the systems of internal control and monitors their effectiveness, it is assisted in discharging its responsibilities by the Audit & Risk Committee, composed of a non-executive chairperson (who represents a significant shareholder) and two independent non-executive directors. Except as disclosed above, the audit & risk committee is structured in accordance with ASX CGS principles and recommendation 4.1 and 7.1

The members of the Audit & Risk Committee, their qualifications, and their attendance at meetings of the Committee held during the 2023 are shown above and in the Directors’ Report contained in the 2023 Steamships’ Annual Report.

Lady WT Kamit resigned from the board effective 15th June 2023 and has been replaced by Christine Kasou who joined the Board of Director effective 1 March 2024.

The Board has a Remuneration and Nomination Committee (in accordance with ASX CGS Principles 2.1) comprising three Directors (two non-executive, neither of whom are independent, and the Managing Director). The members of the Remuneration and Nomination Committee and their attendance at meetings of the Committee during 2023 are detailed above.

The Company maintains a board skills matrix which sets out the skills assessed across the board (in accordance with ASX CGS Principles 2.2). This matrix is not publicly disclosed.

Steamships follows the Global Reporting Initiative, a worldwide corporate sustainability transparency initiative, and since 2017 has adopted the G4 guidelines.

The Company identifies the following directors as being independent: DH Cox OBE OL, WT Kamit CBE and P Aitsi MBE. Directors’ interests and length of service is disclosed in the Company’s 2023 Annual Report. The board has reviewed the interests as declared and is of the opinion that they do not compromise the independence of the above-mentioned directors. This satisfies ASX CGS Principles 2.3.

ASX CGS principles and recommendation 2.4 states that “a majority of the board of a listed entity should be independent directors”. The Company does not meet this recommendation. Given the nature of the shareholding and limited locally available skills, the board considers the current composition as appropriate.

New directors are inducted onto the board through a series of briefings from fellow directors (including the managing director and finance director). The Chairman regularly assesses the need for continuing professional development to ensure all directors have the skills and knowledge to perform their roles. This is accordance with ASX CGS principles and recommendation 2.6.

The Board has received from its Managing Director a declaration that, in his opinion, the financial records of the entity for 2023 have been properly maintained and that the financial statements comply with the appropriate accounting standards and give true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. This is in accordance with ASX CGS principles and recommendation 4.2.

During 2023, management of Steamships and its divisions reported to the Audit & Risk Committee on the effectiveness of its risk management systems and performance in managing material business risks. Steamships’ Strategic Planning Committee also formally reviews divisional risk registers and the corporate risk register as part of its annual strategic review.

Principle 3/ Instil a culture of acting lawfully, ethically and responsibly

Steamships’ Code of Conduct is based on the Company’s values and behaviours. It represents a commitment to uphold ethical practices as well as comply with legal and regulatory requirements. The Code applies to all employees and extends to directors and senior executives. It is disclosed on the Company’s website and is reviewed annually by the Audit & Risk Committee (in accordance with ASX CGS principles and recommendation 3.1 and 3.2).

Other policies underpin the Code and include health, safety and environment (disclosed on company’s website), sustainability, anti-violence, drug & alcohol abuse, vehicle usage, cyber security, discipline & grievance and learning & development etc. The Code is signed by new joiners and is presented to all staff periodically as a training refresher and is aligned to the Constitution of PNG under Basic Rights. Proven material breaches of the Code result in termination of employment.

Principle 4/ Safeguard the Integrity of Corporate Reports

Steamships recognises the importance of the accuracy and integrity of its financial reports and has the structure in place to achieve this. The Audit & Risk Committee meets frequently (four times p.a. with two of these meetings being to review and approve the disclosure of interim and annual results and financial statements). The Audit & Risk Committee holds regular meetings with the external auditors (with and without senior management present).

The Company has a “whistleblowing” policy (in accordance with ASX CGS principles and recommendation 3.3). All incidents reported are investigated and are escalated to the Audit & Risk Committee.

The Audit & Risk Committee is responsible for the appointment, performance, and independence of the external auditors. PwC were re-appointed following a tender process in 2020. It is a practice of PwC that the engagement partner rotates after five years.

