Management System and Policies

Island Oil (Holdings) Ltd has developed and implements a Management System that is:

  • continuously monitored and updated to ensure that all services and products offer the highest standards of quality and reliability
  • meeting or exceeding our customer’s expectations in a safe, efficient, and environmentally sustainable manner
  • eliminate or minimize risk to employees and other interested parties who may be exposed to occupational health and safety risks associated with our activities
  • assure conformance with the stated Occupational Health and Safety Policy.
  • consistent with our Environmental Policy.
  • comply with applicable legal and other requirements.

Our commitment to quality, occupational health and safety and the protection of the environment is reflected in our ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certification. Island Oil (Holdings) Ltd is certified under the three International Standards for the trading and brokerage of marine oils and lubricants, provision of ship agency services, trading of physically supplied marine oils and lubricants to ships, supply and trade of spare parts, provisions, and stores to ships.

Click here to view ISO 9001:2015 certificate

Click here to view ISO 45001:2018 certificate

Click here to view ISO 14001:2015 certificate

Quality Policy

We recognize that we shall continually improve the quality and competitiveness in our products and services.

We are committed to:
• Continuously monitor and improve all aspects of our operations so that potential problems can be readily identified, and appropriate corrective actions implemented.
• Meet or even exceed customer and supplier expectations.
• Cultivate a supportive environment and teamwork.

This Policy and the agreed objectives, which are reviewed annually, are communicated within the Group and to the public.

Environmental Policy

We recognize that we must execute our activities in an environmentally responsible and sustainable manner to prevent damage to the environment, achieve a zero environmental incident record and ensure the continual improvement of our environmental performance.

We are committed to:
• Comply with all applicable legislation and other requirements to which the Group subscribes and where practicable, to exceed compliance requirements.
• Confirm that all supplies delivered are of top quality and thereby they pose no threat to the environment.
• Steadily assess the environmental risks associated with our operations, setting of the appropriate objectives.
• Implement environmental programs to minimize the impact of our operations:
– by reducing waste, emissions and discharges; and
– on biodiversity and by using energy efficiently.
• Promote environmental awareness through the training and education of our employees.
• Engage with the shipping industry and relevant authorities, supporting research initiatives with the aim of developing measures to minimize the industry’s impact on the environment.

This Policy and the agreed objectives, which are reviewed annually, are communicated within the Group and to the public.

Occupational Health and Safety Policy

We recognize that we must ensure a safe and healthy working environment, for the prevention of work-related injury and ill health.

We are committed to:
• Establish a proactive approach to Management, that includes identification of hazards and the implementation of preventive and mitigation measures.
• Comply with all applicable laws and regulations and apply responsible standards where laws and regulations do not exist.
• Identify and evaluate health and hygiene risks related to our operations that potentially affect employees, contractors, or the public to eliminate or reduce risks to the lowest practicable level.
• Communicate knowledge about health and hygiene risks to potentially affect individuals or organizations and the local community.
• Provide or arrange, as appropriate, for medical services necessary for the treatment of employee occupational illnesses or injuries and for the handling of medical emergencies.
• Undertake appropriate reviews and evaluations of our operations to measure progress and to foster compliance with this Policy.
• Implement programs and appropriate protective measures to control such risks, including appropriate monitoring of potentially affected employees.
• Support voluntary health and hygiene promotion programs designed to enhance employee’s wellbeing and personal safety. These programs supplement, but not interfere with, the responsibility of employees for their own health care.
• Identify risks to our employees and establish appropriate safeguards.
• Improve safety management skills of personnel, including the preparation for emergencies related both to safety and health.
• Promote safety culture and motivate employees to ensure that they understand and embrace the requirements of the Group’s Management System.

This Policy and the agreed objectives, which are reviewed annually, are communicated within the Group and to the public.

Corporate Social Responsibility Policy

We recognize the seven principles of socially responsible behaviour: accountability, transparency, ethical behaviour, respect for stakeholder interests, respect for the rule of law, respect for international norms of behaviour and respect for human rights as well as managing stakeholder expectations and perspectives while contributing to sustainable development in an environmentally and socially considerate manner.

We are committed to:
• Achieve Group’s sustainability without creating adverse impact on our profitability.
• Address environmental issues and reduce our environmental impact.
• Provide a motivating and rewarding working environment that encourages collaboration and offers our employees opportunities to learn, grow and succeed at work and in life.
• Uphold the highest ethical and professional standards when dealing with suppliers and contractors.
• Provide services that meet the current and future needs of our customers.
• Enable and empower the communities in which we primarily operate.

This Policy, which is reviewed annually, is communicated within the Group and to the public.

ESG Policy

We recognize the profound significance of Environmental, Social, and Governance (ESG) factors in shaping the sustainable and responsible growth of the Group.

We are committed to

      • Safeguard the environment through:
      – Complying rigorously with environmental laws and standards in all regions of operation.
      – Optimizing resource usage, promoting sustainable practices throughout the supply chain.
      – Reducing greenhouse gas emissions, adopting cleaner and renewable energy sources.
      – Promoting waste reduction, recycling, and responsible disposal practices.
      – Supporting initiatives to preserve natural habitats and biodiversity.
      • Actively promote social responsibility through:
      – Ensuring a safe and secure working environment with health and safety measures.
      – Upholding fundamental human rights, eliminating forced or child labour and discrimination.
      – Cultivating an inclusive workplace, valuing diversity and offering continuous employee development.
      – Engaging and supporting communities through educational and socio-economic initiatives.
      • Continuously improve governance and ethics through:
      – Transparent and accurate disclosure of ESG practices and achievements.
      – Active involvement of the Board of Directors in overseeing ESG matters.
      – Upholding unwavering integrity, honesty, and respect in all business dealings.
      – Engaging stakeholders and incorporating their input into strategic planning.
      – Taking a firm stance against corruption and complying with anti-corruption laws.

