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New MB92 Report Highlights Urgency for Yachting Industry to Tackle Social Sustainability

12 July 2024

Superyacht refit management specialists MB92 Group published today its fourth report designed to drive sustainable development in the superyacht industry: “People and the ocean – How the yachting industry is addressing the sustainability challenge with top talent”. The report, which focuses on the social pillar of ESG, reveals a relatively high level of inertia in this area, yet underscores it as an indispensable engine for the industry’s transition.

The report methodology combines insights from a panel of experts on social issues and sustainability in the yachting industry, alongside extensive research, including a quantitative survey of companies within the shipyard’s supplier network and a qualitative survey of yacht management representatives and captains. The panel analysed the sector’s social challenges, outlined recent progress, and identified key focus areas, driving factors, and obstacles to adopting sustainable social practices.

“Unfortunately, social issues tend to be overlooked by industry members and the general public. That is partly due to the niche nature of the industry. But it needs to change if we want the transition to happen,” said Jean-Marc Bolinger, CEO of MB92 Group. “Change should take place at all levels: individuals, companies, and the industry as a whole. At the heart of the matter is how we promote awareness, understanding and sensitivity across the yachting community. We will not resolve the environmental issues confronting the sector without formal mechanisms to develop the skills of all our people.”

Key findings from the MB92 report highlight the need for sustainable peoplemanagement strategies, increased investment in talent engagement, and the development of essential skills. While progress has been made on environmental fronts, the industry’s approach to social issues remains fragmented. The yachting industry faces an imperative to address environmental, social, and governance (ESG) issues, with social challenges posing a threat to its survival.

The report is in keeping with MB92’s ambition to positively impact its own operations, the superyacht fleet and the wider maritime industry.

📥 Download the complete report

To support the development of the report, we organised an engaging panel discussion featuring the following participants:

  • Claire Ferandier-Sicard – CEO & Founder at ETYC
  • Jesús Marrodán – Senior Client Partner at Korn Ferry
  • Jordi Fonollosa – Vice-Dean of International Relations & Research at Facultat de Nàutica de Barcelona
  • Marc Hervás – Sustainability Manager at MB92 Group
  • Nigel Marrison – Founder & Director at Blue ESG
  • Paulina Gallant – Senior Partner, HR at Winch Design

Key findings of the report:

  • Despite positive impacts on local economies, current approaches to social issues are insufficient and disjointed. Only about a third of companies have a sustainable people-management strategy beyond traditional HR practices.
  • While there’s a growing willingness to invest in sustainable initiatives, strong incentives and broader adoption are still lacking. Few challenge the status quo, which still often relies on bold individual initiatives.
  • Addressing ESG issues is crucial for attracting and retaining talent, especially among younger generations. Formalising ESG roles and recruiting from outside the sector can enhance expertise and commitment.
  • The industry must increase focus on developing essential skills to include knowledge of sustainable materials and practices, environmental impact assessment, and regulatory compliance. Soft skills like adaptability and teamwork are also vital.
  • Close ties between the yachting industry and academia are necessary to ensure students acquire relevant skills. Universities are starting to offer courses on sustainability, but industry feedback and partnerships are essential.
  • Industry employees need training on sustainability issues, including gender equality and mental health. On-board training is particularly lacking due to limited budgets.
  • Efforts to address gender imbalances on shore have had some success, but more is needed on board, particularly in ensuring contracts include maternity leave.
  • The MB92 survey reveals that 77% of companies already use hiring practices to promote diversity and inclusion. However, only 23% of respondents have implemented specific programs to promote equality within their workforce.
  • Supporting local communities can improve the sector’s image and legitimacy. Initiatives should be locally focused and better communicated to foster positive relationships with neighbouring communities.
  • Greater industry-wide collaboration is needed to address sustainability challenges in talent management. Currently, only 10% of companies collaborate regularly with other stakeholders.
  • Failing to act quickly may result in looming European regulations forcing changes.

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