As a leading processor and supplier of tuna products to international markets, Big Fish is acutely aware of the growing importance placed on Environmental, Social, and Governance (ESG) practices by our stakeholders. There is an escalating expectation for us to proactively manage ESG risks and seize opportunities, embedding these considerations deeply into our strategic operations.

In 2022, Big Fish embarked on developing a comprehensive ESG framework and program, aimed at continuous monitoring, improvement, and transparent reporting on ESG matters. Since initiating this journey, we have achieved significant milestones and are now poised to further enhance and solidify our ESG commitments in 2024.

Our dedication to integrating ESG principles into every facet of our business is not just about compliance; it's about leadership in sustainability, social responsibility, and ethical governance. As we move forward, our focus will be on deepening our ESG initiatives, reporting our advancements with greater transparency, and continuously seeking ways to elevate our impact positively.

Responsible Sourcing

We procure tuna from artisanal fleets in the Maldives EEZ using sustainable pole-and-line, handline methods, ensuring abundant stocks without bycatch. Maldives bans purse seiners and long liners, adhering to strict harvest controls for sustainable tuna populations as recommended by the IOTC. We hold MSC, Dolphin Safe, and Friends of the Sea certifications and are implementing ISO 14001 standards for our EMS, with certification anticipated soon.

Energy Efficiency

Our factory's energy use, currently at 450 kW/h, will rise to 950 kW/h after 2023's expansion. We've boosted efficiency through fuel-efficient generators, capacity-varied generators, high-efficiency LED lighting, and energy-saving refrigeration. We're also installing solar panels projected to generate 30,000 kWh monthly, reducing carbon emissions by 210 tonnes yearly. Additionally, we're starting a solar power scheme for our supplier vessels to further decrease carbon emissions.

Transportation Carbon

Our operations will shift significantly towards producing value-added frozen yellowfin tuna, reducing our carbon emissions by an estimated 7,000 metric tonnes annually. This change is part of a strategic move to lower the environmental impact of transport by using sea freight over air, aligning with Maldives' carbon neutrality goals. We will also enhance reporting and verification of our carbon footprint as a cornerstone of our ESG commitment.

Water conservation

Sourced through desalination, our daily consumption stands at at 80-120 metric tons, serving both our facility and the fishing fleet. To optimize water efficiency, we monitor usage with precision meters, conduct routine leak inspections, and employ self-closing taps. High-pressure, low-volume sprays are used for cleaning, coupled with staff training focused on targeted water use. Complementing these measures, we conduct monthly audits to identify and act on any inefficiencies, all part of our water conservation strategy aligned with our broader ESG objectives.

Refrigerants

Our refrigeration systems use HFCs with lower Global Warming Potential and zero Ozone Depletion Potential, avoiding CFCs and HCFCs entirely. Recent upgrades include retrofitting ice machines to use R407c, reducing environmental impact. We also ensure the containment and recycling of refrigerants and adhere to EPA 608 standards through rigorous staff training, reflecting our commitment to environmental responsibility.

Waste Management

We're addressing waste from tuna processing (25% of total weight) by investing in a fish meal plant for poultry and mariculture feed, operational by late 2024. This initiative supports sustainable grouper aquaculture, reducing wild fish harvesting and preserving reef biodiversity. For liquid waste, including bloodwater and brine, we're implementing measures like using solid waste as chum, employing vacuum hoses for cleaning, and fitting drains with traps to minimize effluent. Hazardous waste management adheres to HACCP and local regulations, with plans to enhance our ESG program for better waste management.

Employees

We're committed to a workplace where safety, equality, and well-being are prioritized, exceeding local and ILO standards. Our practices align with Amfori BSCI and ICS certifications, promoting a culture of leadership and initiative. Our HR policies ensure equal opportunity and aim to eliminate the gender pay gap, with 33% of leadership roles held by women. Employee benefits include superior health insurance, fair pay 15-25% above industry average, free food and accommodation, and generous paid time off. We also offer a grievance management system and regular recreational activities to foster a positive and inclusive work environment.

Customers

Fostering strong relationships with our B2B customers, who generate over 80% of our revenue, is crucial. Our policies aim for mutual growth, emphasizing fair pricing, quality assurance, efficient claims handling, and generous credit terms to enhance their market position and liquidity. We prioritize fair stock distribution and maintain daily high-level communication to address supply and quality preemptively. Future plans include introducing a mobile app for real-time inventory management and order adjustments, and offering vacations in Maldives to customers and partners in our newly developed villas, deepening our collaborative ties.

Suppliers

Our partnership with Maldivian fishermen, the backbone of our supply, is built on respect and fairness. We ensure they receive the highest market prices and immediate online payment for their catch. We support them with free high-grade saltwater ice, maintaining catch quality, and offer financial assistance for unexpected costs. Unique in the Maldives, we also provide free water, drinks, WiFi, and other services, underscoring our commitment to their well-being. Our COO's direct involvement with the fishermen at our harbor exemplifies our dedication to treating them as essential partners in our business.

Community

Located in Himmafushi, we're among the largest employers, contributing significantly to the economy of local fishing communities'. Our engagement includes donations to schools and NGOs, participation in community events, and educational factory tours for schools. Recognizing our growing impact, we aim to enhance our contributions through our ESG program. Future commitments involve allocating at least 5% of net profits to community programs, focusing on early childhood education to equip children with vital lifelong learning skills, starting in 2024.



Governance Achievements

Since launching our ESG program in 2022, we've made substantial progress, implementing around 40% of our key governance initiatives. We've prioritized board independence to ensure diverse perspectives and expertise shape decision-making. Transparent compensation policies foster accountability and demonstrate our commitment to ethical leadership. These actions, alongside rigorous internal audits, reinforce our dedication to responsible business practices and long-term sustainability.

Ongoing Enhancements

We're continually strengthening our governance model to align with industry best practices. Our mission statement will explicitly incorporate stakeholder interests, recognizing that their perspectives are vital to our success. We remain focused on enhancing board diversity, seeking individuals with skills and backgrounds that complement current expertise. Formalizing the link between executive compensation and ESG metrics will ensure leadership incentives are tied to sustainable performance. Additionally, a proactive ESG-focused risk management framework will help us identify and mitigate potential challenges, safeguarding our long-term growth.

Future Plans

Big Fish aims to be a pioneer in proactive, data-driven governance. We envision a Governance Center of Excellence that leverages advanced analytics to enhance foresight and decision-making.  We believe blockchain technology holds the potential to revolutionize transparency and shareholder engagement. Our ambition is not simply to follow the evolving demands of corporate governance but to lead by example, inspiring a culture of responsibility and creating a sustainable future for all stakeholders.

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