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About This Report This is the 12th annual sustainability report for the Teekay Group and covers global operations for the 2021 calendar year.
This report focuses on the environmental, social, and governance (ESG) issues that may significantly affect our business performance and that matter most to our key stakeholders.
Data and results are provided separately for Teekay Tankers Ltd. (Teekay Tankers), along with aggregated group-wide results.
In January Teekay LNG Partners L.P. (Teekay LNG), which subsequently changed its name to Seapeak LLC.
Data and results for Teekay LNG for the calendar year aggregated group-wide results, and separately in an appendix to this report.
This report has been prepared using the Global Reporting Initiative (GRI) Guidelines and the Sustainability Accounting Standards Board (SASB) Standards as guidance.
In this report, the terms sustainability and ESG are used interchangeably.
Reporting Boundary Unless otherwise noted, this report includes data from vessels and assets that are operated under Teekay’s Health, Safety, Environment, and Quality (HSEQ) management system.
Data is excluded from vessels and assets that are technically managed by another company, such as certain of Teekay Tankers’ vessels managed by third parties, and Teekay Corporation’s FPSO units, which are all managed by a third party.
Data from vessels managed by Teekay Australia are included.
CONTENTS Teekay closely oversees the operations of our vessels managed by third party companies to ensure performance meets our policies and requirements.
Contact Us We appreciate your comments, feedback or queries on this report and our performance.
Established in provider of international crude oil and other marine transportation services.
Teekay provides a comprehensive set of marine services to the world’s leading energy companies.
Teekay Corporation (NYSE:TK) provides these services primarily through its directly-owned fleet and its controlling ownership interest in Teekay Tankers Ltd. (NYSE:TNK).
With offices in and shore-based employees, Teekay brings energy where it is needed—anywhere in the world—to power the global economy and to improve people’s lives.
About Teekay Tankers Teekay Tankers is one of the world’s largest owners and operators of mid-sized crude tankers with tankers (including 25 Suezmax tankers, 13 Aframax tankers and nine LR2 product tankers).
Teekay Tankers’ vessels are typically employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading.
Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture.
In addition, Teekay Tankers owns a ship-to-ship transfer business that performs full-service lightering and lightering support operations in the U.S. Gulf and Caribbean.
Teekay Tankers was formed in December of its strategy to expand its conventional oil tanker business.
Teekay is an active member of the International Association of Independent Tanker Owners (INTERTANKO), the Maritime Anti-Corruption Network (MACN), the Ship Recycling Transparency Initiative (SRTI), and the Vancouver Maritime Center for Climate.
The world depends on reliable access to energy.
Global energy demand has increased more than twenty years and may increase by almost another 30% over the next twenty years.
This represents an increase in global energy demand over the next two decades by an amount larger than all of North American energy consumption today.
Furthermore, almost all of this growth has, and will continue to be, in middle and lower-income countries, where reliable access to energy is a critical prerequisite for ongoing economic growth.
In short, the world needs more energy, and we continue to believe that fossil fuels will remain an important part of the world’s energy supply for many years.
In fact, after two years of lower consumption due to the global pandemic, global oil consumption is once again expected to exceed in 2022, and recent high prices illustrate the need for more security of global energy supply.
At the same time, it is clear the environmental and societal risks inherent in fossil fuels necessitate a transition to a low-carbon energy future.
Teekay has a long history of adapting to changes in the global energy mix, and we will now focus our efforts on balancing the dual goal of continuing to provide our customers with safe, efficient, and reliable fossil fuel transportation, while also exploring ways to support and drive the global energy transition.
Meeting these goals will require a shift in how we deploy our expertise and capital.
In January of our gas business, which many people in Teekay have been deeply involved in building since we entered the LNG shipping business back in 2004.
This was not an easy decision, and as part of the transaction, we also saw many great colleagues move to a new company.
The completion of this transaction puts Teekay in a strong financial position, and provides the financial flexibility needed to pursue new opportunities in both the shipping sector and in new solutions enabling a shift to a lower-carbon world.
While the areas in which we invest or operate may change in the future, one thing that won’t ever change is our commitment to our core values, including our value of Safety and Sustainability.
This past year we continued to deliver on our ESG commitments, including green recycling of the Petrojarl Banff FPSO at an EU-approved facility, and maintaining our support for the Ship Recycling Transparency Initiative.
We are also proud of the students in the Future Leaders Program (FLP), which saw an important milestone in 2021.
Since the start of the FLP program grants in and The Teekay Foundation have sponsored a total of fortytwo students, which has resulted in eleven female graduates to date.
Lastly, as ongoing participants in the United Nations Global Compact, we remain fully committed to the Compact and its principles.
This past year has been a year of significant change for Teekay, and I’d like to thank all our employees, partners, and other stakeholders for their ongoing support as we define a new direction for Teekay.
I am convinced that the future is what we set our sights on, which is both daunting and exciting at the same time.
The global outlook is different today, but as a company, we are in many ways back to where we were in the early in which to expand and diversify Teekay’s business.
It is time to raise our sights again, and I look forward to working with all of you as we lead Teekay into the future.
Safety & Sustainability We put safety first No compromises.
