Corporate governance in BW LPG is primarily governed by the Bermuda Companies Act, its Memorandum of Association and its Bye–laws. In addition, certain aspects of the Company's corporate governance are governed by the Norwegian Securities Trading Act, the Norwegian Stock Exchange Regulations and the Continuing Obligations for Companies Listed on the Oslo Stock Exchange.
The Board must issue a comprehensive corporate governance report providing an overall overview of the Company's Corporate Governance practices, with specific reference to the Norwegian Code of Practice for Corporate Governance (dated 17 October 2018 issued by the Norwegian Corporate Governance Board). Adherence to the Code of Practice will be based on the "comply or explain" principle.
The full Corporate Governance Report can be downloaded on our website at www.bwlpg.com/sustainability/corporate-governance
| Section of the Code | Deviations |
|---|---|
| Implementation and reporting on corporate governance | None |
| Business | The Company’s objectives are wider and more extensive. |
| Equity and dividends | The Company’s issuance and purchase of its own shares are neither limited to a specific purpose nor to a specified period. |
| Equal treatment of shareholders and transactions with close associates | None |
| Shares and negotiability | The Company may decline to register the transfer of any share if the transfer results in the Company being deemed a “Controlled Foreign Company” in Norway. |
| General meetings | The Chairman of the Board also acts as the Chair of the General Meetings. |
| Nomination committee | A member of the Nomination committee (who is also a member of the Board) may offer himself for re-election to the Board. |
| Board of Directors: composition and independence | None |
| The work of the Board of Directors | One of the two members of the Audit Committee is not independent of the Company’s largest shareholder. |
| Risk management and internal control | None |
| Remuneration of the Board of Directors | None |
| Remuneration of the Executive Personnel | The Annual General Meeting has not voted over the Guidelines for Executive Remuneration. Performance-related remuneration to Executive Personnel are not subject to an absolute limit. |
| Information and communications | None |
| Take-overs | None |
| Auditor | None |
