ESG Governance

The Company is managed through its executive bodies, the General Meeting, the Board of Directors (the Board) and the Executive Management, with overall responsibility for governance of ESG matters sitting with the Board.

The Board has delegated responsibility and authority to an ESG Committee, to act as a preparatory and advisory body for the Board in exercising its responsibility to handle ESG matters. In this role, the ESG Committee defines the Company’s ESG Strategy, including setting its goals, targets, and action plans. The CEO executes the Board’s approach and decisions regarding ESG matters and informs the Board on progress quarterly.

To reduce ESG risks in our operations and onboard our ships, MPCC requires that its third-party technical managers are certified according to quality and environmental management systems, such as ISO 9001:2015 and ISO 14001:2015. Third-party crewing agencies ensure the employment of seafarers in accordance with the International Safety Management (ISM) Code 1 and SOLAS 2, STCW 3 and the 2006 Maritime Labor Convention. Our approach to managing ESG topics is embedded in our policies, frameworks, and processes.

Our ESG Policies Cover the Following Topics:

Environment

• Sustainability
  Adopting a long-term perspective in our business strategy and decision making, that is taking economic and ecological aspects equally into account.
• Sustainable Procurement
  Throughout our procurement activities, we duly consider sustainable practices by the supplier and look to work with those who share similar values with us.
• Environmental
  Reducing our footprint to maintain the marine environment is a key priority for us.
• Ship Recycling
  Carrying out all recycling of vessels in accordance with applicable laws and regulations and prioritize the safeguarding of the environment and human health and safety when recycling vessels.

Social

• Health and Safety
  We operate our business in a manner designed to protect the health and safety of our employees, seafarers, customers, public and the environment with due regard to safety requirements.
• Human Capital
  Utilizing our flat organizational structure to create an inclusive working environment and to ensure that our employees are offered personal development, guidance, and motivation.

Governance

• Anti-Corruption
  We do not tolerate active corruption (attempts to bribe others) or passive corruption (allowing oneself to be bribed) including our agents and representatives.
• Human Rights
  We acknowledge the impact we have on our business partners as well as indirectly on their subcontractor and the resulting responsibility going along with it.