COMPANY PROFILE
Founded in 2009 by Dr. Farshad Shishehchian and Amornrat Boonchuay, Blue Aqua International (“BAI”) is a group of companies specializing in aquaculture operations and technology. Globally, Blue Aqua has a presence in 14 countries. We provide an all-in-one solution for the aquaculture industry through our Blue Aqua brands: Blue Aqua Biotech, Blue Aqua Breeding Center, Blue Aqua Farming & Consultancy, Blue Aqua Food Supply, and Blue Aqua Food Tech. We have also established “Doctor Shrimp”, a Centre of Excellence which aims to provide practical skills training and shrimp diagnostic services for the shrimp farming industry globally.
Blue Aqua International focuses on manufacturing and distribution of specialty aquaculture products. Our MixotrophicTM system is patented nationally in 8 countries and PCT patented in 144 countries, enabling the management of intensive aquaculture systems. Established in 2017, the aim of the Blue Aqua Breeding Centre in Singapore is to deliver genetically improved shrimp broodstock to shrimp farming operations and production sites across the Asia Pacific region. This shrimp breeding centre is now a super-intensive, zerowaste, zero water-exchange indoor shrimp farm.
Blue Aqua Farming & Consultancy provides guidance for successful farming through our deep, holistic aquaculture knowledge. We have invested over 10 years into developing our in-house formulation for marine animals and are proud to be the only company in the region that produces our specific type of feed today. We provide animal nutrition solutions under Blue Aqua Biotech.
In 2022, we started planning for a rainbow trout farm in Singapore, and a feedmill for high-quality, sustainable aquafeed for local and regional markets. As farmers ourselves, we prioritize about the quality and safety of our food, alongside our commitment to community and our planet. Our first priority is safe, sustainable food for the future by addressing global food insecurity through innovative solutions.
MESSAGE FROM DR FARSHAD SHISHEHCHIAN
GROUP CEO AND FOUNDER
Environment-conscious practices are implemented and integrated into every step of our aquaculture ecosystem, across our businesses.
DR FARSHAD SHISHEHCHIAN Group Ceo and Founder
This report covering the period 1 January 2023 to 31 December 2023 highlights our successes and challenges as well as the steps we have taken to improve our sustainability. We are committed to continuously improving our efforts and remain dedicated to making a positive contribution to our stakeholders and the environment.
In preparing this report, we took into account the latest GRI Universal Standards 2021, relevant GRI sector standard – GRI 13: Agriculture, Aquaculture and Fishing Sectors (2022), as well as recommendations from the Task Force on Climate-related Financial Disclosures (“TCFD”).
In this document, we outline our key operations in Singapore and demonstrate how we strive to meet the needs of our customers and other key stakeholders by integrating sustainable practices throughout our value chain. Our core business is the provision of real, tangible solutions for the aquaculture industry in its efforts to combat global food insecurity, safely and sustainably. Blue Aqua has a presence in 14 countries, and our work is supported by six Blue Aqua brands and a Centre of Excellence for the shrimp industry.
This includes manufacturing specialty aquaculture products and providing services to farmers in India; establishing exclusive distributor partnerships in Indonesia and Vietnam; launching innovative solutions for animal nutrition; and patenting technology for intensive aquaculture systems. We also provide consultancy services for farm operations and skills training, and have introduced a sustainable retail brand supplying locally-produced fish and shrimp.
We believe in full accountability for any impact we make on the environment, which involves our customers, employees and the communities where we operate. Sustainability is a critical aspect of our operations, and we are committed to incorporating sustainable practices into every aspect of our value chain. Environment-conscious practices are implemented and integrated into every step of our aquaculture ecosystem, across our businesses.
While we seek to grow our business, we are mindful of our social and environmental impact in the areas that we operate in and are committed to integrating sustainable practices in our business operations. In the course of our work, we collaborate across sectors, industries and stakeholder groups. We shall continue to do so, as we strive to apply our groundbreaking aquaculture solutions and knowledge, to the transformation of farms, lives and communities.
ABOUT THIS REPORT
SCOPE OF THIS REPORT
This is Blue Aqua International’s (“BAI”) first Sustainability Report and covers our key operations in Singapore. This report is published annually and covers the same reporting period as our Financial Year 2023 (“FY2023”), from 1 January 2023 to 31 December 2023.
