BW LPG Code of Ethics and Business Conduct

BW LPG’s Code of Ethics & Business Conduct provides an overview of BW LPG’s policies and principles on ethics and business conduct.

Introduction

The BW LPG Code of Ethics and Business Conduct reflects our commitment to uphold ourselves to high standards of integrity, transparency and responsibility. BW LPG expects employees, contractors and anyone else acting on behalf of BW LPG to  operate in accordance with the policies and principles set forth in this Code. Everyone, from the members of the Board of Directors, to the Executive Leadership, to each employee working in BW LPG will be held accountable when violating the standards outlined herein.

Our guiding principles:

  • BW LPG’s Vision, Purpose & Values
  • Responsible Business Practices
  • Respect for Employees
  • Open Communication & Speaking Up
  • Avoiding Conflicts of Interest
  • Transparent Communication
  • Protection of Data & Privacy

BW LPG's Vision, Purpose and Values

Vision Purpose Values on Website

 

Our Vision - Best on Water

Our Purpose – Towards a Better World

  • We aspire Towards a Better World through driving the world’s energy transition by delivering a cleaner source of energy.
  • We aspire Towards a Better World through conducting sustainable business practices and reducing environmental impact.
  • We aspire Towards a Better World for our employees, customers, investors and the environment.
Our Values - C.A.R.E
Collaborative
  • We engage our customers eye-to-eye and find solutions together.
  • We engage positively and constructively with our colleagues.
  • We are open, genuine, and transparent in everything we do.
Ambitious
  • We recognize that to be our customers’ first choice we must set the bar high.
  • We challenge our own performance and goals, as individuals and as teams.
  • We give and value honest and respectful feedback.
Reliable
  • We deliver on our promises to customers and colleagues.
  • We trust and depend on each other as colleagues.
  • We recognise that accountability and reliability are essential for efficiency and success.
  • We aim for Zero Harm to people, environment and property.
Enduring
  • We serve our customers with a long-term perspective.
  • We persevere based on our commitment to make a positive difference.
  • We are attuned to changes around us and change to stay relevant.

At BW LPG, our values are Collaborative, Ambitious, Reliable and Enduring.

Responsible Business Practices

Compliance with laws, rules and regulations

BW LPG will comply with all laws, rules and regulations that apply to our business. Every employee should be familiar with and comply with relevant laws, rules and regulations in their respective work areas. When unsure whether a contemplated action is permitted, employees should seek advice from the relevant resource expert. Every employee is responsible for ensuring compliance with the law and should report concerns of possible violations. 

Anti-Bribery and Anti-Corruption

BW LPG is committed to supporting and promoting a business environment free of bribery and corruption. Employees must avoid any situation or activity that compromises, or may compromise, their judgment or ability to act in the best interest of BW LPG, including accepting of gifts and entertainment. It is important that all employees, agents and representatives understand and comply with BW LPG’s Anti-Bribery and Anti-Corruption policy

Procurement Ethics

Suppliers play an important role in BW LPG’s value chain and indirectly contribute to BW LPG’s vision and purpose. BW LPG encourages our suppliers to act in an ethical and sustainable manner and engages with our suppliers to communicate our expectations. These are set out in the following documents:

Insider Trading

Insider information is information capable of affecting the price of securities and which is not publicly available or generally known to the market. A person with such insider information (an insider) could make use of this information to trade to his/her advantage.

BW LPG prohibits the use of inside information to conduct trades in securities of BW LPG. This applies to all insiders (individuals and/or entities given access to inside information) and their closely associated persons (e.g., spouse, family members, persons in the same household etc.). As a company listed on the Oslo Børs and subjected to the Oslo Børs’ regulations, BW LPG has issued the Insider Trading Policy for insiders who wish to trade in BW LPG’s securities. 

Responsible Tax

Tax is a core part of corporate responsibility and BW LPG is committed to responsible tax behaviour and tax transparency. We actively manage our tax matters through risk management, proper tax accountability and governance, tax compliance and transparency. Our Responsible Tax Policy  helps us to deliver on our business strategy and to pay the appropriate amount of tax in countries where we create value.

Respect for our employees and seafarers

Respect for Individuals, Human Rights and Fair Employment Practices.

