Seeking an answer to the question, "If the fish disappear, we all lose" - Report from the 3rd Fisheries Future Summit
Columns
I developed an interest in sustainability while at Bloomberg and sought collaborations that could bring about change.FAIRRMr. Busche moved to [location].Part1First, we asked about the background, the communication challenges between fisheries companies and investors, and what they noticed while working with Japanese fisheries companies. In Part 2, we will ask in detail about the Coller FAIRR Fisheries Index (hereinafter referred to as the Index), which is scheduled to be released in 2026 for investors, including its structure, procedures, and its significance for both investors and companies.
An event featuring Mr. Busche will be held on June 11th. Please join us!
--Could you tell us about the new initiative, "Coller FAIRR Seafood Index," which is scheduled to be released in May 2026?
The "Coller FAIRR Protein Production Index" is a long-standing framework developed by FAIRR, targeting 60 major producers of meat, eggs, and dairy products worldwide.*This is the current situation. Since 2019, we have added aquaculture to this, and have revised the index content to deepen our understanding of feed, the procurement of its raw materials, and the traceability of wild fish used as feed ingredients.
However, there are too few common indicators that can be used for, for example, pork production and fishing vessel operations. Therefore, we thought that by creating a separate index for marine products, we could evaluate them more accurately and also include natural fisheries that had not been covered before.
—In what ways will the information provided by this index particularly meet the needs of financial institutions?
For investors, the more information the better, but complex qualitative information, such as corporate policies, supplier guidelines, and monitoring systems, expressed in various forms, cannot be used directly as a basis for their decisions. Therefore, we translate the meaning of that information into a simple form—numerical data using clear indicators and rankings compiled from that data—so that investors can incorporate it into their operations.
—What is the procedure for creating and publishing the index?
First, we create a methodology. Then, in the assessment, we analyze company information, perform calculations, and generate rankings. We then share these rankings with the companies to receive feedback and make revisions as needed. We plan to make the results public to investors, companies, and the media in the spring of 2026.
—So, those being evaluated can see the rankings in advance? Are you anticipating objections from companies?
Before publication, we ask companies to confirm that there are no oversights or misunderstandings. When we interpret qualitative information such as company policies and code of conduct that are not quantified in advance, for example, if we consider industry-leading performance to be 100%, we might evaluate a company's achievement level as 50%, but the company might say, "We've achieved 70%." We may make mistakes or overlook information, so we will discuss any claims made by the company. We record the analysts' evaluation findings, which we then make available to the companies and later to investors.
The goal is not to condemn underperforming companies. Therefore, it's perfectly fine if there are complaints about our evaluations or if we need to discuss and revise them.
The left diagram shows the process for developing the "FAIRR Seafood Index." ① A methodology is created based on the opinions of experts and companies (upper right), ② Assessment results are shared with the companies being evaluated and feedback is received (lower right), ③ Results and best practices are published (lower left), and ④ Discussions about improvements are held with individual companies (upper left). The right diagram shows a rough timetable.FAIRR Official Website(From English)—Will you be using publicly available information for the evaluation? Or will there be additional interviews?
We only use publicly available information. This is because we don't want companies to provide additional, individualized information that would only benefit our members. If companies publish additional information they want us to see on their websites or elsewhere, we will use that as well.
--By the way, will you also be using information in Japanese?
I don't think language is the fundamental problem. We have staff who understand Japanese. However, Japanese is certainly a difficult language for us to work with, which is why we make sure that the companies themselves thoroughly review the results.
—I imagine it's not easy for companies to disclose information in a way that allows them to receive a satisfactory evaluation. How should companies that aren't accustomed to this kind of evaluation process react?
There's something I want to emphasize to companies: We're not asking you to make efforts solely for FAIRR's benefit.
Most of our metrics are CDP* 1TCFD* 2,TNFDThese are also included in existing international frameworks. By working in accordance with the FAIRR index, companies can disclose information in line with these international frameworks. In other words, we believe that complying with the FAIRR index does not increase the workload for companies, but rather helps them to promote information disclosure efficiently and effectively.
Furthermore, I believe you will find the excellent case studies that FAIRR introduces helpful. We want to talk about things that are grounded in reality, not about the distant future.
—How do investors utilize indices?