REPORTING FRAMEWORK
This Report is prepared with reference to the Global Reporting Initiative (“GRI”) Standards as it provides an extensive framework that is widely accepted as a global standard for sustainability reporting. The Report also takes into account the latest GRI Universal Standards 2021, relevant GRI Sector Standard and United Nations Sustainable Development Goals (“UN SDGs”).
FEEDBACK
This Report provides us with a valuable opportunity to engage our stakeholders and respond to issues that matter most to them and to our business as we work to further focus and prioritise our sustainability and corporate social responsibility initiatives. We welcome your views and feedback on our sustainability practices and reporting at hamoon@blueaquaint.com
SUSTAINABILITY GOVERNANCE
BAI’s Group Chief Executive Officer (CEO) and Group Chief Financial Officer (CFO) oversee all ESG issues, as well as corporate governance and business-related operational matters. This includes managing sustainability risks and supervising sustainability efforts. The CEO and CFO are supported by senior managers and executives who identify and collaboratively manage ESG factors. They are also a channel for continuous feedback and can provide updates on BAI’s sustainability initiatives and efforts through quarterly meetings that focus on sustainability progress and activities.
Their various perspectives also produce the information necessary for effective decision-making, as well as the data with integrity necessary for sustainability reporting. BAI’s intention is to deliver long-term value to its stakeholders while driving changes in its various business units towards the attainment of its objectives. The coordination and support of senior managers and executives are therefore critical as they drive the changes in their respective areas, towards the achievement of BAI’s sustainability goals.
ESG FRAMEWORK
BAI is committed to being at the forefront of sustainable aquaculture, through innovative practices in line with the highest ESG standards. Our aim is to be a leader in environmental stewardship, social responsibility, and governance excellence, contributing positively to the communities we serve and setting new standards for the industry.
ENVIRONMENT
We envision continuing our journey in sustainable aquaculture practices through building a circular economy and advancing our patented MixotrophicTM system to achieve higher levels of efficiency while reducing resource dependency and reducing our environmental footprint. We aim to create innovative aquaculture solutions to tackle challenges such as alternative protein for aquafeed as a fishmeal replacement. At the same time, we strive to set new industry benchmarks for environmental responsibility in aquaculture through intensifying the expansion of resource-efficient practices including water conservation, energy-efficient systems and sustainable feed production.
SOCIAL
Our commitment is to provide consumers with complete visibility of the product journey, from farm to table. To achieve this, we will continue to leverage our blockchain technology for product traceability, enhancing consumer trust and transparency. Part of our community engagement includes encouraging community farming and local initiatives to increase awareness and participation in food production. Our sustainable aquaculture systems are already helping to diversify food sources, expanding the variety available locally, and helping to ensure a resilient supply.
GOVERNANCE
We are committed to adhering to all relevant environmental, social and governance regulations and standards, and to implement comprehensive risk management strategies to identify, assess and mitigate potential ESG-related risks. Our governance framework which covers ethical business conduct and anti-corruption for our employees and business partners requires all parties to uphold the highest standards of ethical conduct in all business dealings.
MATERIALITY
The Board of BAI has oversight of the material factors. A materiality assessment workshop was conducted in-house to review the material topics and ensure that they were up-to-date and relevant to the business. This was conducted with key internal members from our Sustainability Steering Committee and key management personnel. Through peer benchmarking, review of the recently published GRI Standards – Agriculture, Aquaculture and Fishing (GRI 13), as well as a review of key industry and sustainability trends, a list of potential ESG topics were selected. The ESG topics were then prioritised based on the level of importance to BAI’s business and stakeholders. The list of prioritised ESG topics was then reviewed and approved by the Board, Group CEOS and top management. Using the table below, 11 material topics which were identified as important to the business and from the stakeholders’ concerns were prioritised for inclusion in the Sustainability Report.
The material topics were then mapped to the various sustainability pillars as shown below and relevant GRI Topic Standards identified. We have also explained why each of these material topics is important for our business. BAI works actively to support the United Nations Sustainable Development Goals (UNSDGs) and we believe that businesses have a key role to play in implementing the goals. We contribute to social and economic development in the societies and communities we operate in, as well as do our part on climate action and conducting responsible business activities. BAI supports all the 17 UNSDGs and contributes in particular to the following eight goals:
Cutting-edge solutions for environmental management, animal nutrition and sustainable aquaculture.
