In a move to underline further the mutual insurer’s commitment to making the industry safer and more secure, TT Club has joined the Maritime Anti-Corruption Network , which represents a pre-eminent example of collective action to tackle corruption in the maritime sector.
TT Club has long been aware of the issues surrounding corruption in the maritime transport industry. The insurer is dedicated to ensuring these corrupting effects on the overall integrity of freight transport worldwide are minimised, if not eradicated. As such TT is delighted to partner with the MACN, an organisation with an exceptional track record of highlighting and reducing corruption.
MACN is a global business network working towards the vision of a maritime industry free of corruption that enables fair trade to benefit of society at large. With a current membership of over 180 organisations globally, MACN has three primary objectives: Capability Building, Collective Action and Collaboration.
As the only non-P&I insurer to be part of MACN, and as a specialist mutual insurer in both maritime and shoreside multi-modal activities, TT is well placed to use its established skills in co-developing and sharing best practices across the complex global supply chain on both land and at sea.
TT will work with MACN in implementing its Anti-Corruption Principles by raising the awareness of corruption issues and promoting best practices to combat its effects. Moreover the insurer will help MACN promote their drive for collective action with the aim of creating a more sustainable operating environment through anonymous reporting and data analysis. Finally, through its experience and knowledge of shore-side operations TT will widen the scope of MACN efforts to combat corruption beyond its current maritime focus. All in support of their own insured Members’ operations.
In commenting on TT’s new membership, COO Mark Argentieri said, “At TT we have aligned our ESG strategy with the UN Global Compact and its Sustainable Development Goals, becoming a signatory to the UN Principles for Sustainable Insurance (UN PSI) late last year. In now joining MACN, we are taking a further step in focusing on the issues that are most relevant to our own Members, and where the Club is able to have a positive impact, cooperating with international institutions that are dedicated to ensuring increased transparency in maritime transactions and enhanced procedural integrity.”
In welcoming TT as a new member, Cecilia Müller Torbrand, CEO of MACN said, “We are delighted to welcome TT Club to the Maritime Anti-Corruption network (MACN) and look forward to working together towards the elimination of all forms of maritime corruption. It is exciting that we will be able to reach a new group of stakeholders with TT Club as a Member.”
Within TT’s stated ESG framework there are particular committed actions that are very much in line with MACN’s aims. TT’s history of working with governmental organisations such as the IMO, and a swathe of industry representative associations in order to improve safety, security and environmental standards is impressive. The Club will replicate these efforts in working with governments, regulators and other key stakeholders to promote widespread action on anti-corruption matters.