Teekay Corporation.
TK.US | Sea and coastal freight water transport
Teekay Corporation is a leading provider of international crude oil and gas marine transportation services. The company operates through a fleet of vessels, including tankers, liquefied natural gas (LNG) carriers, and floating production, storage, and offloading (FPSO) units. Teekay's primary busine...Show More
Better Health for All
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Teekay Corporation's primary business involves transporting crude oil, refined petroleum products, and liquefied natural gas (LNG). These core products and services have significant negative health consequences due to their contribution to air pollution and climate change, and this activity accounts for 90-100% of the company's revenue. This also results in severe negative health externalities, with no evidence of remediation efforts for these impacts. Teekay Gas has signed Maritime UK's Mental Health in Maritime Pledge and has initiatives and a dedicated team to support colleagues' mental health and raise awareness.
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Additionally, the company implemented a voluntary COVID-19 vaccination program for its seafarers, with crew on 6 tanker vessels and 2 gas vessels vaccinated, and access anticipated for an additional 13 tanker vessels and 6 gas vessels.
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Fair Money & Economic Opportunity
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Teekay Corporation is a marine transportation services provider, not a financial institution offering lending or deposit services to consumers. Consequently, KPIs related to consumer financial products, pricing, fees, debt burden, and geographic inclusion for financial services are not applicable to its core business model and score 0. Similarly, KPIs for underserved client share, data accessibility for financial data, fair lending compliance, wealth building outcomes for customers, and profit reinvestment in community finance are not relevant to its operations and also score 0. While Teekay provided financial wellness programs for its shore employees in 2023, specific data on reach or outcomes is not available, and the company's core business is not financial services, making it unsuitable for scoring against the provided rubric tiers for financial literacy initiatives.
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Fair Pay & Worker Respect
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In 2023, 96% of Teekay Tankers' sea staff were covered by collective bargaining agreements.
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The Teekay Group-Wide Consolidated Total Recordable Case Frequency Rate was 1.76 in 2023.
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The overall employee rating on Glassdoor.com was 4.0 out of 5 stars (80%).
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The Teekay Group-Wide Consolidated sea staff turnover rate was 5% in 2023.
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In 2023, zero allegations were raised regarding labor and human rights across Teekay Group-Wide Initiatives, and 100% of reported incidents related to labor or human rights were investigated and closed within 180 days in 2021 and 2023.
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Fair Trade & Ethical Sourcing
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The provided article outlines Teekay's sustainability strategy and goals
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but does not contain any quantitative data relevant to fair trade and ethical sourcing metrics. There is no information on certifications, audit frequencies, forced or child labor incidents, supply chain traceability, remediation speeds, ethical clause coverage in contracts, materials risk, or supplier diversity spend.
Honest & Fair Business
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Teekay Corporation has a formal whistleblower reporting policy that details reporting procedures, protections for reporters, and confidentiality measures.
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It includes an integrity line and a toll-free hotline for confidential and anonymous reporting, which is processed by Convercent, an independent organization.
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The policy explicitly states that the company will not engage in reprisal against whistleblowers.
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Kind to Animals
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Teekay partners with the Government of Canada on an initiative to reduce underwater vessel noise by up to 90 percent, aiming to help in the recovery of Canada’s endangered whale populations
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. This partnership involves developing and deploying best available technologies and practices
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. As a marine transportation service provider, Teekay's core business does not involve animal testing, animal agriculture, or animal-derived products, rendering KPIs such as cruelty-free certification, alternative testing usage, humane certifications, ethical input substitution, cage-free sourcing, animal testing policy and volume, innovation investment in animal-free tech, and animal agriculture ethics as not applicable. While Teekay engages in various conservation activities and supplier audits, there is no specific evidence of measurable biodiversity impact for wildlife conservation initiatives (e.g., % revenue or species recovery metrics) or the percentage of animal-related suppliers audited for welfare compliance, leading to their omission.
No War, No Weapons
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Teekay Corporation has a contract with the Australian government to provide marine services for five vessels, commencing in November 2021 for a firm period of 6 years, with options to extend for up to 10 additional years.
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A total of nine vessels are under contract with the Australian military.