Meeting nation’s nutritional needs, food security through sharing best practices, industry collaboration, and academic R&D.
Close engagement with stakeholders and the communities where we operate through outreach programmes, educational initiatives, and local employment.
Strict compliance with regulations and an antimoney laundering policy are in place to ensure integrity and reputation, foster stakeholder trust and confidence, and maintain good corporate governance.
OUR BRANDS AND THEIR ROLE IN THE VALUE CHAIN
Blue Aqua provides cutting-edge solutions for the management of the culture environment and the optimization of animal nutrition. Specialising in aquaculture technology and farming, we transfer expert solutions to over 4,000 customers worldwide and operate farms in Singapore, Indonesia and Oman. Through our consultancy arm, we also provide practical skills training and shrimp diagnostics services for the shrimp farming industry globally.
Our priority is to safely and sustainably feed our future. We believe in the power of food to change the world, and we take on this challenge by providing real, tangible solutions to combat global food insecurity. At Blue Aqua, we own and integrate every step of the aquaculture ecosystem and implement environmentally-conscious practices across our businesses.
BLUE
Innovative solutions for animal nutrition
Super-intensive shrimp farm and hatchery
Farms operations and consultancy services
Sustainable food retail brand
Alternative protein for fishmeal replacement Centre of excellence for shrimp farming
BLUE AQUA BIOTECH
BLUE AQUA BREEDING CENTRE
BLUE AQUA FARMING & CONSULTANCY
BLUE AQUA FOOD SUPPLY
AQUA FOOD TECH DOCTOR SHRIMP
Blue Aqua Food Tech
Blue Aqua Food Supply
1. FEED INGREDIENT MANUFACTURERS
Raw materials are processed into ingredients that can be made into fish and shrimp feed. Feed ingredients are selected for the nutrients they provide, the absence of anti-nutritional or undesirable substances, economics, and sustainability credentials. Despite the challenge of finding the right balance between price and quality, we have been working on a circular economy approach to produce feed with similar or better nutritional value.
2. BLUE AQUA BIOTECH
Blue Aqua converts ingredients into innovative fish and shrimp feeds. Our operations are built upon a solid foundation of people provided with good and safe working conditions.
3. FARMERS
Farmers feed their fish and shrimp with high quality, nutritious food. Aquaculture performance is determined by animal health, nutrition and farm management. We have in place various programmes and tools to assist farmers address challenges faced in their farms and to farm more responsibly.
4. FOOD DISTRIBUTORS AND RETAILERS
Food distributors have an important role to play in promoting and advancing sustainable consumption and production of seafood. We have been actively working on collaborations with these stakeholders to bring more sustainable seafood to the market.
5. CONSUMERS
People purchase and eat high quality, safe and nutritious seafood products. We pride ourselves on producing antibiotic-free fish and shrimp from our local farms in Singapore.
GLOBAL CHALLENGES
In the State of World Fisheries and Aquaculture 2022 (SOFIA)1, the Food and Agriculture Organization (FAO) of the United Nations (UN) states that prioritising and better integrating fisheries and aquaculture products in global, regional and national food system strategies and policies should be a vital part of the necessary transformation of agrifood systems. The UN body also reports the global per capita consumption has doubled since the 1960s – from a level of 9.9 kg to 20.2 kg in 2020 - with the average annual rise consistently outpacing both the world population increase and the growth in consumption of all other animal protein foods and all terrestrially-produced meats. Looking ahead, FAO expects that rising incomes and urbanisation, improvements in post-harvest practices and changes in dietary trends will lead to a 15% increase in aquatic food consumption – to supply on average 21.4 kg per capita in 2030.
Not only do fish, shrimp and other wild-caught and farmed aquatic foods provide more than 3 billion people with at least 20% of their animal protein, the high nutritional profile, considerable species diversity and abundance of these socalled “blue foods” mean they are also ideally positioned to help establish resilient and sustainable global food systems.
The SOFIA report also states that priority areas for innovative aquaculture practices should include aquafeeds and feeding, digitalisation and the promotion of efficient and pro-environment practices. It adds that implementing these solutions requires adequate capacity and skills, training, research and partnerships, and that these can benefit from developments in information and communications technology and wider access to mobile applications and platforms.
