Corporate Governance and Business Ethics

Doing the Right Thing

BW LPG is a leading ship owner and operator involve in LPG shipping

BW LPG is primarily governed by the Bermuda Companies Act, and its Bye-Laws. In addition, the Company is required to comply with certain aspects of the Norwegian Securities Trading Act, the Norwegian Accounting Act and the continuing obligations for companies listed on the Oslo Stock Exchange. Our Corporate Governance Report  provides an overall overview of our Corporate Governance practices with specific reference to the Norwegian Code of Practice for Corporate Governance  dated 14 October 2021 issued by the Norwegian Corporate Governance Board. Each point of the Code is reviewed and if BW LPG deviates from the Code, explanations have been provided. 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. 

Our BW LPG Insider Trading Policy has clear rules and guidelines regarding insider dealings to comply with applicable legislation and to prevent acts or omissions which may undermine the general trust in the Company. BW LPG respects international anti-trust laws and engages in business practices that are fair and transparent. 

We maintain high standards of governance practices to protect the trust placed on us by our stakeholders. This includes annual reviews of relevant legislation, guidelines and best practices to ensure compliance and to update our approach to managing risks. Our governance framework is based on both internal and external frameworks. Our BW LPG Governance policiesapplies to all employees. These policies are supported by our Supplier Code of Conduct, and our Code of Conduct Guide to Procurement Ethics, which are applicable to those who conduct business with us. 

Code of Ethics and Business Conduct at BW LPG

Encouraging Colleagues to Speak Up

At BW LPG, we have a supportive andopen culture. Crew and colleagues donot have to worry about reprisals if theyreport misconduct, challenge currentprocesses or raise critical concerns. We are safe not because we have no incidents. We are safe because we dare to speak up when we are concerned about current work processes. 

Byflagging concerns for attention, we canpositively manage incidents before theybecome bigger issues.Employees can either approach theirLine manager, an HR representative, ortheir Head of Department. Employeesare 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.  

 

Leadership

BW LPG is helmed by a group of experienced and diverse Board with complementing expertise who enforce our governance procedures. The ExecutiveLeadership Team is independent of the Board of Directors and commits to beethical and open in all that we do. The Executive Leadership Team implementsthe strategic direction for the Company and supervises the daily running andmanagement. 

 

Executive Remuneration

Remuneration of the Executive Management is reviewed annually and approved by the Board based on recommendations by the Remuneration Committee and the Guidelines for Executive Remuneration. 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 the Executive Management and our shareholders. Sustainability performance objectives are integrated into the variable remuneration of the Executive Management.