This engagement is led by the FAIRR Initiative and supported by UNEP FI’s Sustainable Blue Economy Finance Initiative, Planet Tracker, World Wildlife Fund (WWF-US) and World Benchmarking Alliance. 

Seafood is one of the most important food commodities in the world, providing food for billions, employment for millions, and serving as a key trade commodity in the global economy. However, the damage done to oceans by excessive fishing puts approximately US $1.93 – 2.89 trillion of assets and revenue at risk over the next 15 years from reductions in habitat quality, nutrient pollution, and disease outbreaks. Improved transparency about the origin and production methods of seafood is a critical first step to accounting for environmental and social impacts and dependencies. Supply chain traceability is an essential tool that can enable this transparency. A comprehensive traceability system should address three criteria: it should be full-chain, digital, and interoperable, ensuring that it is considering all parts of the supply chain, as well as recording and communicating data in a structured and consistent way.

Full-chain traceability can also help companies unlock considerable value. Research by Planet Tracker estimates that implementing traceability systems could cost as little as 1% of seafood sales but could boost the industry’s profitability by 60% by reducing recalls and waste, increasing regulatory compliance, and strengthening brand reputation. This could then unlock a predicted US $600 billion increase in the valuations of global seafood supply chain companies.

The engagement will focus on seven seafood companies, listed below. Companies were selected for inclusion based on sector influence (considering market cap and seafood revenue), and their “traceability-readiness” (Seafood Stewardship Index traceability score greater than zero). 

Engagement companies:

• Charoen Pokphand Foods Pcl
• Marubeni Corporation
• Maruha Nichiro Corporation
• Mitsubishi Corporation
• Nissui Corporation
• Nomad Foods Ltd
• Thai Union Group Pcl

This multi-stakeholder engagement initiative is open to all institutional investors. Investors can register their interest to become a signatory (sign engagement letters and/or join or lead company meetings) by completing the  sign-on form.  In order to be eligible to participate in a meeting, investors are required to become a signatory of the corresponding company letter. 

For further information about this engagement contact: Laure.Boissat@fairr.org 

If you need additional information on the FAIRR network, please contact investoroutreach@fairr.org