The external auditor is required to attend the Company’s Annual General Meeting where shareholder questions can be addressed.

The Company has an anti-bribery and corruption policy which is contained within the Code of Conduct (see above). This is in accordance with ASX CGS principles and recommendation 3.4.

Principle 5/ Make Timely and Balanced Disclosure

Steamships has a written policy to ensure compliance with the ongoing ASX Listing Rules disclosure requirements and PNGX Markets (being the Public Disclosure and External Communications Policy) which is reviewed annually. The Board received copies of all ASX market announcements promptly. This is in accordance with ASX CGS principles and recommendation 5.1 and 5.2.

The Company does not disclose periodic corporate reports other than the half yearly and annual results.

The Company does not give investor or analyst presentations.

Principle 6/ Respect the Rights of Security Holders

The above-mentioned policy ensures that the Company is aware of the need to provide effective communication to shareholders on the activities of the Company. This is most effectively achieved through the website. in accordance with ASX CGS principles and recommendation 6.1

The Company does not have an investor relations programme (contrary to ASX CGS principles and recommendation 6.2)

The Annual General Meeting is held in Port Moresby and all shareholders are invited to attend. The Company has established a tele-conference facility to encourage greater participation of shareholders at the AGM if they are unable to attend in-person (in accordance with ASX CGS principles and recommendation 6.3). Substantive resolutions are decided by a show of hands rather than a poll (contrary to ASX CGS principles and recommendation 6.4).

Although the website contains all information sent to shareholders, the Company is giving consideration to electronic communication. This is not available yet and as such in not accordance with ASX CGS principles and recommendation 6.5.

Principle 7/ Recognise and Manage Risk

Steamships recognizes that the management of risk is a fundamental component of doing business in Papua New Guinea. This is managed through a comprehensive risk register compiled by each of the divisions’ management teams, reviewed semi-annually, and endorsed by the executive directors. Divisions present their risk register to the Audit & Risk Committee and Strategic Planning Committee (sub-committees of the board) annually in accordance with ASX CGS principles and recommendation 7.1 and 7.2. This review took place in September 2023

The Health and Safety Committee meets monthly with representation from across the businesses and the Group HSSE Manager and is chaired by the Managing Director. The observations and actions from this committee are reported to the Board quarterly.

Steamships is committed to operating to ISO standards. The Logistics and Property divisions have been awarded ISO 18001 (Safety), 14001 (Environment) and ISO 45001 (Quality). The Hospitality division is expected to be accredited for the same standard in 2024. The Hospitality division has HACCP certification for food safety in all restaurants and food outlets.

The Company has an internal audit function run by a qualified and experienced manager with an assistant auditor. This team is supported by further internal audit resources, under a contract for services, with the Company’s ultimate beneficial owner, John Swire & Sons Ltd. This is in accordance with ASX CGS principles and recommendation 7.3.

The Company does not have a material exposure to environmental or social risks, although the former is a growing risk for all who live and work in Papua New Guinea. Consideration of these risks is in accordance with ASX CGS principles and recommendation 7.4.

Steamships wishes to excel as corporate citizen of PNG and to be a leader in sustainable development within its industry.

Steamships is committed to sustainable development and conduct its activities in a manner that protects the environment, health, security and safety of its employees, contractors, customers and communities.

The Company has adopted a Sustainable Development Policy (available on the company website) which aims, amongst others, to reduce carbon footprint, reduce the volume of waste generated by operations, use water responsibly, be a good steward of natural resources and provide a work environment where all employees are treated fairly and with respect.

Steamships’ Community Grant Program supports Papua New Guinean registered (IPA) charities and NGOs that provide development and community advancement in health, education, social welfare and social enterprise.

Principle 8/ Remunerate Fairly and Responsibly

The Remuneration and Nomination Committee meets at least annually (often semi-annually) to review pay and bonus arrangements for all employees, succession planning and to review remuneration for Board and Committee Members. This is in accordance with ASX CGS principles and recommendation 8.1.

The Company does not, however, disclose its policies and practices regarding remuneration of directors and senior executives. This is contrary to ASX CGS principles and recommendation 8.2.

The Company does not have an equity-based remuneration scheme (and ASX CGS principles and recommendation 8.3 is not relevant).

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