1 https://www.fao.org/documents/card/en/c/cc0461en
SUPPORTING THE BLUE TRANSFORMATION
CIRCULAR AQUACULTURE
Blue Aqua Food Tech, leveraging its strong farming roots in Southeast Asia, is making significant strides in the aquaculture industry by developing sustainable feed solutions. Utilising food waste to cultivate Black Soldier Fly larvae, we are developing a high-quality, sustainable replacement for traditional fishmeal. Blue Aqua’s expertise is invaluable in understanding the nutritional requirements of various aquaculture species. This knowledge ensures that the alternative protein not only serves as a sustainable option but also meets the specific dietary needs of different species of fish. Our experience in the industry, combined with our innovative techniques, positions us to effectively address the challenges of fishmeal scarcity and environmental sustainability.
VALUE CREATION
Our first priority is safe, sustainable food and the provision of solutions to global food insecurity. We offer groundbreaking aquaculture solutions and knowledge that can transform lives. From our manufacture and distribution of aquaculture products and services, to our solutions for animal nutrition, farm construction and farm consultancy services, we have provided food, jobs and nutrition to communities and markets locally and regionally.
Our organisation, Doctor Shrimp, offers a disease diagnostic laboratory and training school for intensive shrimp farming; in 2021 we started the Asian Aquaculture Academy for aquaculture training and upskilling. We will develop a rainbow trout smart farm in Singapore, and a feedmill for high-quality, sustainable aquafeed for local and regional markets by 2024.
INNOVATIVE TECHNOLOGY
BAI is integrating blockchain technology into aquaculture to enhance product traceability, allowing customers to track the journey of our shrimp from larvae to supermarket via a QR code using the ‘Blue Aqua Trace It’ app. This technological advancement ensures transparency and boosts consumer confidence in the sustainability and quality of our products.
Our MixotrophicTM system enables the management of intensive aquaculture systems, and has been PCT patented in 144 countries.
Integrating aquaculture products into food system strategies and policies is vital to transforming agrifood systems, especially as global per capita consumption has doubled since the 1960s. Fish, shrimp and other wild-caught and farmed aquatic foods are increasingly providing billions of people with their animal protein. The considerable species diversity and abundance of these “blue foods” ideally position them as resilient, sustainable global food systems.
COLLABORATION WITH VARIOUS STAKEHOLDERS
But innovative aquaculture practices are required for feeding, digitalisation and the promotion of efficient, pro-environment practices. Implementing these solutions requires adequate capacity and skills, training, research and suitable partnerships. BAI provides cutting-edge solutions for the management of the environment and the optimization of animal nutrition, consultancy services and practical skills training, in an engaging, collaborative environment, across geographies, cultures and markets. These are some of the areas where we collaborate, and also represent our key stakeholder groups:
INDUSTRY LEADERS AND AQUACULTURE COMPANIES
BAI collaborates with other industry leaders and aquaculture companies, such as Hydrotech AB, a Swedish pioneer and market leader in water treatment. These industry partnerships allow us to facilitate and share best practices, innovative technologies, and research in sustainable aquaculture with others while accessing complementary expertise, thereby developing a more comprehensive approach to solving industry challenges, such as sustainable feed production.
ACADEMIC AND RESEARCH INSTITUTIONS
Academic and research institutions are also a part of BAI. An example of BAI’s research initiative is Doctor Shrimp, which provides extensive resources, including disease diagnostics, practical solutions, and training protocols that keep us on the cutting edge of shrimp farming practices.
We also collaborate with academic institutions such as Temasek Polytechnic where short-term aquaculture courses and open farm tours to provide insights into shrimp cultivation are provided, potentially identifying candidates interested in pursuing careers in aquaculture.
GOVERNMENT AND REGULATORY BODIES
We work closely with government and regulatory bodies to ensure compliance with regulations and standards. Our involvement at this level also allows us to contribute to policy discussions and advocate for industry practices that support sustainable development. We collaborate closely with government agencies to establish regulations for the aquaculture industry. As aquaculture is an emerging sector in Singapore, numerous rules and regulations need to be refined to suit its specific requirements. We were part of the committee that established the aquaculture standards for Singapore Clean and Green Urban Farms (SG C&G) and Singapore Good Agricultural Practice (SG GAP). Collaboration with these bodies can help in aligning company practices with national goals, like Singapore’s “30 by 30” food security plan. We also obtained certification from Aquaculture Stewardship Council and published our Biodiversity Environmental Impact Assessment (B-EIA) and Participatory Social Impact Assessment (P-SIA) reports.
