As a part of Gunvor’s efforts to continuously improve procedures in order to mitigate risk across the company, specifically in relation to areas of Compliance, the company has taken the decision to cease the use of “agents”, i.e., consultants and intermediaries, for business origination and development purposes.
Gunvor has already reduced the number of such consultants and intermediaries by approximately 45% since 2018, and is now in the process of winding-down the remainder of consultant contracts in this respect. Going forward, these activities will be managed in accordance with requirements, adopting the most suitable structures based on Compliance standards.
“The lessons of the past bear on how Gunvor operates today, and when we identify areas in which our robust Compliance standards cannot be exactly upheld, we take action. To be clear, the company will do nothing short of ensuring that we are enforcing our zero-tolerance Compliance policies. If we lose business as a result, so be it,” said Gunvor’s CEO Torbjörn Törnqvist. “Gunvor’s priority is to constantly improve how we conduct business in all areas. In the last couple years, we have overhauled our company and business model, and today, we’re clearly stronger as a result.”
Gunvor will be further assessing its use of other consultants, including risk analysts and technical operational service providers, whose services entail greater transparency and a different, lower risk profile.