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Highlights from FAIRR’s company-specific analysis in 2020
See below for FAIRR’s company coverage universe across our research and engagements. Follow the links to see our exclusive analysis of these companies
| Further in-depth analysis of over 100 companies can be found on our website. |
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 Company Background:
Thai Union is a global seafood leader, which owns 10 different brands. It has 12 production facilities in 10 countries across North America, Europe, Africa and Asia. The company has a range of products including shelf-stable, chilled and frozen foods.
The fishing industry is one of the most at-risk sectors for the use of forced labour. Thai Union, the world’s largest canned-tuna processor and one of the world’s largest seafood processors, is certainly not immune to this risk. The company has been actively working to enhance human rights across its supply chain, but concerns remain. |
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 Company Background
Mowi ASA is the world’s largest producer of Atlantic salmon, supplying one-fifth of the global demand for farm-raised Atlantic salmon. The company is headquartered in Norway and its operations extend to Scotland, Canada, Faroe Islands, Ireland and Chile. It has a fully-integrated value chain, which regulates feed production, farming operations, sales and marketing.In January 2020, Mowi became the first-ever seafood company to issue a green bond, announcing a €200 million bond to finance numerous green projects. Mowi is one of the leading companies when it comes to managing its ESG issues, as shown by its high scores in the 2019 Coller FAIRR Protein Producer Index. |
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FAIRR Analysis:
Significant gaps remain in the company’s approach to minimising forced labour risks. There is, for example, no reporting on how the company is currently monitoring compliance on human rights standards, especially on shrimp and salmon farms.The company also needs to clarify the percentage of employees represented by a trade union, as the information currently disclosed by the company is inconsistent. In its Freedom of Association Policy, Thai Union states that 80.5% of its employees are represented by a trade union, yet this exhibits a stark contrast to the 7.08% that is disclosed in Thai Union’s Sustainability Report 2018. |
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| FAIRR Analysis:
Although its green bond proceeds aim to enhance its sustainability efforts, the bond’s framework is quite broad. There are several areas in which greater detail is needed for investors to understand the strength of Mowi’s plans. We have identified the following areas for improvement in the use of proceeds:
- Mowi plans to address issues linked to feed sources, yet this is limited exclusively to wild-caught fish and soy as per its sustainable salmon feed policy.
- Although the escape issue is mentioned, the company provides no details on the specific methods used to prevent it.
- Issues relating to the negative environmental impacts have been addressed (especially those linked to the treatment of sea lice), though Mowi does not provide a nonmedicinal solution to these problems.
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