Legal and compliance
Vopak may be held liable for any non-compliance with laws and regulations. For example, in a number of countries there is specific legislation relating to the administration and tracking of 'controlled products' (the United Nations lists these products). We mitigate this risk through monitoring and by adapting to significant and rapid changes in the legal systems, regulatory controls and customs and practices in the countries where we operate. Some products we store and handle for customers, such as ethanol, are subject to import duties. As more products with import duties are handled, Vopak´s financial risk exposure rises, requiring continuous attention for adequate procedures, processes and controls. Sufficient working capital, inventory management and supportive processes are preconditions that we safeguard through a key control framework and a global diagnostic instrument. Where necessary, control mechanisms are tightened. The effects of stricter environmental regulation are covered as far as possible by making specific and sustainable investments and by sharing risks with customers. Read more in our annual report.