Social

Own Workforce

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At the heart of our organization is a shared commitment to moving energy together—efficiently, sustainably, responsibly, reliably and with purpose. As we continue to evolve and grow, we recognize that our most powerful asset is our people. Every day, across markets and time zones, they bring our purpose to life. It’s their talent, resilience, and ambition that drive our continued success.

In 2024, we doubled down on this belief with a clear focus: investing in our people so they can achieve their full potential. Because when our people grow, so does our ability to better serve our clients, support our communities, and lead within the energy industry.

Policies related to own workforce

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In a world of continuous change, our People strategy remains focused on agility and long-lasting positive impact. We evaluate and adapt our programs and policies to meet the dynamic expectations of our employees, clients, and stakeholders. This year, we continued to strengthen efforts across six foundational areas.

These priorities ensure that our organization is not only a place where careers thrive but also a place where people feel seen, supported, and valued.

As we continue to navigate and grow in a complex global context, we deliberately ensure that our 2 policies support the professional growth, health, safety, and well-being of our employees.

  • Health and Safety: We maintain a zero-harm philosophy, promoted by a proactive HSEQ program
  • Diversity, Equity, and Inclusion (DE&I): We strive for a representative and inclusive workplace, free of any discrimination and bias
  • Training and Development: We enable our people to pursue continuous growth through tailored learning paths
  • Talent Development and Leadership: We focus on attracting and retaining talent capable of navigating and leading energy transition pathways
  • Next-Generation Workforce Readiness: Cultivating the skills, agility, and leadership of early-career talent through structured learning, mentoring and programs aligned with evolving business needs
  • Human Rights: Our operations undergo human right assessments based on UN guiding principles

Processes for engaging with own workforce and workers’ representatives about impacts

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We recognise the importance of two-way dialogues and feedback loops with our workforce, for this reason we facilitate engagement via:

  • Face-to-face career development reviews
  • Anonymous feedback channels
  • Local unions, works councils, and employee representatives

Inputs that arise from these engagements are analysed and the insights of which in turn inform action planning, with senior management, for operational enhancements and cultural improvements. 

Processes for engaging with own workforce and workers’ representatives about impacts

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Gunvor ensures that every employee has access to confidential grievance procedures and structured channels for the resolution of workplace concerns. These include:

  • A dedicated Compliance and Ethics Helpline, available 24/7 globally;
  • Local HR Specialists, trained in employee relations and early conflict resolution;
  • Escalation protocols that include the Group HR Director and Compliance Officers;
  • Whistleblowing protections as per OECD and EU Whistleblower Directive standards.

Each case is tracked, investigated, and reviewed for patterns or systemic issues.

Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions

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Gunvor continually assesses material workforce-related impacts and opportunities. 

Key themes include:

  • Retention risk in high-demand skill areas, such as front office trading and business development roles
  • Health and safety exposure in terminal and logistics operations
  • Mental well-being concerns, particularly in high-pressure trading roles

Mitigating actions in 2024 included launching flexible benefits packages, increasing safety training for blue collar workers as well as well-being schemes across our trading offices. We view talent development as a business opportunity, with strategic workforce planning tied to long-term resilient business scenarios. 

Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

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We remain committed to advancing our Group’s transformation journey, with a continued focus on investing in the attraction, retention, and development of exceptional talent across our global operations. Enhancing the diversity of our workforce across all businesses and functions is a strategic priority, as we recognize its critical role in driving innovation and sustainable growth. In support of leadership excellence, we are implementing the Gunvor Leadership Framework, underpinned by a structured and comprehensive learning and development architecture. Furthermore, we are pleased to announce the onboarding of our first Global Graduate Cohorts, representing a significant step in building a resilient and diverse leadership pipeline for the future.

Characteristics
of the undertaking’s employees

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At Gunvor, we maintain a lean structure which benefits from a highly skilled and multinational workforce that mirrors the complexity of global energy markets.  