One use is as a basis for portfolio construction decisions. Investment companies use a combination of several datasets when constructing investment portfolios for their clients. FAIRR information is one of them.
As I mentioned, qualitative information is difficult for investors to interpret. That's why we decipher qualitative information and convert it into quantitative scores. By putting the information into a quantitative system, they can integrate it into their work.
Recently, a similar practice has been observed in lending. That is, when companies want to borrow money, they refer to these datasets to make lending decisions.
Another new trend is that investors' clients—that is, asset owners such as pension funds and investment funds—are increasingly demanding to express their opinions to the companies they invest in, rather than leaving everything to investment companies. They want the companies' activities to be evaluated from the perspective of long-term shareholders. Furthermore, there is a growing demand for the asset owners to communicate their vision of a sustainable future for business to the companies.
—So FAIRR's information reaches that far, beyond investment companies.
While it may be impossible to reach individual investors who are the ultimate owners of the funds, we can reach large asset owners such as the National Pension System. Therefore, we envision communicating with both asset managers, or investors, and the asset owners beyond them.
Seminar on traceability in Japanese fisheries companiesMs. Boucher, who took the stage (March 2025)—What impact will this index have?
I believe the index itself is an excellent sub-indicator, as it translates abstract concepts into concrete actions toward change. It's a concrete indicator that translates broad concepts such as greenhouse gas reduction, deforestation prevention, and human rights protection into business activities.
Furthermore, we will not only use this indicator for evaluation, but also track and specifically introduce the achievements and case studies of leading companies, including the progress of their initiatives. We hope that companies newly embarking on such initiatives will be able to use this as a framework. In this way, we aim to provide value not only to investors but also to companies.
--By the way, are there any differences between the fisheries sector and the other food sectors that FAIRR has been involved with for a long time?
In the fisheries industry, we have a common traceability standard agreed upon across the industry, which allows the same information to be shared among fishing vessels, processing companies, and retailers. We are currently exploring whether a similar system could be created for beef, for example.
One commonality with agriculture and livestock farming is the large number of people involved. In production settings, economic conditions are often precarious, making it difficult to adopt sustainable methods. These people need support. The dynamics in agriculture and fisheries are very similar.
This diagram illustrates the wide range of business benefits that can be gained through traceability of seafood. FAIRR, an investor network, emphasizes the importance of traceability to both companies and investors. (Diagram from FAIRR's Seafood Traceability Engagement Phase 1 report; Japanese translation is independent.)--Thank you. Making seafood sustainable is a complex and significant topic. Do you have any advice for tackling such a major challenge?
We are still in a process of trial and error, but what I can say is that educational activities that broadly share knowledge are crucial. In the financial industry, I encounter people every day who don't even know how to incorporate measures against greenhouse gases into their work. This is even more true when it comes to human rights issues or the sustainability of fisheries products.
Many people are still stuck at the starting line. Even if they understand and accept it, there are other challenges in incorporating it into their work. That's why we must not stop communicating and educating people.
--I hope this article will be of some help. Also, Seafood Legacy has declared its intention to "mainstream sustainable seafood by 2030." What do you think is necessary for mainstreaming?
That's a difficult question, but for me, partnership is essential. We call this kind of partnership, which transcends the positions of all stakeholders, a "landscape approach," which involves looking at the entire context of the situation.
Originally, we considered this from the perspective of land-based protein sources, but both livestock farming and fisheries are extremely fragmented and complex industries. In such a world, no single player can accomplish anything alone. We believe that great power can be unleashed when people from various backgrounds—government, finance, corporations, organizations, fishermen, and more—come together to tackle the challenges. That's why we intend to support partnerships and do our best to ensure that they benefit everyone involved.
Max Boucher
He has served as the Head of Nature & Marine Programs at the investor network FAIRR since 2021. Prior to joining FAIRR, he worked for Bloomberg for eight years as an equity research analyst, later developing an interest in ESG and sustainable finance. He is a graduate of the prestigious Canadian business school HEC Montreal and holds a CFE qualification.
FAIRR Official URL:https://www.fairr.org/
Interviewed and written by: Keiko Ihara
He was in charge of design research and concept studies at a general design office until 2002. Since 2008, he has been involved in design research at infield design, and also works as a freelance writer and translator of design-related articles.
share
Key terms and concepts to understand seafood sustainability.
