Governance

A crew overseeing STS operations at sea onboard BW Balder
Addressing risks in challenging times

Spotlight: Managing Risks

Keeping our eyes on the horizon to ensure business sustainability.


Doing good while doing well

We conduct our business with high ethical standards and in compliance with relevant laws, and we ask for the same standards from our business partners.

Beyond compliance, we ensure strict internal governance in our business practices. We follow established gatekeeping procedures when we debate strategic business decisions. We have clear and transparent procurement practices. And we enforce and audit operational policies at sea and on shore.

Why? Because it is the right thing to do. Because only with good governance, can we be a force for good.

Doing the right thing

G for Governance, G for Good

Our governance priorities

 What this meansWhat we want to achieveAlignment with UNSDGs
Corporate GovernanceBe accountable to stakeholders and we insist on transparency, consistency, and high standards
of integrity in all that we do.
Conduct business in an ethical and transparent way in accordance with BW LPG’s values and code of conduct.UNSDG Goal 16 Peace Justice and Strong InstitutionsUNSDG Goal 17 Partnership for the goals
Anti-Bribery and Anti-CorruptionFollow proper procedures when we operate in areas where risks of bribery and corruption are high.Provide training to crew and employees, and make our position on
bribery and corruption clear to business partners. Participate in industry efforts to stamp out bribery and corrupt practices.
UNSDG Goal 16 Peace Justice and Strong InstitutionsUNSDG Goal 17 Partnership for the goals
Operational Excellence and Effective ManagementProtect our reputation as a responsible business partner with high standards of operations and risk management.Ensure internal processes are well managed, paying close attention to risk management and improving the quality of our services and supply chain.UNSDG Goal 17 Partnership for the goals

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An effective and impartial Board

BW LPG has a well-developed corporate governance structure, and a highly experienced Board of Directors.

We have 80% Board independence and 100% Audit Committee independence.

The Executive Management team consists of four members who work together as a team to exercise proper supervision on the management of the Company. The Executive Management is independent of the Board of Directors, and remuneration of the Executive Management is based upon the Guidelines for Executive Management. Remuneration of the Executive Management is reviewed annually and approved by the Board based on recommendations by the Remuneration Committee.

The Remuneration Committee considers the performance of the Executive Management and gathers information from comparable companies before making its recommendation to the Board. Such recommendation aims to ensure convergence of the financial interests of our Executive Management and shareholders. Sustainability performance objectives are integrated into the variable remuneration of the Executive Management.

Encouraging colleagues to speak up

At BW LPG, we have a supportive and open culture. Crew and colleagues do not have to worry about reprisals if they report misconduct, challenge current processes or raise critical concerns. By flagging concerns for attention, we can positively manage incidents before they become bigger issues.

Employees can either approach their Line manager, an HR representative, or their Head of Department. Employees are assured of a fair review and assessment for required corrective action. Depending on the matter, this can be escalated to the highest level of authority for attention.

BW LPG provides a quarterly update on compliance and litigation to our Board to ensure prompt and transparent communication, and fair resolution of any concern.

Code of Ethics and Business Conduct at BW LPG
Code of Ethics and Business Conduct at BW LPG