At Gunvor, our goal is to maintain the highest ethical standards for how we conduct our business around the world and to comply with all applicable rules and regulations wherever we operate. “Definition: Ethics refers to the set of moral principles or values that guide individuals or groups in determining what is right or wrong, good or bad, and acceptable or unacceptable... Read more & Sustainability” outlines the many programs and initiatives that run through all aspects of our activities—from identifying new business partners to educating and empowering our employees. Our teams are working continuously to improve company procedures, while mitigating and anticipating risks within the commodities trading sector.
Being a physical energy trader, Gunvor is subject to oversight from more than 70 regulatory authorities worldwide. Virtually every aspect of our business is affected to a greater or lesser degree by regulations covering health and safety, insurance, emission and environmental control, product, cargo and financial crime, international trade and sanctions, and banking, exchange and derivatives market rules.
To ensure compliance within such an extensive and constantly evolving regulatory environment, we maintain rigorous corporate protocols and a strict compliance program. This activity is overseen by our Compliance Department, which provides oversight, advice and training for Gunvor trading centers worldwide. In all operations, Gunvor adheres to the laws and regulations to which it is subject, both international and local, in the jurisdictions in which it operates.
Gunvor strives to be proactive in addressing evolving compliance standards. For example, we have taken steps to strengthen contract language with counterparties to enhance contractual prohibitions against trading with countries and entities under economic sanctions. We have also brought sanctions compliance expertise in-house with new roles specifically designed to undertake monitoring and education.
Transparency initiatives and reporting complement Gunvor’s compliance program. On an annual basis, Gunvor reports its payments to governments in line with the Extractive Industry Transparency Initiative (EITI), which we views as consistent way of improving transparency while reducing the potential for corruption in cooperation with these governments.
The effective management of health and safety, the environment, human rights and community engagement—collectively known as “HSEC”—is essential to growing our business in a sustainable and responsible manner. Gunvor therefore assigns the highest priority to preserving the health, well-being, human rights and safety of our employees, our customers, and the communities in which we operate, as well as respecting and protecting the environment in the countries with which we do business.
Since 2018, Gunvor has been working to implement the United Nations Guiding Principles on Business and Human Rights and has made significant progress in strengthening the company’s processes, white the help of an external expert partner. Gunvor has now embedded Human Rights across critical aspects of our business, and we have a clear road map for the development of robust programs to address our entire business.
Objective assessments of our business and activities enable us to identify issues quickly, while helping to craft solutions to mitigate risks. Gunvor maintains a robust and independent internal audit function, as well as participates regularly in voluntary, external, third-party reviews from leading audit organizations.
Learn more about Gunvor’s Policies & Code of Conduct