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However, the provided articles do not contain specific financial figures or percentages of company revenue derived from this or any other defense contract. Furthermore, no quantitative data or specific facts are available for any other relevant KPIs, such as dual-use technology investment, sales to embargoed regimes, peacebuilding investments, or ethical policies and compliance rates related to conflict.
Planet-Friendly Business
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Teekay Corporation reports 0% of its operational energy consumption was sourced from renewables for 2024, 2023, and 2022.
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The company has set targets to reduce fleet-wide greenhouse gas emissions intensity by 40% by 2030 (compared to 2008)
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and total fleet greenhouse gas emissions by 50% by 2050,
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but these targets are explicitly stated as not SBTi 1.5°C validated.
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The company's plan is not informed by climate scenario analysis.
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There are no explicit TCFD disclosures.
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In 2024, 2023, and 2022, the company recorded zero spills greater than one barrel,
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zero ballast non-compliances,
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and zero SOx and NOx non-compliances.
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Respect for Cultures & Communities
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Teekay Corporation reported no cultural appropriation incidents in 2012
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and 2021,
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and no incidents were mentioned in articles covering 2023
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and 2024.
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Approximately 19.74% of the company's workforce, specifically 454 Australian seafarers and shore employees,
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are recruited from local communities out of a global total of approximately 2,300 employees.
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Free, Prior, and Informed Consent (FPIC) processes are not applicable to the company's operations, which primarily involve marine transportation and offshore production, and no projects requiring such processes with indigenous communities are mentioned.
Safe & Smart Tech
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Teekay Corporation's cybersecurity investment is 0.27% of its $3.2 billion annual revenue, which is below the 0.5% threshold for the lowest tier.
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The company's internal authentication security is weak, as it reserves the right to bypass personal passwords for inspections.
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However, Teekay reported zero vessel cybersecurity and security incidents in 2021.
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The company conducts comprehensive third-party cyber risk assessments and penetration tests, and all vessels completed ship security assessments in 2021.
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An organization-wide cybersecurity awareness program is in place, and 100% of shore staff completed integrity training in 2021.
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Teekay prohibits unauthorized data use, does not sell personal information, and has no documented incidents of misuse.
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,
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Users are afforded rights under GDPR and CCPA, including access, deletion, and opt-out options.
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The company's Personal Information Privacy Policy conforms to GDPR, and it retains unsuccessful candidate data for 12 months, collecting data on a 'need to know' basis.
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,
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Teekay complies with GDPR and CCPA and aims to meet or exceed local regulatory requirements.
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,
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The company does not use automated processing for significant individual decisions.
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,
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Zero Waste & Sustainable Products
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Teekay demonstrates strong performance in end-of-life management for its vessels, with almost every part of a ship reused
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and valuable materials like steel recycled.
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The company recycles all its vessels at the end of their life, indicating 100% take-back program coverage for its primary assets.
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Significant progress has been made in reducing single-use plastics, with onboard consumption of plastic drinking bottles reduced by over 80% since 2021.
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Waste diversion efforts are robust, with 70.16% of total vessel waste generated in 2023 disposed of at shore facilities or incinerated onboard.
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Total vessel waste generated decreased from 10,312 cubic meters in 2021
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to 3,364 cubic meters in 2024,
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supported by multiple waste reduction initiatives
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and environmental awards received in 2013.
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The company maintains exemplary compliance, reporting zero spills greater than one barrel,
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zero ballast non-compliances,
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zero SOx and NOx non-compliances in both 2023 and 2024,
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and zero regulatory non-compliances for ship recycling in 2023.
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Hazardous waste management for ship recycling goes above and beyond the Hong Kong Convention,
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utilizing EU-approved facilities
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and conducting regular monitoring.
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Annual environmental audits are performed on each vessel,
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and recycling yards are regularly inspected.
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Material efficiency is enhanced by MEGI engines, which reduce fuel consumption by 30%,
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and emissions intensity has decreased by 22-27% in its fleets since 2008.
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Teekay has company-wide waste reduction targets, including maintaining zero sea waste disposals
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and continuing to reduce single-use plastic consumption.
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Furthermore, all contractors and suppliers are required to implement environmental management programs similar to ISO 14001.
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