Historical Headcount

2021202220232024
Overall1’6441’7111’7801’969
Trading Entities7908469801’121
Assets854864800848
HEADCOUNT BY CONTRACT TYPE AND GENDER, 2024FemaleMaleOtherNot disclosedTotal
Number of employees (headcount)5571,3940181,969
Group Trading Entities420683181,121
Group Assets137711018848
Permanent contract5491,3820181,949
Group Trading Entities4146720181,104
Group Assets13571000845
Temporary contract8120020
Group Trading Entities6110017
Group Assets21003
Full-Time4841,3600181,862
Group Trading Entities3886790181,085
Group Assets9668100777
Part-Time733400107
Group Trading Entities3240036
Group Assets41300071
Non-guaranteed hours contract00000

Accounting principles: The total number of Gunvor Group employees is categorized based on gender and contract type. Gender categories include male and female as well as other genders, which applies to employees who do not identify with their biological gender. Additionally, there is a not reported category for cases where gender information is unavailable. Within this category, employees who have chosen not to disclose their gender in the company’s human resources information system are specifically classified under ‘not disclosed’. Employees’ gender information is recorded based on their own registration in the internal employee management system.

In terms of contract type, employees are classified as either permanent or temporary. Permanent employees hold long-term positions without a predetermined end date in their contracts, while temporary employees are hired for a specific duration, as defined by the end date in their contracts. Temporary employees include those who have signed contracts directly with Gunvor, and do not include non-employees engaged through external providers. Temporary employees include those on fixed-term contracts and interns. Gunvor Group does not employ non-guaranteed hour employees. Additionally, employees are further categorized based on their working hours. Those with a contractual working percentage of 100% are considered full-time employees, whereas employees working under 100% of the standard contractual hours are classified as part-time employees.

NUMBER OF EMPLOYEES IN COUNTRIES
WITH 50 OR MORE		Group Trading EntitiesGroup AssetsTotal
Germany1488489
Switzerland2970297
Netherlands2269271
Estonia2280228
USA1740174
Singapore1690169
Spain1591106
UK70070
Turkey51051
Others1140114
Non-guaranteed hours contract1,1218481,969
HEADCOUNT BY CONTRACT TYPE AND GENDER, 2024EMEAAmericasAPACTotal
Number of employees (headcount)1,5502361831,969
Group Trading Entities7202361831,121
Group Assets84800848
Permanent contract1,5372351771,949
Group Trading Entities6922351771,104
Group Assets84500845
Temporary contract131620
Group Trading Entities101617
Group Assets3003
Full-Time1,4472341811,862
Group Trading Entities6702341811,085
Group Assets7776810777
Part-Time10322107
Group Trading Entities322236
Group Assets710071
Non-guaranteed hours contract0000

Accounting principles: Gunvor operates in 20 locations across 19 countries, with 50 or more own-workforce employees in 9 of these countries. The number of employees in other locations has been consolidated under the ‘Others’ category. The geographic distribution of employees is calculated by aggregating the total headcount of employees within the specific geographical locations where our entities are located. This calculation is based on the end of the reporting period.

Additionally, headcount by gender at the end of the reporting period has been presented for the EMEA, APAC, and Americas regions. Employees who have not disclosed their gender information in the Human Resources Information System are categorized under ‘Not Disclosed’.

EMPLOYEE TURNOVER FIGURES 2024Total
Turnover Rate10.76%
Group Trading Entities14.80%
Group Assets5.58%
Turnover Numbers219
Group Trading Entities156
Group Assets46

Employee turnover refers to the total headcount of employees who have left Gunvor Group during the reporting period, while the employee turnover rate represents this figure as a percentage of the workforce. The total number of departing employees is determined by aggregating all exits across our operational countries, excluding non-employees.

Departing employees include those who leave voluntarily, as well as those who exit due to dismissal, retirement, death in service etc. This comprehensive approach ensures that all relevant forms of separation are considered in the calculation.