SUPPLIERS AND DISTRIBUTORS
Our suppliers and distributors are crucial to sustainable supply chain management. Blue Aqua recognises this and works closely with these stakeholders, maintaining strong relationships to ensure that all supply chain aspects, from feed sourcing to product distribution, adhere to sustainability standards.
LOCAL COMMUNITIES
Engaging with local communities is crucial, particularly with those where we operate. Blue Aqua sees this engagement as vital for social sustainability. Our engagement involves community outreach programmes, educational initiatives, and local employment opportunities – all measures that have a positive local impact.
CUSTOMERS AND CONSUMERS
In addition to local community engagement, Blue Aqua encourages wider engagement with customers and consumers through feedback mechanisms, transparency initiatives like blockchain traceability, and marketing strategies that highlight the company’s commitment to sustainability. Our app, Blue Aqua Trace It, is used to trace and track our seafood through the use of a QR code on our shrimp products.
NGO s
We collaborate with other bodies, especially those focused on environmental conservation and sustainable aquaculture, as we view this as aligning Blue Aqua’s practices with global sustainability goals. These partnerships can also enhance the company’s corporate social responsibility initiatives.
FOOD SECURITY
BAI is a crucial participant in Singapore’s “30 by 30” food security initiative, aiming to produce 30% of the nation’s nutritional needs locally by 2030. At our Singapore facility, we focus on the sustainable cultivation of various species, significantly contributing to this national goal.
In our aquaculture operations in Singapore, we produce:
White Shrimp (Litopenaeus vannamei): Approximately 32 tons per year.
Blue Tiger Shrimp (Penaeus monodon): Around 200,000 pieces annually.
Japanese Kuruma Shrimp (Marsupenaeus japonicus): Close to 100,000 pieces each year.
INVESTORS AND SHAREHOLDERS
Regular communication and engagement is undertaken with investors and shareholders to ensure that they are informed about the company’s sustainability initiatives and progress. This can help in securing support for sustainable projects and initiatives.
Our facility’s total annual production of naturally farmed shrimp is 50-100 tonnes, and is sold to restaurants and grocery chains island-wide. The annual output of our rainbow trout farm is 3,000 tonnes. This output plays a vital role in enhancing Singapore’s self-sufficiency in seafood production.
As part of our sustainability goals, BAI intends to continue achieving mass production of seafood while keeping our environmental footprint as small as possible.
TOWARDS SUSTAINABLE AQUACULTURE
Their efforts are recognised as the foundation of our success, and they are further encouraged through education, work exposure and training opportunities.
OUR PEOPLE
The collective experience, knowledge and talents of our people are key to our success and have helped us to progress to where we are now. We work in an engaging, collaborative environment where ideas are shared freely; where we cross geographies, cultures and markets to solve customer problems; where open communication, creativity, and exploration are encouraged.
In line with our organisational philosophy, we look constantly for ways to increase efficiency and responsiveness while curtailing waste and creating a safer workplace. Our employees are talented and passionate, and excel at what they do. Their efforts are recognised as the foundation of our success, and they are further encouraged through education, work exposure and training opportunities.
EMPLOYMENT, NON-DISCRIMINATION
In FY2023, our workforce consisted of 21 employees across our operations in Singapore. All were full-time, permanent staff, including one who was employed on a part-time basis. We are an equal opportunity employer, and hire and promote individuals based on their merits, regardless of race, color, religion, sex, national origin, age, gender identity, marital status or any other protected classification.
Our hiring needs are aligned with our strategic objectives. Skills and competencies are constantly evaluated to ensure they fit the requirements for organisational success. To attract qualified candidates, our recruitment strategies are dynamic and targeted, in line with the technologicallyadvanced nature of our industry. Our unbiased recruitment practices that focus on merit and potential ensure equal opportunities for all applicants. Employees’ expertise and feedback are important in the improvement of overall management and operation of the organisation. Four new employees were brought on board in FY2023, boosting our workforce by 19%.
A motivated workforce conveys positivity to our stakeholders. An environment conducive to innovation boosts competitiveness, and BAI operates in an environment of ethnic and cultural diversity. In FY2023, employee turnover was fairly low, at 9.5%. Only two employees left our 21-person workforce in FY2023.
