Grieg Seafood ASA

GSF:NO NO0010365521
Key Information
HQ:
Norway
Market Cap:
$0.8bn
Primary Markets:
North America, Europe & Russia



Company Information

Company Summary

Grieg Seafood is one of the world's leading fish farming companies, specialising in Atlantic salmon. The group is present in Norway, British Columbia (Canada) and in Shetland (UK). Over 54% of its sales are to the EU.
Grieg Seafood ASA

Revenue

Total revenue:

$0.5bn

Revenue by Geography

Revenue by Protein

Revenue by Product Type

Note: This financial breakdown is based on Annual reports released in 2022, containing, in most cases, FY2021.


Disclosures

CDP ScoresLast Reviewed: 11/10/2023

CDP ClimateCDP ForestsCDP Water
YesNoNo

Science Based Target InitiativeLast Reviewed: 03/10/2023

Target classificationStatusDate
2°CTargets Set2020

Coller FAIRR Protein Producer Index

Analysis Overview

Index-Radar-2023
Greenhouse Gas Emissions Deforestation & Biodiversity Water Use & Scarcity Waste & Pollution Antibiotics Animal Welfare Working Conditions Food Safety Sustainability Governance Alternative Proteins

Analysis Breakdown

Risk Score

74/100
Low Risk



Greenhouse Gas Emissions

71/100

Scope 1, 2 & 3 Target
55/100
Type of Target
0/0
Strength of Target - SBT
2.75/5
Source(s): Annual Report 2022, page 43, 44, 45; Science-Based Target Webpage

Innovation on GHG Emission Reduction
60/100
Innovation to Reduce Agriculture Emissions
1/1
Feed Farming Innovation
1/2
Animal Farming Innovation
1/2
Source(s): Annual Report 2022, page 43; CDP Climate Change 2022, page 81; Grieg Seafood CDP Climate Change 2022, page 2, 76, 77; R&D Activities; Sustainable feed ingredients

Quality of GHG Inventory
80/100
Quality and scope of GHG inventory Completeness
1.5/1.5
Feed & Animal Farming Emissions
1/2
Transparency of GHG Inventory
1.5/1.5
Source(s): Annual Report 2022, page 44; CDP Climate Change 2022, page 47; Emissions Audited by PwC; Grieg Seafood CDP Climate Change 2022, page 47, 48, 58, 59, 60, 70

Emissions Performance
90/100
Overall Emission Performance
4.5/5
Source(s): 2022 CDP Climate Change, page 47; Annual Report 2022; CDP Climate Change 2021, page 40

Climate-related Scenario Analysis
70/100
Climate-related Scenarios Analysis Conducted
1/1
Disclosure of Analysis Results on Material Risks
2.5/3
Disclosure of Financial Material Events & Alignment of CAPEX
0/1
Source(s): 2022 CDP Climate Change, page 81; Annual Report 2022, page 12, 23, 27, 31; CDP Climate Change 2022, page 30; Grieg Seafood CDP Climate Change 2022, page 15, 16, 27; TCFD Report 2022, page 3, 6, 7



Deforestation & Biodiversity

83/100

Deforestation/Conversion-free Target - Soy for Animal Feed
100/100
Risk Assessment to Identify High-risk Locations
5/5
Source(s): Annual Report 2022, page 46, 47; Grieg Seafoods CDP Forests 2022, page 5, 6, 43; Zero deforestation and conversion Webpage

Engagement, Monitoring & Traceability - Soy for Animal Feed
100/100
Supplier Engagement
1.25/1.25
Compliance monitoring & Traceability
3.25/3.25
Feed Innovation
0.5/0.5
Source(s): Annual Report 2022, page 46, 47; CDP Forest Response 2022, page 85, 86; Grieg Seafoods CDP Forests 2022, page 40, 44, 76, 85, 86; Supplier Code of Conduct Webpage; Zero deforestation and conversion Webpage

Aquaculture Certification (ASC, BAP, GlobalGAP, SSP)
100/100
Proportion of Farms Certified
5/5
Source(s): Annual Report 2022, page 39

Feed Ingredients & Conversion Ratios
68/100
Feed Disclosure
2/2
Performance of Feed Metrics
1.38/3
Source(s): Annual Report 2022, page 24, 28, 32, 37, 46, 47; Sustainable marine ingredients Webpage

Feed Innovation
60/100
Strategy
1.5/2.75
Performance
1.5/2.25
Source(s): Annual Report 2022, page 46, 47, 146; Grieg Seafoods CDP Forests 2022, page 41, 84; Group Waste Management Policy 2022, page 2; Sustainable Feed Policy 2022, page 5

Sea Lice Management - Salmon (Fish at Sea Only)
80/100
Sea Lice Disclosure & Management
2/2
Cleaner Fish
2/3
Source(s): Annual Report 2022, page 9, 25, 29, 32; Cleaner fish health and welfare Webpage; Co-existence with wild salmon Webpage

Ecosystem Impacts
75/100
Escapes
2.5/3.25
Reducing Biodiversity Impacts
0.75/1.25
Algal Blooms
0.5/0.5
Source(s): Annual Report 2022, page 9, 36, 65; Co-existence with wild salmon Webpage; Co-existence with wildlife Webpage; Mitigating harmful algal blooms Webpage



