Vopak

Koninklijke Vopak N.V.
File:Bijdrijfs Logo.svg
Quick Facts
Type	Public
sector	Storage
Headquarters (Benelux Organization)	Amsterdam, Netherlands
Year of Origin	1999
Emissions (All Scopes)	0,44 Megatons of CO2 (2020)
Net Income	1,25 billion EUR (2020)
Key People	Eelco Hoekstra, CEO Gerard Paulides, CFO Frits Eulderink, COO
Subsidiaries	27 joint ventures 8 associates Over 50 subsidiaries

Koninklijke Vopak N.V., stylized as Vopak, was founded in 1999 by merger of Pakhoed and Van Ommeren to Vopak. Vopak’s precursors have existed since 1616. Originally focusing on colonial goods like spices and tea. Vopak is currently the world’s leading independent tank storage company. Vopak has 70 terminals, is active in 23 coutnries and employs 5637 people. Vopak stores and handles Chemicals, Gas, Oil products and vegoils and biofuels. As service provider, Vopak never owns the products it stores. Vopak is headquartered in Amsterdam. Vopak shares are listed on the Amsterdam Stock Exchange. Vopak’s operating income was 1250 million euro’s. Vopak’s net profit was 330,5 million euro. Vopak’s effective tax rate was 17,3%. Vopak’s balance sheet value is 6517,9 million euro.

Company Structure

Vopak is headquartered in Amsterdam. Vopak shares are listed on the Amsterdam Stock Exchange. Vopak is originally a Dutch company and therefore headquartered in the Netherlands. Vopak has 27 joint ventures and 8 associates. Vopak has over 50 subsidiaries. Vopak employs a two-tier structure where the Executive board leads the global divisions and is overseen by a supervisory board.

Board of Directors

Executive Board

Name	Function	Remuneration x1000 EUR
Eelco Hoekstra	Chief Executive Officer	2220
Gerard Paulides	Chief Finanacial Officer	1574
Frits Eulderink	Chief Operations Officer	1461

Global team of directors

Global team of directors

Name	Function
Patrick van der Voort	President Europe & Africa
Michiel Gilsing	President Asia & Middle East
Yan Chen	President China & North Asia
Chris Robblee	President Americas
Kees van Seventer	President LNG

Supervisory Board

Supervisory Board

Name	Function	Remuneration x1000 EUR
Ben Nooteboom	Chairman	111,5
Mel Groot	Vice-chairman	78,5
Nicoletta Giadrossi	Member	77
Ben van der Veer	Member	80
Lucrere Foufopoulos - De Ridder	Member	80,5
Rien Zwitserloot	Member	75

Accountant

Vopak’s external accountant is Deloitte.

Operations

Vopak is currently the world’s leading independent tank storage company. Vopak stores and handles Chemicals, Gas, Oil products and vegoils and biofuels As service provider, Vopak never owns the products it stores. Vopak’s precursors VOC and Pakhoed received royal status in respectively 1989 and 1991. Although it was uncommon for merger companies to keep their royal status, Vopak was allowed to keep it after 1999. Vopak has not received NOW support during corona times.

Paris Agreement to Today

Since the climate accord of 2015, no progression has been booked in total emissions nor in emission intensity.

Current Policies and Emissions

Vopak’s ambition is to be the sustainability leader in our industry and live up to its purpose: storing vital products with care.

Vopak claims to go beyond legally required minimum standards in many occasions. Vopak uses the American Petroleum Institute’s recommended practice for the refinery and petrochemical industries as their environmental management process. Vopak has the ambition to be climate neutral by 2050.

In 2020, according to its own rapportations Vopak’s scope 1 and 2 greenhouse gas emissions totaled 444,150 metric tons (0,444 mton), up 9% from 2019 due to the changes in the portfolio. Both emission intensity per storage capacity as well as per revenu has gone up as well. Vopak has the ambition to be climate neutral by 2050. There is no reports for the scope 3 emission. Vopak plans to include scope 3 emissions from construction sites in their reports by 2021.

Climate Plans

Vopak's ambition is to be climate neutral by 2050 and to remain the industry leader in sustainability in the period up to 2030 and 2050. Increase energy efficiency and seek opportunities for renewables.

Vopak has defined seven lines of action to play its role in the energy transition:

• Switching to cleaner and/or renewable fuels
• Energy efficiency through smarter process operations
• Minimize commercial incentives to increase our carbon footprint
• Develop and use renewable energy
• For new terminals, heating and vapor treatment equipment should be based on carbon neutral technology where possible
• Introduce internal carbon pricing in investment proposals
• Carbon capture, storage and reuse of Scope 1 emissions

Vopak plans to develop its business in support of the Paris climate goals. There are no plans for 2030 in the annual report or on the website and no calculations or foundations to the seven lines of actions to become climate neutral in 2050.

Conclusion

Vopak is a leading player in its field and its active worldwide. It has a strategic position on the enrgy market. Vopak has ambitious ambitions with regard to sustainability, but in the years since the Paris Agreement hasn’t made progress on these ambititons. This reduces credibility. Vopak strives to be climate neutral in 2050. Vopak defined seven lines of actions to get there, but no foundation to these lines of action are provided. There are no concrete targets for 2030. Vopak currently does not report its scope 3 emissions. There is a lot to gain for Vopak to get in line with the Paris Agreement of 2015.

Bedrijfsspecifieke Passage in 'de brief'

U heeft uw duurzaamheidsbeleid vastgelegd in het jaarverslag over 2020.

Wij constateren dat het uw ambitie is per 2050 klimaatneutraal te zijn in uw operaties en per 2030 de voorloper in duurzaamheid te zijn in uw industrie. U wilt dit bereiken door de energie efficiëntie van uw activiteiten te verbeteren en mogelijkheden te onderzoeken voor hernieuwbare energie. Een onderbouwing van deze doelen en middelen ontbreekt.

Daarnaast constateren wij dat uw rapportages betrekking hebben op scope 1 en 2 emissies. Rapportage voor scope 3 emissies ontbreekt. Uw scope 1 en 2 emissies zijn in de afgelopen jaren niet of nauwelijks gedaald, en in 2020 zijn zij toegenomen.

Het is duidelijk dat u hiermee niet binnen uw budget binnen het anderhalve graden scenario blijft. Uw doelen zijn niet concreet, niet volledig, niet onderbouwd en niet voldoende. Dit zijn grote tekortkomingen die afbreuk doen aan de geloofwaardigheid van uw ambities.

Met het overschrijden van uw budget binnen het anderhalve graden scenario draagt uw bedrijf bij aan gevaarlijke klimaatverandering en loopt u het materiële risico om mensenrechtenschendingen te veroorzaken.