Vopak

Koninklijke Vopak N.V.
Quick Facts
Type	Public
sector	Storage
Headquarters (Benelux Organization)	Amsterdam, Netherlands
Year of Origin	1999
Emissions (All Scopes)	0,44 Megatons of CO2 (2020)
Total Revenue	1,25 billion EUR (2020)
Stock Exchange	Euronext Amsterdam
Key People	Eelco Hoekstra, CEO Gerard Paulides, CFO Frits Eulderink, COO
Number of Employees	5637
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 1,25 billion 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 6,5 billion 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.

Main Activities

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.

Government

To what extent can the government influence company policy? (shareholder, licensing authority, client etc.) Has company received NOW support or royal status?

Paris Agreement to Today

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

Financial Results since 2015

This tabel is meant to indicate that the companies have plenty of money to make their company more sustainable. Clearly distinguish between Dutch data and international data.

Financial situation

Year	Revenue	Profit	Dividend
2015	XXX Billion EUR	XXX EUR	XXX EUR
2016	XXX Billion EUR	XXX EUR	XXX EUR
2017	XXX Billion EUR	XXX EUR	XXX EUR
2018	XXX Billion EUR	XXX EUR	XXX EUR
2019	XXX Billion EUR	XXX EUR	XXX EUR
2020	XXX Billion EUR	XXX EUR	XXX EUR
2021	XXX Billion EUR	XXX EUR	XXX EUR

Current Policies and Emissions

Description of the emissions per scope. Critical analysis of (missing) information based on GHG protocol (probably most relevant for scope 3). Describe current climate policies of companies and possible reduction trends.

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.

Total emissions XXX Megatonnes of CO2 (2020)

Scope 1	Scope 2	Scope 3
XXX Megatonnes of CO2 (2020)	XXX Megatonnes of CO2 (2020)	XXX Megatonnes of CO2 (2020)

Climate Plans

Description of the climate plans of the company, with special focus on the goals for 2030 and 2050. Make sure to include the baseyear for their targets. Do the goals take the entire company and all scopes into account?

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.

Due Diligence

Keep the broader context in mind. Is the company integer when it comes to deforestation, palm oil, biodiversity, human rights etc etc? Be critical in the sources used here.

Scandals and controversies

Any dirt on the companies can be added here.

Conclusion

Recap of the position and influence of the company. Are the climate plans of the company enough to be in line with goals of the Paris Agreement? Is the company doing enough? Are the companies targets realistic?

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.