Total number of employees as at 31 December 2023 by Employment Type and Contract
Total number and rate of new employee hires, by age group and gender
No. of Rate of Turnover by Gender
Total number and rate of employee turnover, by age group and gender
DIVERSITY
We pride ourselves on having had a completely gender-balanced Board of Directors in FY2023, with four male and four female members. They also represented a wide spectrum of ages, with two under 30 years old. Two were in the 30-50 year old age group. Four were over 50 years old.
Composition of Board of Directors
This balance was maintained at management level in FY2023. However at executive level, females made up the majority although this was reversed in the manager category – 67% of employees were male, and 33% of employees were female. All our technicians were male, but there was an almost even split between male and female general workers.
At management level, half of employees were aged 30-50 years old. The remaining were aged over 50 years old. All our executive employees were 30-50 years old. Our managers were mainly under 30 years old. Technicians were primarily 30-50 years old. Employees in the general worker category were aged mainly 30-50 years old. Percentage of Employees per Employee Category by Gender
Percentage of Employees per Employee Category by Age Group
TRAINING AND EDUCATION
Consistent, ongoing education is the mainstay of a competitive, skilled, productive and motivated workforce. Our people are provided with opportunities for in-house employee engagement to encourage upskilling of various competencies, whenever necessary.
Male employees received more training than female employees in FY2023. By employee category, the company’s executives received the most training hours, followed by general workers. Three managers received 43 hours of training per person, followed by the company’s two management employees, who received 31 hours of training. Six technicians underwent four hours of training.
Average Training Hours by Gender and Employee Category
Average Training Hours by Gender
Average Training Hours by Catagory
OCCUPATIONAL HEALTH AND SAFETY
We are committed to stringent health and safety regulations, and implement safety protocols throughout our operations. Employees are equipped with awareness, training and the resources necessary for their safety. Our sites meet all required occupational health and safety standards, and systems are in place to ensure that employees adhere to these standards. They are also encouraged to make recommendations or suggestions on how to improve these systems. We value their feedback.
There were no fatalities as a result of work-related injury, during the 51,384 man-hours worked in FY2023. There were no highconsequence, work-related injuries, or recordable work-related injuries, and no lost days.
RESPONSIBLE PRODUCTION
ENERGY AND EMISSIONS
Fatalities as a result of work-related injury
High-consequence work-related injuries (excluding fatalities)
Recordable work-related injuries
We continuously seek ways to enhance energy efficiency across our operations. Through regular energy assessments, we identify areas for improvement and implement energy-saving technologies and practices. This includes upgrading to energy-efficient equipment, optimising processes, and promoting a culture of energy conservation among our employees. Through the above approaches, we aim to reduce our greenhouse gas emissions and mitigate climate change. We are also exploring the adoption of cleaner energy sources, such as renewable energy, where possible.
Our total energy consumption in FY2023 was 1,365,298.61 megajoules (“MJ”). Electricity consumption accounted for 1,055,052 MJ. Fuel consumption was recorded at 231,662.48 MJ for diesel, and 78,684.13 MJ for petrol.
In FY2023, our Scope 1 and Scope 2 GHG emissions totaled 144.91 tonnes CO2e (“tCO2e”). Scope 1 emissions accounted for 22.76 tCO2e while Scope 2 emissions accounted for 122.15 tCo2e of this total.
Total Energy Consumed (MJ)
1,200,000.00
1,000,000.00
800,000.00
Scope 1 & 2 GHG Emissions (tCO2e)
Waste from our fish farm is utilized for the production of biogas on site, and solar power is applied as much as possible, to reduce dependence on the national grid.
WATER AND EFFLUENTS
Water is imperative to our operations and production. BAI’s commitment to the conservation of natural resources spurs it to strictly monitor how water is used in our operations, disposed of, or recycled, to minimise negative impacts on the environment. The nature of our business requires high water consumption but we have set in place robust measures to reduce wastage and optimise water use through more efficient technologies and promoting a culture of water conservation among employees. We recognise that our processes must be further fine-tuned to continue to safeguard this precious resource, ensuring that the standard of our products is maintained and sustainable.
In FY2023, we withdrew 6,304 Megaliters (“ML”) of water from two sources. This amount was made up of 3,288 ML of seawater and 3,016 ML of third-party water.