To calculate the turnover rate, the total number of departing employees is divided by the average number of employees during the same period. The average number of employees is derived by summing the headcount at the beginning and end of the year and dividing by two, ensuring consistency with the annual reporting methodology.

Characteristics of non-employees in the undertaking’s own workforce

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NON-EMPLOYEE HEADCOUNT 2024 Self-employedWorker provided by undertakingsTotal
Headcount4300304
Group Trading Entities4212216
Group Assets08888

Accounting principles: Self-employed individuals and workers provided by undertaking entities are classified as non-employees. These individuals contribute their labour to Gunvor Group but do not have a direct employment contract with us. The total number of non-employee is determined by aggregating their headcount across all relevant operations. This calculation is based on the end of the reporting period.

Collective bargaining coverage and social dialogue

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COLLECTIVE BARGAINING 2024EEAOutside EEATotal
Percentage employees covered by collective bargaining agreement76.81%0.46%43.06%
Group Trading Entities5.95%0.46%1.69%
Group Assets97.88%0.00%97.88%
Percentage employees working in establishments with workers’ representatives75.45%0.00%42.15%
Group Trading Entities0.00%0.00%0.00%
Group Assets97.88%0.00%97.88%

Accounting principles: As of the end of the reporting period, all employees working at assets in five locations within the EEA region, the majority of whom are blue-collar workers, are covered by a collective bargaining agreement. Additionally, within the Trading Group, employees in Spain, as well as those based in Brazil outside the EEA region, are also covered by a collective bargaining agreement. All other employees within the Trading Group are white-collar workers and are not covered by such agreements. The extent of collective bargaining coverage is determined by calculating the total number of employees covered by collective bargaining agreements during the reporting period, excluding non-employees. This total is then divided by the overall number of employees at Gunvor Group to provide a comprehensive measure of collective bargaining representation within the organization.

Workers’ representatives are employees elected to advocate for the workforce on matters related to the work environment and working conditions at specific locations. In entities with a substantial number of employees—defined as those with more than 50 employees and representing at least 10% of the total workforce—coverage is measured by calculating the total number of employees in each entity, excluding non-employees. This figure is then divided by the number of employees represented by workers’ representatives within the respective entities during the reporting period. As refinery employees exceed the 50-employee threshold, they are represented by workers’ representatives. However, Trading Group employees in Brazil and Spain fall well below this threshold and, therefore, are not covered by workers’ representation.

Diversity metrics

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TOP MANAGEMENT GENDER DISTRIBUTIONFemaleMaleTotal
Headcount%Headcount%Headcount%
Gender Distribution142.51895.521035.23
Group Trading Entities81.9679.81756.69
Group Assets64.38223.90283.30

Accounting principles: In our company, top management is defined as one and two levels below the administrative management and supervisory bodies. Top management in Assets are defined as one level below the administrative management and supervisory bodies Based on our organizational structure, this includes Chief Officers, Heads of Divisions, Heads of Departments, Directors, and Managers. These roles are considered key decision-makers within the organization and play a strategic role in guiding the company’s direction. The gender distribution in top management is calculated by aggregating the total number of male and female employees in these designated top management positions. Non-employees are excluded from this calculation.

To determine the gender distribution ratio in top management, the number of women and men in top management is calculated separately. Each gender’s top management headcount is then divided by the total number of employees of that respective gender in the entire organization (i.e., female top managers divided by total female employees, and likewise for male employees). This provides the representation rate of each gender in leadership positions relative to their overall presence in the company.The calculation is performed at the end of the reporting period, ensuring that the data reflects the most accurate and up-to-date representation of gender distribution in top management. This approach allows us to monitor diversity within leadership positions and supports our commitment to fostering an inclusive and equitable workplace.

