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. 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
Our governance priorities
| What this means | What we want to achieve | Alignment with UNSDGs | Stakeholders Impacted | |
|---|---|---|---|---|
| Corporate Governance | Be accountable to stakeholders and insist on transparency, consistency, and high standards of integrity in all business activities. | Commit to BW LPG’s code of conduct by running our business in an honest and open manner, and insisting on the same requirements from all business partners and vendors. |   | Crew Customers Investors Lenders Government and Regulators |
| Anti-Bribery and Anti-Corruption | As a global business, we are susceptible to bribery and corrupt practices. We expect all employees, crew and business partners to uphold the highest standards of integrity, especially when operating in high-risk areas. | Our policy on bribery and corruption is made known to business partners, and training is provided to crew and employees. We play an active role in industry initiatives to eradicate bribery and corrupt practices. | | Crew Employee Suppliers Customers |
| Operational Excellence and Effective Management | Protect our reputation as a responsible business partner with high standards of operations and integrating risk management into our business operations. | Ensure internal controls are adhered to and paying close attention to risk management to raise the standard of our services and supply chain. |  | Crew Employees Suppliers Customers Investors Lenders |
Key governance changes 2022
| Item | Key Changes |
|---|---|
| Guidelines on Executive Remuneration 2022 | • Inclusion of Recoupment Policy to enable the recovering incentive compensation under certain circumstances. • Following the conclusion of ‘LTIP 2017’, a new long-term management share option plan, ‘LTIP 2022’ was approved by the Board as of 1 March 2022. The LTIP rewards, attracts and aligns management interests with that of shareholders to incentivise sustainable value creation. Executive Management holds share options but does not own company shares as at year-end 2022. |
| Nomination Committee | • We appointed Ms. Sophie Smith as a member and Chairman of the Nomination Committee. She replaces Mr. Andreas Sohmen-Pao, who continues to lead the Board of Directors as Chairman. |
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Environment
Energy powers our world and our energy choices can protect our environment. LPG is a cleaner-burning fuel with plenty of uses.
Social
Providing a conducive working environment, respecting employees and crew, uplifting communities with cleaner-burning energy.
Targets and Performance
Committing ourselves to the transparent sharing of information on key ESG metrices so as to monitor our performance.