In FY2024, we plan to continue to measure and monitor our water consumption to identify potential areas for water conservation. This will enable a better understanding of our water consumption, and enable the setting of more concrete reduction targets.
WASTE
We are conscious of the amount of waste produced in our operations and strive to reduce it wherever possible. Our waste is non-hazardous, and can be divided into commercial and industrial waste; organic food and drink waste; and shrimp biowaste.
A total of 2,672kg of non-hazardous waste was generated in FY2023. Of this amount, 1,785kg was commercial and industrial waste which went through the combustion process, with energy recovery. 588kg of organic food and drink waste, and 299kg of shrimp bio-waste were composted.
BAI is innovating in its production of animal feed from other sources as well. Old hens from local farms which are due to be incinerated are now being turned into an ingredient for animal feed instead, in a new feed mill which is being set up utilizing German technology.
Waste Generated
Total 2,672.00
Non-hazardous Waste (kg)
ETHICS AND COMPLIANCE
We comply with all relevant laws and regulations in the jurisdictions where we operate. In keeping with our focus on ESG, we adhere to the Corporate Governance Code to support our transparency, accountability and integrity, as this strengthens stakeholder confidence in us, and supports our long-term, sustainable business performance. Aligned with the company’s commitment to responsible conduct, our employees are expected to fully comply with all applicable socioeconomic and environmental laws, regulations and guidelines as well.
Regulatory compliance is critical as it protects our integrity and reputation, and fosters stakeholder trust and confidence. All regulatory requirements that form the basis of good corporate governance are stringently observed.
ANTI-CORRUPTION
In FY2023, BAI’s anti-corruption policies and procedures were communicated to all eight (8) – or 100% - of its governance body members. All eight governance body members (i.e., 100%) received training on anti-corruption. BAI also communicated its anticorruption policies and procedures to both its Management Category employees, and all three employees in its Executive Category (i.e., 100% respectively). All of BAI’s employees have received anti-corruption training in FY2023.
Communication on BAI’s anti-corruption policies and procedures was also done for business partners that included 38 supermarkets, 26 restaurants, one (1) hotel, three (3) universities and three (3) online retailers.
the organization’s
Total number and percentage of business partners that the organization’s anti-corruption policies and procedures have been communicated to
Anti-Bribery and Anti-Money Laundering Policy
BAI is steadfast in its commitment to conducting business according to the highest ethical and legal standards. This commitment is exemplified through our comprehensive Anti-Money Laundering Policy (“Policy”), which forms the bedrock of our governance practices.
The Policy applies to all directors, officers, employees, agents, representatives, consultants, advisors, distributors, supplier contractors, or other third parties acting on behalf of the company. By encompassing all levels of company personnel, BAI ensures a uniform and unwavering stance against corruption and bribery in all its forms.
Our strict policy of not conducting business with individuals or corporations involved in or suspected of illegal activities, including money laundering or terrorist financing is crucial for maintaining the integrity of our operations and protecting the company’s reputation.
The Policy is designed to prevent money laundering and the use of funds of illicit provenance. These internal controls are key to safeguarding the company against potential criminal liability and ensuring compliance with legal standards.
Violating this policy will result in disciplinary action such as dismissal, termination of agreements, and potential legal actions.
Compliance with anti-money laundering laws in all countries where BAI operates, is mandatory for all company personnel to ensure that the company’s practices align with international legal standards and reinforces our commitment to ethical business practices worldwide.
CUSTOMER HEALTH AND SAFETY
BAI has in place a rigorous testing and monitoring programme for water quality, feed, and final products to ensure that all products meet or exceed safety standards before they are released to customers. A robust traceability system is established to track the origin of products and ingredients and a recall system is in place that can be activated quickly in the event there are any product safety issues.
In FY2023, there were no non-compliances, penalties or warnings issued to BAI relating to the health and safety of our products or services.
CERTIFICATIONS
Our vision is to feed the population in a sustainable way that respects our planet and allows local communities to thrive. Obtaining independent third-party sustainability and food safety certification of our operations based on rigorous and robust certification programs is key to achieving this goal.
BAI’s shrimp farming facility in Neo Tiew, Singapore, has been awarded the Aquaculture Stewardship Council (ASC) certification. BAI’s farm is the first farm in Singapore to have obtained this certification. This recognition is not only a prestigious accolade but also a clear reflection of our commitment to responsible and sustainable aquaculture practices. The ASC certification addresses key ESG aspects, which are integral to our operations and values.
