A trusted company for our shareholders
Holding ourselves to high standards
At BW LPG, we conduct our business with high ethical standards and in compliance with relevant laws.
BW LPG is primarily governed by the Bermuda Companies Act, its Memorandum of Association 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 (the “Code”) dated 14 October 2021 issued by the Norwegian Corporate Governance Board. Each individual point of the Code is reviewed and if BW LPG deviates from the Code, explanations have been provided.
BW LPG Global Policy
Internally, we subscribe to the BW LPG Global Policy, which outlines the framework for employees’ responsibility and conduct. We ensure that our business operations are carried out with the highest standards of integrity.
We expect our business partners, suppliers, agents and other third parties to comply with relevant policies. These policies reflect our commitment to our shareholders, customers and employees, to conduct our business according to the highest standards of integrity.
Staying on the straight and narrow
BW LPG has a well-developed corporate governance structure. Our Board of Directors form the Audit Committee and Remuneration Committee. External auditors report directly to the Audit Committee. Key internal and external frameworks drive our corporate actions.
The Group’s objectives, strategies and risk profiles are evaluated at least annually. Governance documents are reviewed at least annually by the Board and management to ensure continued relevance and accuracy.
Appointed auditors conduct audit in accordance with the laws and auditing standards in the respective countries of operation. Accounting policies are assessed and auditors identify any material misstatements in the consolidated financial statements while evaluating overall financial statement presentations and disclosures.
All shareholders will be treated equally, unless there is just cause for differential treatment. We respect international anti-trust laws and engage in business practices that are fair and transparent.
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 composition of the Board represents a broad cross-section of our shareholders, which ensures that they can meet the Group’s need for expertise, capacity, diversity and independence. The Board carries out an annual review of the Group’s most important areas of exposure to risk and its internal control arrangements.
Executive Leadership Team
The Executive Leadership Team implements the strategic direction for the Company and supervises the daily running and management. The Executive Management consist of four members and is independent of the Board of Directors, and remuneration of the Executive Management is based upon the Guidelines for Executive Remuneration. 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 on our whistle-blowing channel, a 24/7 international hotline. 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.
Targets and metrics
Our ambition is to uphold responsible and transparent business practices. Our strategy is to communicate our expectations for such practices clearly and transparently.
To assess and manage governance-related risks and opportunities, we identify and track Key Performance Indicators (KPIs).
Anti-Bribery & Anti-Corruption
At BW LPG, we take a strong stand against bribery and corruption in the industry. Do not ask, we will not pay.
Operational Excellence & Effective Management
At BW LPG, we regularly monitor our risk framework, policy and review processes to ensure appropriate and efficient mitigation of risk.
Policies and Guidelines
Communicating our standards for business conduct clearly and transparently through policies and guidelines.