To ensure our success in these areas, our parent Company, Rand-ASC Holdings LLC, has implemented an Environment, Social, and Governance program (ESG) to strengthen our policies and practices, establish goals and objectives, measure performance and progress, and provide for third-party review.
Our maritime business units’ “performance bar” is set very high. Our operations are highly regulated by state/provincial, federal, and international authorities, classification societies, and modern safety management programs. Compliance typically involves scheduled third-party inspections, approvals, and internal audits.
Rand is committed to going beyond the mandated minimums of our industry to address carbon emissions, hazardous waste reduction, DEI, employee-centric initiatives, and governance. We conducted a baseline assessment for 2020 using the GRESB Infrastructure Asset Assessment, an investor-driven global ESG benchmark and reporting framework that assesses the performance of infrastructure assets. For the 2020 assessment, the infrastructure assessment included more than 550 global participants. (see www.gresb.com) The initial assessment specified Rand as the top-rated company in its “Other Transportation: Maintenance and Operation” peer GRESB group. Notwithstanding this achievement, we believe there is room for improvement. The assessment baseline provided the insight necessary to develop an ambitious Rolling 5-year ESG Plan that methodically addresses each area of potential improvement. We are committed to improving our ESG performance thoughtfully, methodically, and responsibly.
Rand’s Core ESG Principles
Uncompromising focus on safety. The well-being of our employees, visitors, and the community is at the core of everything we do.
A success-oriented workplace. Employees are provided with the opportunity and tools to develop and grow according to their career preferences in a positive, professional, and affirming environment.
Engaged in the Community. Through its Marine Miracle Month program, we engage with customers to target donations to charities in and around the communities in which we operate.
No spills. Our goal is to have no releases of oil into the environment.
Pursue addressable CO2 reduction opportunities. The Company has voluntarily adopted IMO’s GHG Reduction targets to reduce emissions by 11% by 2026. The Company is also committed to actively identifying technical and operational changes to further reduce emissions in anticipation of further reductions.
Reduce the generation and disposal of hazardous waste. Minimizing waste generation reduces the need to dispose of waste.
Commitment. Senior management and the Board of Directors actively establish ESG-related plans and monitor progress. ESG-related performance and progress is reviewed at every Board meeting
Benchmarking. We participate in third-party benchmarking assessments that provide peer group and general industry comparison. We also participate in the annual GRESB Infrastructure Asset Assessment.
Auditing. Our business units participate in the Green Marine program, which includes a bi-annual audit by Green Marine auditors.