Wallenius Wilhelmsen Logistics ASA (WWL) is a public limited company organised under Norwegian law. Listed on the Oslo Stock Exchange, the company is subject to Norwegian securities legislation and stock exchange regulations. WWL was established in April 2017, by a merger of the jointly owned shipping activities and relevant assets of Wilh. Wilhelmsen ASA and Wallenius Lines AB.
This report is based on the requirements covered in the Norwegian Code of Practice for Corporate Governance (“the code”, dated 30 October 2014 http://www.nues.no), the Public Limited Companies Act and the Norwegian Accounting Act, approved by the board and published as part of the company’s annual report. The report is also available on the company’s webpage (https://www.walleniuswilhelmsen.com/investor-relations/).
Comply or explain principle
In addition to provisions and guidance that in part elaborate on company, accounting, stock exchange and securities legislations, as well as the Stock Exchange Rules (from 30 November 2005 with later amendments), the code also covers areas not addressed by legislation. Built on a “comply or explain” principle, the code requires the company to justify deviations from its 15 provisions and to describe alternative solutions where and if applicable.
Sustainable business model
A responsible business model is necessary to be sustainable. Acknowledging that the company’s activities affect its surroundings, WWL issues a report consistent with the requirements of the GRI (Global Reporting Initiative) Standard. The Sustainability report for 2017 can be found under chapter 5. It describes how WWL manages its business in relation to the full sweep of environmental, social and governance issues that are material to it.
Employees and others working for and on behalf of the company should carry out their business in a sustainable, ethical and responsible manner and in accordance with current legislation and the company’s standards.
To ensure that the right results are achieved in the right way, the company has a set of governing elements including its values, basic philosophy, leadership expectations, code of conduct, compliance polices and company principles. A corporate social responsibility statement is part of WWL’s governing principles. Making up the core of the company’s governance framework, the governing elements guide the employees in making the right decisions and navigating safely in a rapidly changing environment.
A summary of the governing elements is available electronically on the company’s intranet, as written documentation and as e-learning. In 2017, as in 2016, anti-corruption, competition law as well as fraud and theft received particular attention. The focus on anti-corruption, competition law etc. will continue in 2018.
Deviations from the code: None