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.