TOP MANAGEMENT GENDER DISTRIBUTIONUnder 30Between 30-50Over 50Not Disclosed
Headcount%Headcount%Headcount%Headcount%
Age Distribution28614.531,20661.2545222.95251.27
Group Trading Entities16314.5477769.3115613.92252.23
Group Assets12314.5042950.5929634.9100

Accounting principles: The age distribution of employees is determined by categorizing the workforce into three groups: employees aged under 30 (29 years old or younger), those between 30 and 50, and those over 50 (51 years old or older). The total headcount for each age group is aggregated, excluding non-employees. This calculation is based on the end of the reporting period to ensure consistency in reporting. The percentage share of each age group is then calculated by dividing the headcount of the respective age category by the total number of employees and multiplying by 100.

Adequate wages

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Ensuring adequate and fair wages for all our employees is a fundamental part of our commitment to responsible business practices. While we are currently enhancing our data collection and verification processes, we are taking active steps to align with the requirements of ESRS S1-10 regarding adequate wage disclosures. We aim to complete a comprehensive assessment during the current reporting period using set benchmarks based on the EU Directive 2022/2041 and are committed to publishing full disclosures on the adequacy of wages across our workforce starting next year.

Social protection

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As part of our commitment to promoting fair, inclusive, and sustainable employment practices, we are proud to report that our organization covers 100% of our workforce under a comprehensive social protection framework. This framework is designed to ensure that all employees, regardless of their employment status, are provided with essential social protection benefits that align with both legal requirements and the broader principles of corporate responsibility. We believe that social protection is a fundamental element of fostering a supportive and secure work environment, and we are committed to maintaining a high standard of care for our entire workforce.

Our social protection offering covers every aspect of employee well-being, from healthcare to retirement, ensuring that all employees—whether full-time, part-time, permanent, or temporary—are equally entitled to essential benefits. This includes both statutory and voluntary benefits that are designed to meet the specific needs of our diverse workforce. In doing so, we ensure that each employee is afforded the necessary protections against life’s uncertainties, such as health challenges, economic hardship due to unemployment, and the need for caregiving during significant life events.

People with disabilities

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Disability Data Collection

In compliance with the legal requirements outlined in the EU General Data Protection Regulation (GDPR), which applies to all EU member states and EEA countries, as well as similar personal data protection regulations in the various countries where we operate outside of the EU and EEA, we are unable to provide specific reporting on the number of employees with disabilities within our organization. These regulations are designed to uphold the fundamental right to privacy and protect sensitive personal data, including information related to individuals’ health and disabilities.

As a company, we are fully committed to fostering an inclusive and diverse workplace, ensuring equal opportunities for all employees while respecting their privacy and data protection rights. While we may not disclose specific disability-related statistics, we continuously strive to create a supportive and accessible work environment through our inclusion policies, workplace accommodations, and employee support programs.

Training and skills development metrics

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TRAINING AND SKILL DEVELOPMENT IN 2024Percentage of employees participating in
performance reviews (%)		Average number of training hours
Male89.745.97
Group Trading Entities89.502.26
Group Assets91.289.52
Female88.87 2.34
Group Trading Entities88.101.2
Group Assets86.865.88
Total88.674.88
Group Trading Entities87.201.82
Group Assets90.568.93

Accounting principles: Training hours refer to the total time dedicated to employee training and skills development initiatives. These initiatives encompass a variety of learning methods, including on-site training sessions, online courses, workshops, certification programs, structured educational opportunities, and short-term pop-up courses. Additionally, training related to adherence to the Code of Conduct and Ethics, Anti-Bribery and Corruption, Human Rights and Whistleblowing, Annual Compliance, Information Security are included. However, this definition excludes trainee programs, course development efforts, and the instructional time spent by trainers or facilitators.

To support continuous learning, employees are provided with access to a dedicated platform where they can freely explore a vast library of professional and personal development courses and resources using their individual user accounts. This platform offers hundreds of training modules and materials designed to enhance skills and knowledge across various fields.

