As featured in the Port's newsletter, OnBoard, Spring 2021.
Wales is a small nation, but we can’t be accused of lacking ambition. We’re often acted upon but are rarely passive where our own country’s future (or Six Nations Championship) is at stake. Our democratically elected Senedd already holds lots of the levers of control that can help our society move towards sustainable prosperity.
But which way do we go? And how do we get there?
There’s a role for our political leaders to lay out a vision, build support and put policy in place to make that vision become reality. There’s a role, too, for each and every one of us as individuals to do our part. But there’s also a role for business, and as public finances come under increasing pressure, maybe it’s time to talk more about what businesses can do, and are already doing, to deliver social good and future prosperity.
Companies are committed to their own longterm survival. The dry accounting expression “going concern” explains their drive to manage their resources to ensure long term viability, to keep going. However, more and more, companies have lined up with society’s wider visions and goals, understanding that they have a contract not only with their customers, staff, suppliers or shareholders, but with the community in which they do business. They take on this social responsibility knowing that, in order to keep going, they need stable, sustainable conditions in which to trade. They also do it because companies are no more than the sum of their own people. Their moral and social compasses are set by the men and women who work there.
The Port of Milford Haven is a Trust Port. You’ll have heard us mention this a lot, because our trust port status is really important to us. In fact, it’s fundamental to how we interact with our communities. We’re here to operate the Port business safely, profitably and sustainably in order to ensure this unique asset continues to work for the benefit of future generations here in Pembrokeshire. When our Government passed the Wellbeing of Future Generations Act in 2015, they made it a requirement for public bodies in Wales to - among other things - think about the long-term impact their decisions have on society.
As a private business, the Port is not bound by the Act. However, few businesses of our size in Pembrokeshire are in a better place to help meet many of the goals this legislation hopes to achieve and do their bit to support the spirit of the Act.
There are obvious examples: We exist in part to help build prosperity within the communities that we operate. When we invest, our goal, beside securing our ongoing operational effectiveness, is that public good is delivered, whether it’s through creating jobs, creating opportunities for local businesses or attracting inward investment. We have a duty to maintain and protect the valuable ecosystems around the Waterway and we strive to ensure resilience is built within our communities, especially where they face economic hardship and need to adapt to the threat of climate change. We passionately support projects and charities that promote community cohesion and create safety nets for those in need.
These are just some of the priorities laid out by the Welsh Government. At a UK policy level, Government has committed us to some pretty bold targets to reduce carbon emissions so that we are net zero emitters of CO2 by 2050. The Port of Milford Haven is a key and willing agent for the delivery of these goals here in Wales. Our investment in Pembroke Dock Marine will help to speed up the development of a flourishing marine renewable energy industry, set to make a significant contribution to help us to hit those targets.
Here in Pembrokeshire, our status as the energy capital of the UK underpins the local economy and attracts lots of investment. However, with the help of Welsh Government, Pembrokeshire County Council and Visit Pembrokeshire, our county’s tourism sector is becoming more and more important. The industry here is developing a great sense of teamwork and a real confidence in its own unique offering. This is so important, because a visitor economy can deliver huge benefits to communities across Pembrokeshire but must be managed in a way that is sustainable and in tune with the exceptional natural gifts with which our county is blessed. Again, the Port is putting all its support behind the delivery of the Destination Management Plan and investing in Milford Waterfront in a way we hope can be an exemplar of policy made reality.
The bottom line is this: businesses in Pembrokeshire can be, and are already, agents of public good, very much in line with those goals set by Government. You only need to read the article about Jenkins and Davies [p.10 in OnBoard] to see how the passion of a homegrown business powers it to go out across the UK and secure wages for Pembrokeshire families, whilst committing to nurture more local talent for the future. This goes beyond its simple duty to its shareholders to remain a going concern. We need to have more faith in businesses that they can help deliver on society’s goals. Old divisions between public and private sector have become meaningless. The challenges we face, whether from climate change, social exclusion or economic uncertainty, do not discriminate. They affect us all.