Our Corporate Governance Policy

Governance Structure

BW Offshore has a well-developed corporate governance structure and adheres to the Norwegian Corporate Governance Board (NUES) Code of Practice, last updated 14 October 2021.

Management of the Company:

Senior Management: has the responsibility to discuss and decide upon strategic objectives, business evaluation, opportunities and risks review, priorities and financial results
Functional Management: includes Heads of functions; has the responsibility to develop and implement plans in accordance with the Company’s strategy and priorities

Corporate Governance

BW Offshore is dedicated to maintaining high standards of corporate governance and investor relation.

Corporate governance addresses the interaction between the shareholders, board of directors, management, employees and other stakeholders.

Maintaining high standards of corporate governance improves the quality of discussions and decisions by the corporate bodies and strengthens confidence among shareholders and the investor market, contributing to value creation.

Read the latest Corporate Governance Report in our Annual Report

The annual general meeting will normally take place on or before 31 May each year.

The Board shall make efforts to ensure that as many shareholders as possible may exercise their voting rights in the company’s general meetings and that the general meetings are an effective forum for the views of shareholders and the Board.

BW Offshore’s Board of Directors has a Nomination Committee. See the link below for the latest versions of relevant guidelines being used by the committee.

Guidelines for the Nomination Committee in BW Offshore

BW Offshore's policy concerning dividends is as follows;

'BW Offshore has an objective to generate competitive long-term total shareholder returns. This return will be achieved through growth and dividend payments. The company targets to pay dividends on a quarterly basis.

The Board of Directors will target a sustainable dividend level that can grow over time, taking into account the overall cash flow position and future capital requirements. In addition to paying a cash dividend, BW Offshore may also buy back shares as part of its plan to distribute capital to shareholders.'

BW Offshore’s Tax Policy is based on its Tax Principles and is closely aligned to the Company’s business strategy.

Read our Tax Policy here.

See the latest version of BW Offshore's approach to tax, prepared in accordance with the requirements of the UK Finance Act 2016 here.

Expectations Of Our Business Partners And Our Supplier Code Of Ethics And Business Conduct

A key focus of the Ethics and Business Conduct compliance management programme at BW Offshore is the assessment of external related parties who work for the various business units or are part of their value chain. All business partners (including country partners, agents acting on behalf of the company, and suppliers who provide goods and services) are assessed for: compliance with relevant laws and regulations; compliance with the principles and spirit of the BW Offshore Code of Ethics and Business Conduct (and the Guidelines); and any red flags that might indicate that use of the external party might have an adverse effect on BW Offshore’s reputation, as part of the Company’s ‘Supplier Qualification’ processes.

Our commitment to ‘Respect for the Individual, Human Rights and Ethical Employment Practices’ and our programme for Modern Slavery prevention is also reflected in the Qualification compliance assessment work.

The Corporate Integrity department performs the assessment of the vendors as part of the Qualification process, and may also request further information, perform in-person audits or mandate specific activities (such as certifications or trainings) to be completed by the supplier, as deemed necessary to manage the compliance risk the party might pose to BW Offshore. The company will not engage an external party if the compliance risk is deemed too high.

Visit the Vendor Portal for further information for Vendors.

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