ISO 22000 is a globally recognized standard that demonstrates compliance with industry and market safe handling requirements for animal feed. It can be applied to businesses of any size or complexity operating in the global animal feed sector. Blue Aqua International (Biotech) has obtained ISO 22000 certification for animal feed manufacturing.
AQUACULTURE STEWARDSHIP COUNCIL (ASC)
Collaborating with partners, ASC focuses on transforming global seafood farming, emphasizing environmental sustainability and social responsibility. They set stringent standards and ensure high assurance across the supply chain, aiming to make aquaculture more sustainable, in collaboration with partners like the Dutch Sustainable Trade Initiative IDH and WWF Netherlands.
INTERNATIONAL STANDARDS ORGANISATION (ISO)
ISO is an independent, international nongovernmental organisation, convening global experts to establish optimal practices in areas from product creation to process management. Their overarching mission centers on enhancing lives universally by simplifying, ensuring safety, promoting overall well-being and fostering global improvement and accessibility.
BIZSAFE
bizSAFE is a national program launched by the Ministry of Manpower (MOM) in Singapore in 2007. It aims to help companies improve their workplace safety and health standards, reduce accidents and injuries, and create a safer working environment for employees.
GRI CONTENT INDEX
Statement of use
GRI 1 used
Blue Aqua (Singapore) Pte Ltd has reported the information cited in this GRI content index for the period 1 January 2023 to 31 December 2023 with reference to the GRI Standards.
GRI 1: Foundation 2021
Applicable GRI Sector Standard(s) GRI 13: Agriculture, Aquaculture and Fishing Sectors 2022
GRI 2: General Disclosures 2021
2-1 Name of the organisation
2-2 Activities, brands, products, and services
2-3 Location of headquarters
2-4 Location of operations
2-5 Ownership and legal form
2-7 Employees
2-29 Approach to stakeholder engagement
GRI 3: Material Topics 2021 3-1 Process to determine material topics 3-2 List of material topics
MATERIAL TOPICS
Value Creation
GRI 3: Material Topics 2021 3-3
GRI 3: Material Topics 2021 3-3 Management of material topics
GRI 302: Energy 2016 302-1 Energy consumption within the organisation Emissions
GRI 3: Material Topics 2021 3-3 Management of material topics
GRI 305: Emissions 2016
305-1 Direct (Scope 1) GHG emissions 305-2 Energy indirect (Scope 2) GHG emissions Water and Effluents
GRI 3: Material Topics 2021 3-3 Management of material topics
GRI 303: Water and Effluents 2018
Our People
Employment
303-1 Interaction with water as a shared resource
303-2 Management of water discharge-related impacts
303-3 Water withdrawal
GRI 3: Material Topics 2021 3-3 Management of material topics
GRI 401: Employment 2016 401-1 New employee hires and employee turnover
Training and Education
GRI 3: Material Topics 2021 3-3 Management of material topics
GRI CONTENT INDEX
GRI STANDARD
GRI 404: Training and Education 2016
Diversity and Equal Opportunity
404-1
Average hours of training per year per employee
GRI 3: Material Topics 2021 3-3 Management of material topics
GRI 405: Diversity and Equal Opportunity 2016 405-1
Non-Discrimination
GRI 3: Material Topics 2021 3-3
GRI 406: Non-discrimination
Occupational Health and Safety
406-1
GRI 3: Material Topics 2021 3-3
403-1
403-2
GRI 403: Occupational Health and Safety 2018
Diversity of governance bodies and employees
Management of material topics
Incidents of discrimination and corrective actions taken
Management of material topics
Occupational health and safety management system
Hazard identification, risk assessment, and incident investigation
403-3 Occupational health services
403-4
403-5
Worker participation, consultation, and communication on occupational health and safety
Worker training on occupational health and safety
403-6 Promotion of worker health
403-7
403-9
Ethics and Compliance
Customer Health & Safety
GRI 3: Material Topics 2021 3-3
GRI 205: Anti-Corruption 2016 205-2
GRI 416: Customer Health and Safety 2016
416-2
Prevention and mitigation of occupational health and safety impacts directly linked by business relations
Work-related injuries
Management of material topics
Communication and training about anti-corruption policies and procedures
Incidents of non-compliance concerning the health and safety impacts of products and services
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