BW LPG has a responsibility to create an environment where all individuals are treated with dignity and respect. We support and respect the principles proclaimed in the United Nations Universal Declaration of Human Rights and our policies cover the following practices:

  • No discrimination: BW LPG upholds a merit-based work environment and expressly prohibits discrimination in the workplace.
  • No harassment: BW LPG prohibits engagement in any form of harassment including but not limited to status-based harassment and sexual harassment.
  • Freedom of association and the right to collective bargaining: BW LPG does not hinder the right of employees to form, join or not join a labour union or any other o rganisation(s) of their choice and respects the right to collective bargaining in support of their mutual interests.
  • No forced or child labour: BW LPG prohibits any form of forced or child labour, including slavery and human trafficking.
  • A safe and conducive workplace: BW LPG works to ensure that the workplace is a safe and conducive environment for everyone.

These are set out in the following documents:

Employee Code of Conduct

All employees of BW LPG are expected to display behaviour that is representative of BW LPG’s values when at work, or at work related functions and events. 

Code of conduct and standards of behaviour expected of BW LPG’s employees include:

  • Displaying professional behaviour in every aspect of their work and/or during interactions with stakeholders.
  • Treating others with dignity and respect.
  • Acting in a socially responsible manner.
  • Adhering to BW LPG’s policies and reporting any occurrences contrary to the policies.
  • Being mindful of behaviour or actions that could possibly compromise the integrity or damage the reputation of BW LPG.

 

Open Communication and Speaking Up

Open Communication

BW LPG is committed to ensuring effective employee relations through mechanisms for receiving employee feedback and concerns of a general nature. We take employees’ concerns very seriously and ensure that it is dealt with in a proper way with the appropriate measures. Formal grievance procedures are activated when an employee raises concerns that cannot be dealt with in an informal way.  

Speaking Up

BW LPG’s Whistleblowing Policy  encourages employees to speak up if they are aware of any illegal, immoral or non-compliant behaviour in BW LPG. It is important that employees feel comfortable and safe to raise a concern openly.

Reporting of concerns can be done through the BW LPG’s whistleblowing channel. If an employee requests anonymity, every effort will be made to protect their identity. No retaliation will be taken against any employee who speaks out in good faith. 

Avoiding Conflicts of Interest

BW LPG aims to avoid any conflict between personal interests and those of BW LPG, in dealing with business associates and/or any person doing or seeking to do business with BW LPG. To maintain a high standard in our business practices, situations where conflict of interests may arise are avoided; or if unpreventable, dealt with in an appropriate manner. We expect all employees to be transparent and take accountability for any potential conflicts of interests. The BW LPG Conflict of Interest Policy  should be familiarised by all employees in order to prevent such situations from happening and to be able to recognise various forms of conflict of interests.

 

Transparent Communication

Investor Relations & Shareholder Engagement

BW LPG aims to maintain effective and open communication with our shareholders, stakeholders and the interested public, and provide shareholders and other parties in the financial markets with equal and simultaneous information about matters that may influence the share price. We aim for a high degree of openness and are committed to communicating information in compliance with the disclosure requirements of the Oslo Stock Exchange. We respect the principle of equal treatment of all market players to ensure fair pricing of the BW LPG's shares.

BW LPG communicates with all its shareholders, investors and analysts by organising meetings such as the Annual General Meeting, Investor & Analyst presentations, roadshows and attending various conferences with investors. Furthermore, we publish an annual report, quarterly reports and press releases as and when required to communicate developments relating to the company.

More information can be found in our Investor Relations & Shareholder Engagement Policy.

 

Protection of Data & Privacy 

Personal Data Protection & Privacy

BW LPG ensures confidentiality, privacy and aims to avoid any potential risks of data leakage through security and effective management of personal data. BW LPG has practices concerning the handling of personal data in place and is in full compliance with the applicable data protection legislations. Collection and maintenance of personal data is largely to meet BW LPG’s legitimate interests as an employer and to comply with statutory requirements. When the personal data is no longer necessary to fulfil the purposes for which it was collected, appropriate measures will be taken to dispose of all files and documents which contains this personal data.

Protecting & Proper Use of Company Data and Assets

Employees are expected to handle BW LPG’s confidential data with proper care. This includes trade secrets and other proprietary information about BW LPG, its business activities, technology, financial position and personnel, as well as information about or received from BW LPG’s customers, suppliers and partners. Such information should not be disclosed to persons outside BW LPG. This obligation to preserve BW LPG’s confidential information continues even after the end of employment.

It is important that company files are not left unprotected or brought out of the company’s premise unnecessarily. Computers and laptops should be duly password protected to prevent unauthorized access.