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. 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 UNSDGsStakeholders Impacted
Corporate GovernanceBe accountable to stakeholders and insist on transparency, consistency, and high standards of integrity in all business
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.UNSDG Goal 16 Peace Justice and Strong InstitutionsUNSDG Goal 17 Partnership for the goalsCrew
Government and Regulators
Anti-Bribery and Anti-CorruptionAs 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.UNSDG Goal 16 Peace Justice and Strong InstitutionsUNSDG Goal 17 Partnership for the goalsCrew
Operational Excellence and Effective ManagementProtect 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.UNSDG Goal 8 Decent work and economic growthUNSDG Goal 17 Partnership for the goalsCrew

Key governance changes 2022

ItemKey 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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