Water Use & Scarcity

38/100


Water Use & Scarcity in Feed Farming
38/100
Supplier Engagement in Water Use in Feed Farming
1/2.5
Disclosure of Water Risks in Feed Farming
0.5/1.5
Source(s): Annual Report 2022, page 146; Grieg Seafoods CDP Forests 2022, page 87, 89; Nature-Related Risk Reporting for Investors 2022, page 11; Sustainable Feed Policy 2022, page 4; Zero deforestation and conversion



Waste & Pollution

47/100

Wastewater at Facilities
40/100
Disclosure & Targets for Wastewater Quality & Volume Discharged
0.5/1.5
Transparency on Water Pollution Risks
1/2
Performance on Wastewater Quality & Volume Discharged
0.5/1.5
Source(s): Annual Report 2022, page 15, 71, 145; Group Policy Freshwater Use 2022, page 2; Waste management Webpage

Nutrient Management in Feed Farming
25/100
Supplier Engagement in Nutrient Pollution Risks
1.25/4
Innovation to Improve Nutrient Management in Feed Farming
0/1
Source(s): Annual Report 2022, page 145; Grieg Seafoods CDP Forests 2022, page 87, 89; Nature-Related Risk Reporting for Investors 2022, page 11; Sustainable Feed Policy 2022, page 4

Nutrient Management in Aquaculture
75/100
Disclosure of Pollution Risks in Animal Farming Operations
3.75/4.5
Performance on Pollution Management
0/0.5
Source(s): Algal Bloom Management Plan (Aug 2022).pdf, page 1; Annual Report 2022, page 26, 30, 32, 34, 37, 67; Environmental Impact Webpage



Antibiotics

100/100

Policy on Antibiotics Use
100/100
Policy on Antibiotics Use
5/5
Source(s): Annual Report 2022, page 27, 31, 58; Use of Antibiotics 2021, page 1

Disclosure of Quantity of Antibiotics Used
100/100
Disclosure of Quantity of Antibiotics Used
5/5
Source(s): Annual Report 2022, page 9, 23, 31, 147; Fish health and welfare Webpage



Animal Welfare

72/100


Aquatic Animal Welfare
53/100
Welfare Policy
2/2.5
Reporting on Animal Welfare Metrics
0.66/2
Reporting on Measures to Improve Welfare
0/0.5
Source(s): Annual Report 2022, page 14; Fish density on our farms Webpage; Fish health and welfare Webpage; Group Policy- Fish welfare of salmon and cleanerfish 2021, page 3

Disease Management - All Fish
90/100
Mortality Rates
3.5/3.5
Disease Outbreak
1/1.5
Source(s): Annual Report 2022, page 9, 14, 25, 29, 31, 33, 57; Survival rate in freshwater 2022, page 1



Working Conditions

76/100

Human Rights
90/100
Strength of Policy
1/1
Due Diligence Process
3/3
Evidence of Remediation
0.5/1
Source(s): Annual Report 2022, page 48, 49; Group Policy Human Rights 2022, page 2, 5; Human Rights Progress Report, page 3, 5, 7; Human rights Webpage

Fair Working Conditions
81/100
Policy for Direct Operations
2.35/3
Monitoring & Discosure
1.68/2
Source(s): Annual Report 2022, page 48, 49, 67, 68; Code of Conduct Webpage; External Whistleblowing Channel; Group Policy Human Rights 2022, page 2, 3; Human Rights Progress Report, page 5; Human rights Webpage; Supplier Code of Conduct Webpage

Safety & Turnover Data
70/100
Committee representation of workers
0.73/2
Disclosure of safety and turnover data
2.75/3
Source(s): Annual Report 2021, page 75; Annual Report 2022, page 48, 51, 52; Grieg Seafood Integrated Annual Report 2021.pdf, page 74; Grieg Seafood_Annual Report_2020_Single page version.pdf, page 110; Health and Safety Webpage

Freedom of Association
62/100
Strength of Policies
1.8/3
Disclosure of Collective Bargaining Metrics
1.3/2
Source(s): Annual Report 2022, page 49, 50; Group Policy Human Rights 2022, page 2; Supplier Code of Conduct Webpage



Food Safety

100/100

Food Safety System
100/100
Certifications
3.5/3.5
Performance
1.5/1.5
Source(s): Annual Report 2022, page 39, 41; Our certifications; Q2 2023 Report, page 21; Safe Food Webpage

Product Recalls & Market Bans
100/100
Product Recall Systems
3/3
Performance
2/2
Source(s): Safe Food Webpage; Withdrawal and recall.pdf



Sustainability Governance

83/100

Assessment of a Company's Sustainability Governance
83/100
Board Sustainability
1.75/2
Incentives & Policy Engagement
1.88/2.5
Innovation & Benchmarking
0.5/0.5
Source(s): 2022 CDP Climate Change; Annual Report 2022, page 13, 15, 16, 56, 68, 70, 75, 139; Corporate Governance; ESG Corporate Governance Table; ESG Indexes; Management Webpage; Partnerships and Collaboration Webpage; Principles of Corporate Governance; R&D Activities



Alternative Proteins

5/100

Diversification of Products to Alternative Protein Sources
5/100
Existing product portfolio
0.25/2.5
Investing for future growth
0/2.5
Source(s): TCFD Report 2022

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