To measure training participation, training hours per employee and by gender are calculated by dividing the total recorded training hours across Gunvor Group by the total headcount within each gender category. This calculation is conducted over the reporting period and includes all employees counted in the organization’s workforce excluding non-employees. By tracking training hours, we aim to assess employee development efforts and ensure equitable access to learning opportunities across our workforce

Health and safety metrics

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All employees across the company are covered by the Health and Safety Management System. This includes both office-based and site-based personnel. In particular, blue-collar workers at our Group Assets are covered due to specific legal and regulatory requirements that mandate the implementation of comprehensive occupational health and safety measures. We ensure that our health and safety protocols are consistently applied across all operational levels, in alignment with local legislation and corporate policies. We are happy to report that in 2024 no fatalities occurred. Also, nobody suffered significant injuries, meaning that nobody was injured with long term effects with a significant impact on activities or well-being. Our operational sites reported two cases whereby someone was injured to such extent that the person could not return to work the next day (Lost Workday Injury or LWI). The number of LWIs per 1 million workhours is a metric that we compare with the average of the European refining industry which we regard as a suitable benchmark (see graph). It is structurally below our internal and the industry benchmark. 

In 2024, our operational sites reported four restricted work injuries (RWI) and six medical treatment cases (MTC). The total number of injuries per million workhours is called All Injury Frequency (AIF). This AIF has improved compared to 2023 but is slightly above our own target and the industry benchmark (see graph). Reviewing the causes of our incidents in 2024 they fall in the common industry and historic causes: ‘Slips, Trips and Falls’ (7 times), ‘Line of fire’ (2 times) and ‘Hitting head’ (2 times). Sites are frequently refreshing awareness for these type of incidents through training, last minute risk analyses and sharing of incidents. As an example, our Ingolstadt refinery deployed an obstacle safety course for all site personnel to raise the awareness for safely navigating on different surfaces, stairs and ladders by practical exercises and conducted a refresher training of our Loss Prevention System.

Managing the risks associated with loss of containment with consequences for People, Environment, Assets and Reputation, is extremely important for Gunvor’s processing and storage sites, and this forms a major element of our HSEC governance and procedures. Gunvor measures its performance by recording the process safety events (incidents and near misses) in the categories established by the American Petroleum Institute (Tiers 1, 2 and 3). This institute defines a Process Safety event as an unplanned release of material from a process that results in defined consequences (e.g. significant release, lost time injury, fire/explosion, rain out/discharge to unsafe location, shelter-in-place, evacuation). Tier 1 incidents have more severe consequences than Tier 2. The following graph depicts the number of Tier 1 and 2 incidents per million hours worked (PSER) compared with the average of the European refining industry. 

We are proud to report that in 2024 we had no Tier 1 events (zero) and only two Tier 2, which resulted in a PSER which now is below the European Refining Industry average. We remain focused on learning from our events and near misses in order to strengthen our barriers and thus prevent incidents. Initiatives on Gunvor’s Process Safety Improvement List have been reviewed in 2024 and adapted based on Incident and Near-Miss Root Cause Analyses. Applicable initiatives are selected by the sites acknowledging the need for improvement. An example of incident analysis leading to improvement actions is an investigation that took place at our Rotterdam refinery in 2024 following a hazardous release during the shutdown of one of the units. An operator inadvertently opened the wrong valve to drain a piece of equipment. One of the conclusions was that there was unclarity about Process Safety Rules “Do not leave a drain alone” and “Walk the line”. As a follow up the incident was discussed in all shifts, and a refresher training was rolled out regarding the site’s 8 Process Safety Rules.

Work-life balance metrics

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WORK-LIFE BALANCE 2024Group Trading EntitiesGroup AssetsTOTAL
Percentage of employees entitled to take family-related leave 100%100%100%
Percentage of males that took family-related leave 9.66%3.78%6.67%
Percentage of females that took family-related leave 20.95%13.14%19.03%
Total percentage of employees that took family-related leave 13.96%7.14%8.25%

Accounting principles: At Gunvor Group, we ensure that all employees have the right to take family-related leave in accordance with the terms and conditions outlined in their employment contracts. Family-related leave encompasses various types of leave, including maternity leave, paternity leave, parental leave, breastfeeding breaks, leave for birth or adoption, and time off to care for sick children or relatives.