We look after each other and make sure everyone gets home safely.
We consider people, planet and performance in all of our decisions and actions.
We contribute to a sustainable business, environment and community.
Reliability We deliver We do what we say we will do.
We have high standards and deliver quality results.
We hold each other accountable and follow through on our commitments.
Passion We live our spirit We bring energy and enthusiasm to our work.
We balance hard work and fun and we take pride in doing a job well.
We strive to make a difference every day with our colleagues and customers.
Innovation We embrace change We seek and promote new thinking and ideas.
We support change and encourage others to do the same.
We look for ways to be ahead of the curve and to create value-added results.
We are open and honest, and lead by example.
We build trust with others and are trustworthy.
We admit our mistakes and use them as an opportunity to improve our skills and processes.
Teamwork We are team players We value and respect each other.
We work together and promote a spirit of cooperation.
We encourage diverse perspectives, and value the opportunity to listen and be listened to.
STRATEGY OUR ESG JOURNEY Sustainability has long been a core value at Teekay, and our culture, values, and policies create a strong foundation for the work that lies ahead.
However, we recognize that stakeholder expectations are rapidly increasing.
Over the last few years, we have seen a significant increase in social and environmental awareness worldwide, combined with increasing scrutiny of companies’ efforts to address environmental and social concerns and uphold business ethics.
We expect that our stakeholders will increasingly evaluate us based on our commitment to and management of a broad range of environmental, social, and governance (ESG) issues.
We also believe that having in place a strong and credible ESG strategy is a competitive differentiator that can positively affect our ongoing access to capital, talent, and business opportunities.
To ensure accountability, executive and employee financial compensation is linked to achieving our annual group-wide shared goals, which includes items related to ESG strategy implementation and performance.
energy transition Teekay has a track record of servicing the needs of an evolving global energy mix.
To serve the world’s growing demand for energy while also meeting the goals of the Paris Agreement will require a significant increase in global renewable and low-carbon energy.
Our strategy will be to use our capital, expertise, reputation, and partnerships to support this global energy transition.
Earlier this year, we divested our interest in Teekay LNG.
This transaction provides Teekay with greater financial flexibility to pursue new opportunities in both the shipping sector and in adjacent markets serving the growing demand for new transportation solutions enabling the shift to a lower-carbon world.
efficiently as possible Safety and Sustainability is our first core value.
We will continue to promote a strong safety culture and adherence to our safety commitments.
Also, we continue to invest in increasing the efficiency of our vessels and have been a leader in developing innovative vessel designs to reduce environmental impacts.
In Maritime Center for Climate (VMCC), and we plan to continue our involvement in shared industry decarbonization activities.
our ESG profile Earning and maintaining the trust of all our stakeholders requires transparency about our commitments and performance in managing important environmental, social, and governance issues.
MATERIALITY AND STAKEHOLDER ENGAGEMENT We prioritize the sustainability opportunities and challenges that matter most to our stakeholders.
In matter most to them and received more than 1,700 responses from our staff on shore and at sea.
We also worked with DNV to review the sustainability priorities of our customers, financial stakeholders, and other marine transportation companies.
Through our daily work, various employees also regularly engage with customers, lenders, investors, NGOs, and government authorities on sustainability topics, and the feedback we receive informs our prioritization of issues.
The topics in this year’s report are unchanged from last year.
These topics were selected in prioritization by considering the current level of stakeholder interest in the topic and the likelihood of the topic affecting our business objectives.
Our ambitions for material issues are outlined below, and actions and progress towards achieving our ambitions are described throughout the report.
Reduce GHG emissions 2050 and support the global energy transition INTEGRITY AT TEEKAY Our compass is to be the most trusted shipping company in the world.
Trust and integrity are an essential part of who we are at Teekay and how we make business and operational decisions.
Our Governance Teekay’s Director of Risk, Audit and Compliance (RAC) oversees Teekay’s integrity compliance program.
The Director of RAC reports to the Audit Committees of Teekay’s Boards of Directors (Boards), and also works closely with Teekay’s Senior Leadership Team to reinforce Teekay’s commitments to integrity and doing the right thing.
Our Policies Teekay’s integrity principles are captured in its Standards of Business Conduct Policy (Standards).
Teekay takes a zero-tolerance approach towards any fraud, corruption, breach of sanctions, violation of human rights, or any other violation of its Standards.
Teekay also maintains additional policies of importance, which set out Teekay’s rules about data privacy, insider trading, gifts and hospitality, competition law, harassment, and third-party due diligence.
Due Diligence Teekay recognizes that doing the right thing also means ensuring that our business suppliers and partners do the right thing by sharing our commitment to uphold business ethics.
Teekay personnel are required to “onboard” new business partners through Teekay’s automated compliance due diligence system.
This system, which includes watch list and media monitoring tools, enables Teekay to identify potential business ethics risks (e.g., corruption, sanctions, or other unlawful misconduct) that may impact Teekay and its personnel.
It also enables Teekay to implement appropriate follow-up measures.
Entities that present an unacceptable integrity risk are rejected as business partners.
Training Teekay provides multiple training modules to its personnel.
New staff receive induction training that covers Teekay’s integrity expectations.