Crew wellbeing and ESG principles
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Keywords
M.L.C. 2006 ; ILO ; Seafarers’ wellbeing ; Crew welfar ; ESG principles ; Sustainability ; Living conditions ; Diversity ; Workload ; Job satisfaction ; Motivation ; Sustainable management ; Corporate responsibility ; Financial performance ; Shipping industry ; Shipping companiesAbstract
The main objective of this thesis, entitled "Crew wellbeing and ESG principles", is to investigate the relationship between crew wellbeing and the application of environmental, social and governance (ESG) principles in the shipping industry. The study explores the changing dynamics of seafarers' wellbeing and the ways in which shipping companies can use ESG principles to improve the physical, mental and social health of their staff. This approach takes into account the increasing emphasis on sustainability and corporate responsibility that has emerged in the industry in recent years.
The first chapter is the introduction in which the context for the research is setted, emphasizing the importance of crew welfare in the high-pressure and isolated working environment of a ship. Given that shipping is a vital element of global trade which depends on the efficient and safe performance of its crew, their health and satisfaction are important for operational success. The introduction also outlines the objectives of the research, which include investigating the relationship between crew wellbeing and ESG principles, assessing the current and future state of crew wellbeing in the shipping industry.
The second chapter provides a theoretical framework for crew wellbeing, including definitions and concepts relevant to the study. Crew wellbeing is defined as the physical and emotional wellbeing of the workforce, which is influenced by various factors such as living environment, workload and diversity. The chapter highlights the multifaceted importance of crew wellbeing and how it is directly linked to safety and operational efficiency, regulatory compliance and the recruitment and retention of talented employees. As ethics and social responsibility are important aspects of business governance that contribute to crew wellbeing, the chapter goes on to explain how the overall wellbeing of seafarers is influenced by factors such as age, gender, and cultural diversity. Motivation and job happiness, which are often influenced by the work environment and business regulations, are also explored as critical elements contributing to crew health and productivity.
The third chapter examines the theoretical background of ESG principles, with a particular focus on how they could be used to improve the social responsibility of organisations. At a first level, a definition of ESG principles, which are frameworks that guide companies towards sustainable and ethical operation and development, is provided, as well as a historical review of the evolution of ESG principles over the past centuries. It is also highlighted that the environmental (E), social (S) and governance (G) criteria offer a comprehensive view of corporate responsibility. This chapter discusses the ways in which the three criteria of ESG principles have a direct impact on the operation of a company. It examines how investors use ESG principles for decision-making, highlighting the growing importance of sustainability in financial markets. It then examines the operational complexities and benefits of ESG criteria for managing both reputation and potential risks. As the adoption of ESG principles has room for further improvement, best practices, including transparency and stakeholder engagement, are discussed.
Chapter 4 analyses the operations of shipping companies to which the adoption of ESG principles at environmental, social and governance levels can make a beneficial contribution. The main legal frameworks commonly applied in the European Union, such as, for example, the European Union's Corporate Sustainability Reporting Directive and the European Union's Emissions Trading Scheme, are then mentioned, as well as which areas of a shipping company's business operations they contribute to. A related research paper (Capital Perspectives: Navigating ESG Risks in the Maritime Sector by Woodrow) is then presented, which demonstrates the issues and opportunities that can arise when aligning ESG principles with business operations in the shipping industry. Finally, it assesses the future of ESG principles in the shipping industry in general and how their application can contribute to the environmental, social and governance behaviour of shipping companies.
Chapter 5 explores the relationship between crew wellbeing and ESG principles in the shipping industry. In particular, the social dimension of ESG principles emerges as a particularly important area in which shipping companies can implement strategies to increase human wellbeing. Furthermore, the study analyses how promoting employee wellbeing could help shipping companies improve their financial performance, concluding that investing in this approach not only fits with the social objectives of the ESG criteria, but also effectively contributes to improving operational and financial results by increasing employee retention, satisfaction and productivity. Through this it is clear that as shipping companies work to improve their performance under the ESG principles, enhancing crew wellbeing becomes an essential part of their social responsibility and business ethics. Measures are then proposed which, if implemented by ship-owners and employees, can ensure crew welfare. In addition, case studies of leading shipping companies, including Maersk, Angelicoussis Group, Maran Tankers and Eastern Pacific Shipping (EPS), are provided, which demonstrate their commitment to the adoption of ESG principles and crew wellbeing. In particular, these examples demonstrate how ESG frameworks can improve crew wellbeing alongside increasing sustainability and positive business outcomes for organisations when integrated into corporate initiatives.