This definition does not include absences for employees’ personal medical appointments, pregnancy-related illnesses outside of parental leave, or time off taken for funerals or the passing of relatives. Additionally, family-related leave does not cover any leave categorized as an unspecified leave of absence.

The calculation of family-related leave is determined by dividing the number of distinct employees of each gender who have taken family-related leave by the total number of eligible employees of that gender. Eligible employees are defined using the same criteria as the ‘total headcount’ . An employee who takes family-related leave multiple times within the reporting period is counted only once for the entire year, ensuring accuracy in reporting.

This calculation is conducted over the reporting period and includes all employees within Gunvor Group, while excluding non-employees. By monitoring and reporting on family-related leave, we aim to promote a supportive work environment that acknowledges and accommodates employees’ family responsibilities.

Remuneration metrics
(pay gap and total remuneration)

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As part of our commitment to the European Sustainability Reporting Standards (ESRS) and in preparation for the Corporate Sustainability Reporting Directive (CSRD) implementation, we are taking proactive steps to enhance transparency and equity in our remuneration practices.

Looking ahead, we are committed to ensuring that our remuneration structures not only support the attraction, retention, and motivation of diverse talent but also contribute to our broader sustainability objectives, particularly with respect to equality and inclusion. We aim to fully align our remuneration policies and practices with the requirements set out in ESRS S1-16, including the disclosure of:


  • The ratio of the annual total compensation of the highest-paid individual to the median annual total compensation of all employees, adjusted for part-time and temporary work.

  • The percentage difference in base salary and total remuneration between women and men across all levels of the organization, including senior leadership, middle management, and operational roles.

We have already begun a comprehensive review of our remuneration policies to ensure alignment with fair wage practices and to reduce unjustified gender-based pay differences. 

In addition, we are committed to regularly reviewing, disclosing, and acting on remuneration metrics, including:


  • Annual pay gap analyses by gender, employment category, and geographic location.
  • Gender representation in each remuneration quartile.
  • Pay equity audits integrated into our annual remuneration review process.

These efforts will be complemented by continuous engagement with internal and external stakeholders to promote a culture of transparency, accountability, and inclusivity, ensuring that our remuneration practices contribute positively to social sustainability and long-term value creation.

We recognize that achieving these goals requires ongoing vigilance and improvement, and we commit to disclosing our progress annually, in line with the double materiality principle and relevant ESRS disclosure requirements.

Incidents, complaints and severe human rights impacts

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DISCRIMINATION INCIDENTS REPORTED AND COMPLAINTS FILEDGroup Trading EntitiesGroup AssetsTOTAL
Discrimination incidents reported 011
Complaints filed through channels 000
Complaints filed to National Contact Points for OECD 000
Amount of fines, penalties, and compensation for damages 000
Number of severe human rights issues and incidents 000
Cases of non-respect of UN Guiding Principles and OECD Guidelines000
Amount of Fines, penalties, and compensation – relating to severe human rights incidents000

Objectives

201920202021202220232024TargetsStatus*
% of assets covered
by a human rights
assessment		20%60%100%100%New wave of
assessments performed –
100% covered		No new assessment
performed		Yearly review –
follow up in 2024
% of our JVs covered
by a human rights
assessment		14%29%100%No new assessment
performed
Approved remediation
plan following human
rights assessment		Yes
(except ULO)		N/A
Carry out child labor
risk assessment and
implementation of
mitigation measures		Identification and
implementation of
mitigation measures: 50%		100%100%
Human rights assessment
of strategic suppliers		2 suppliers
assessed		3 suppliers
by the end of 2025
*Status is ongoing as targets evolve every year.