This Policy, which is reviewed annually, is communicated within the Group and to the public.

Mental Health Policy

We recognize the importance in promoting and maintaining the mental health and wellbeing of all employees through workplace practices, and we encourage employees to take responsibility for their own mental health and wellbeing.

We are committed to:
• The mental health and wellbeing of our employees by providing a healthy and supporting environment for all.
• Take reasonable care that any actions do not affect the health and safety of other people in the workplace.
• Actively support and contribute to the implementation of this Policy, including its objectives.

This Policy, which is reviewed annually, is communicated within the Group and to the public.

Price Risk Policy

We recognize the market volatility and the related price risks involved.

We are committed to:
• No price risk is undertaken by any Trader of the Group.
• All cargoes purchased, and bunkers sold thereafter by Island Petroleum Limited at the Company’s physical supply locations, are fully hedged by our price-risk management team.

This Policy, which is reviewed annually, is communicated within the Group and to the public.

Credit Risk Policy

We recognize the high-risk business environment that we operate.

We are committed to:
• Fix stems that have received prior approval by the Group’s Credit Risk Department. Traders who fix stems without prior approval by the Credit Risk Department are in gross violation of this Policy. In case of a bad debt of any business stemmed without previous approval by the Credit Risk Department or otherwise in contravention to this Policy, the Trader will be held liable for such possible debts besides disciplinary action that may be taken by the Group.
• Buy directly from the physical suppliers and avoid using Trading Companies. Only in exceptional cases and following approval by the Group’s Credit Risk Department can a Trading Company be used instead of a physical supplier in line with the implemented internal procedures.
• Always follow the Group’s implemented procedures when opening credit lines to Suppliers.
• All cash in advance or cash on delivery sales are approved by both Group Credit Risk Manager and the Chief Financial Officer based on the levels of authorization and implemented procedures.
• Any sale is approved on the full faith and credit of the vessel thus Traders may not substitute vessels other than those approved. Likewise, we do not generally accept “To Be Nominated” (TBN) vessels, but only in exemptional cases subject to Credit Risk Department approval in line with implemented procedures.
• Not generally accept “no lien” clauses, except on a case-by-case basis.
• Sell under our own Terms & Conditions (T&Cs). Exemptions may apply on a case-by-case basis following the Groups’ implemented procedures.
• Do not sell to the same vessel twice in a row when the vessel has not taken bunkers from another trader/supplier in between the two sales, except on a case-by-case basis.

This Policy, which is reviewed annually, is communicated within the Group and to the public.

Sanctions Compliance Policy

We recognize the importance to adhere and commit to all current and applicable sanctions and/or prohibitions imposed by all States and Supranational or International Governmental Organizations, including but not limited to, United Nations, the United States of America, the United Kingdom, the European Union as well as all other applicable laws in the countries where we operate.

We are committed to:
• Carry on business in accordance with high ethical standards. This includes adhering to the economic sanctions laws and regulations or prohibitions imposed by the United Nations, the United States of America, the United Kingdom, the European Union and the economic sanctions laws, regulations and prohibitions that apply to our operations in the other countries where we do business, including but not limited to the “Sanctions Advisory for the Maritime Industry, Energy and Metals Sectors, and Related Communities” issued on 14 May 2020 and its further updates.
• Adhere to all other applicable laws in relation to trade controls, export controls, embargoes, or international boycotts, including but not limited to those in relation to the trading and transportation of cargoes emanating from, or destined to, blacklisted or sanctioned entities, sectors or products (collectively the “Sanctions Laws”).
• Apply this Policy to our operations globally, including all subsidiaries and legal entities worldwide owned or controlled by Island Oil (Holdings) Ltd.
• Ask all our employees read, understand, commit, and comply with this Policy.
• Have zero-tolerance approach to violations of this Policy or applicable sanctions regimes. If an employee fails to comply with this Policy or with its spirit, then they may be subject to disciplinary action that may include dismissal from employment.
• Not enter into any transaction which our employee’s know, suspect or could reasonably conclude, involves a sanctions compliance issue, without prior approval from the Group’s Compliance Working Group. If an employee is in any doubt over a potential sanctions issue, they should escalate the matter to the Compliance Working Group.
• Urge our employees whenever they become aware or they have any suspicion of any issue or practice that involves a violation or potential violation of this Policy to report this issue or practice as soon as possible to the Compliance Working Group.

This Policy, which is reviewed annually, is communicated within the Group and to the public.

Smoking Policy

We recognize that the health and wellbeing of our employees is important and key to the success of Island Oil (Holdings) Ltd.

We are committed to:
• Prohibit smoking inside the office buildings and discourage smoking near entrances and exits. This covers all types of burnt and smoked products including cigarettes, tobacco and non-tobacco cigarette products. This policy also applies to e-cigarettes and vapour pipes.
• Support employees to quit smoking.
• Provide receptacles for the disposal of waste smoking materials where smoking is permitted in unenclosed designated areas, that must be used at all times.
• Inform temporary employees and visitors, including contractors and deliverers, of this Policy.

This Policy, which is reviewed annually, is communicated within the Group and to the public.

Driving Policy

We recognize that we shall operate vehicles in a safe, efficient and effective manner and to minimise risks to employees and others affected by our operations.

We are committed to:
• Communicate local rules for driving at work activities to all employees.
• Ensure that all employees needing to drive our owned, leased or hired vehicles have relevant authorisation to do so.
• Have a system in place to ensure that any of our vehicles are maintained in a roadworthy condition and complies with legal requirements.

This Policy, which is reviewed annually, is communicated within the Group and to the public.

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