Sustainability Portal

SUSTAINABILITY PORTAL

Renaissance’s commitment to sustainability underwrites our values and provides the platform of stability and purpose upon which we may drive continuous improvement in service, standards, performance, growth and value. We provide our stakeholders with a transparent overview of our progress and plans in our Environmental, Social Responsibility and Governance (ESG) agenda; as well as our absolute commitment to Quality, Health, Safety and Environment (QHSE) and In-Country Value (ICV) as intrinsic to our culture and way of doing business.

We remain committed to Operating safely, Growing efficiently, Planning green and Delivering locally. People, Planet and Profits are not mutually exclusive – at Renaissance, we know that they can, and must be, mutually beneficial, complementary and interdependent.

Today, our working ethos of Safe, Efficient, Green, Local underpins our sustainability approach.

The best way to understand our approach to sustainability is through our annual sustainability report microsite.

SAFE
No harm to
people
EFFICIENT
Growing and working efficiently
GREEN
No harm to enviornment
LOCAL
Serious about In-country value

IN-COUNTRY VALUE

As a strategic priority, the Renaissance group aspires to create positive value within the communities we work closely with. This involves direct value creation through employment of nationals, procurement from local suppliers as well as contributions to the community. Furthermore, indirect value is created through our training and development programmes, enhancing the skills and employability of locals, and through our Corporate Social Responsibility (CSR) programme. We will continue to play a role in the socio-economic development agendas in the countries of our operation.

Through our In- Country Value strategy, which is closely aligned to the Vision of Oman, we continue to create both direct and indirect value within Oman. The Overseas Training Programme (OTP) provided opportunities for talented Omani nationals to enhance their skills through training at international institutions. In the future we will continue to offer practical training to Omani youth through the National Training Fund and other similar initiatives.

We take immense pride in our contribution to the local communities. Both Renaissance and Topaz have identified enhancing local content in all geographical areas of our operations as a strategic priority. However, as an Omani business, we seek to maximise our impacts in the country and therefore monitor our ICV contribution within Oman. At Renaissance, our total ICV expenditure has increased over the years, and we are committed to continuing our localization efforts in order to contribute to the national strategic objectives of Oman Vision 2020.

ICV STRATEGY

ICV focus area	Our priorities	Our impacts on stakeholders
Employment	Providing employment opportunities to the local workforce. Training and developing skilled and productive local employees and business leaders.	Both Renaissance and Topaz prioritises employment of locals and comply with national/regional localization targets at all our operating locations. We organise training programmes for our local employees and have strategic partnerships with educational institutions for skills development programmes for locals.
Investment	Investing in legacy infrastructure that would support the local community For Renaissance: through the building and operation of the Renaissance Villages in Oman. For Topaz: through investing in Oshore Support Vehicles(OSVs)	Our investment in the Renaissance Village in Duqm is expected to provide significant opportunities for value creation in the local community. The investment would contribute to the planned development within the SEZ in Duqm by providing safe, reliable and economical accommodation for the workers on construction projects as well as for permanent employees of various organizations in Duqm. Topaz would also continue to invest in OSVs which would contribute to the local economy and create value within the communities
Procurement	Using local goods and services, or working with local providers to enhance their standards and achieve international compliance. Develop SME’s through the company’s buying power and help them become trusted partners within the supply chain	Both Renaissance and Topaz seek to localize our supply chains by prioritising procurement of goods and services from local suppliers. We work closely with SMEs to train and mentor them to meet international standards.
Communities	Engage with the local community through meaningful and locally relevant Corporate Social Responsibility (CSR) program	Our strategic CSR programme prioritises projects which are meaningful and relevant for the local communities. The programme focusses on three key areas: 1) Economic wellbeing and personal development, 2) protecting the environment and 3) improving and assisting communities.
Ownership	As a publicly listed company in the Muscat Securities Market (MSM), to provide opportunities for Omani individual shareholders, pension funds and institutional shareholders to invest in the company. Entering JV partnerships or oering local ownership participation in equity of major assets globally.	We seek to work closely with trusted partners and investors as we aspire to grow and diversify our business. We prioritise the participation of domestic investors in our strategic investments and aim to enter partnerships with local businesses.
Economy	Retain earnings generated in Oman and repatriating earnings generated abroad. Maximising in-country spend on people, goods and services	As a business listed in the Muscat Securities Market, we create economic value to our local shareholders and also contribute to the local economy through our payments to employees, payments to suppliers including SMEs, payments to governments through taxes and through voluntary contributions to the community. We monitor and report on our in-country spend on people, goods and services and seek to maximise the spend locally.
Multinational	An internationally competitive Omani company, winning abroad, proudly flying the Omani flag. Delivering high international standards aligned with genuine local content.	As a strategic priority both Renaissance and Topaz seeks to grow our business by expanding into new geographies and markets. We would continue to deliver high quality services to our clients while complying with international standards.

MUSNAD

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Our programme for small and medium size enterprises (SME) here in Oman offers them guidance and support to compete to become part of our supply chain.

How does it work ?

The programme is open to Omani-owned and operated SMEs and to Omanis who want to form a new SME, if they are able to provide any of the goods or services we buy or outsource.

For an SME to grow strong it is important that the business is competitive, so we will guide you on how to compete for Renaissance business by being as good as, or better than, imported goods or services in terms of SAFETY, SPEED, QUALITY and PRICE. We will help you understand our requirements in each of these measures. We will help you plan for a guaranteed volume of business. We will pay you promptly; and, in some cases, we may be able to pay you in advance to get you started.

We use the European Commission definition of SME, which has three categories:

Micro businesses employing up to 10 people
Small businesses employing up to 50 people
Medium businesses employing up to 250 people

Uniforms
Transport services
Vehicle leasing
Plant and equipment leasing
Medical services
Landscapin
Supply of cooking gas

Supply of drinking water by tanker
Garbage/Sewage disposal
Disposables/Cleaning materials
Food items (fruits & vegetables, fresh fish, fresh mutton, dairy products, bakery products, soft drinks, mineral water and dates)

From the Renaissance CSR policy

We commit to lend our best efforts to improve and assist the communities in which we serve and the countries and markets in which we operate. We commit to provide employment opportunities to local workforces. We must not reap where we have not sown."

Supporting Corporate Social Responsibility (CSR) is a core part of our Renaissance character and we want our stakeholders to have a clear understanding of the value we see in our CSR spend. The Renaissance CSR policy is that we should set aside for CSR activities an amount that is a minimum of either 1% of the previous year's net profit, or 250,000 Rials. Any amount unspent in a particular year will be rolled-forward and added to the subsequent year

How do we select programmes to support?

Renaissance expects our sponsorship of CSR activities to generate value, just like any other form of investment. This value can be measured in a variety of ways, so our CSR investments are always associated with an expected impact on particular demographies and social causes.

CSR is high profile in Oman and there are a wide range of valuable causes to choose between.

Renaissance offers its support to organizations who reflect our values and principles, but we also recognise that CSR is dynamic and we want to be responsive during the year: if an organization approaches us with a good idea for a cause outside our mainstream areas, we will listen to the proposal and decide on whether to support its value, based on the merits of each case.

Our commitment to Oman and our sustainability ethos are at the core of our CSR programme:

SustainAbility