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2019

Annual report

Board responsibility and work

The Board of Directors

The Board of Directors has adopted instructions for the work of the board. This includes rules on the work of the board and its administrative procedures, which determine what matters the board should consider. The board has the ultimate responsibility for the management of the Company and must ensure the business is run in a sustainable and responsible way. The Board of Directors has also adopted instructions for the executive management in order to clarify internal allocation of responsibilities and duties.

The board heads the Company’s strategic planning and makes decisions that form the basis for the administration’s execution of the strategy. The Chair of the Board has an extended duty to ensure that the board operates well and carries out its duties.

The Board of Directors has also implemented procedures to ensure that members of the Board of Directors and Executive personnel make the Company aware of any material conflicting interests that they may have regarding items being considered by the Board of Directors. The Board of Directors will also be chaired by some other member of the board if the board is to consider matters of a material character in which the Chair of the Board is, or has been, personally involved.

The board establishes an annual plan for its work and evaluates its performance and expertise annually.

In 2019, the Company arranged nine meetings. In addition, the board regulary visits business-related locations to ensure they have a solid understanding of the business, market, and outlook for the shipping and logistics industry. Such updates may also be given through a variety of communication channels, including a board portal containing timely and relevant information.

Audit Committee

The Company’s Audit Committee currently consist of two members: Marianne Lie (Chair) and Margareta Alestig. The Committee’s objective is to act as a preparatory working committee and support the board’s supervisory roles with respect to financial reporting and the effectiveness of the Company’s internal control and risk management systems. Both members of the Audit Committee are independent of the Company, and at least one member of the Audit Committee is competent in respect of finance and audit.

Remuneration Committee

The Board of Directors has established a remuneration committee consisting of Jonas Kleberg, Thomas Wilhelmsen and Håkan Larsson. The members are independent of the Company’s executive personnel. The board sets guidelines for remuneration of the Executive personnel, including long and short-term bonus schemes and pension plans. The Remuneration Committee also proposes the general remuneration principles for other employees in the Company. 

Management team

In 2019, the executive management team in Wallenius Wilhelmsen consists of a Chief Executive Officer (CEO) and seven other team members:

  • Chief Financial Officer (CFO)
  • Chief Transformation Officer (CTRO)
  • Chief Executive Officer (CEO) EUKOR Car Carriers
  • Chief Operating Officer (COO)
  • Chief Human Resources Officer (CHRO)
  • Chief Digital Officer (CDO).

The executive management team discusses and coordinates all main business and management issues relevant for the Company. An overview of the background and expertise of the executive management team is available on the Company’s website.

CEO

The board’s instruction to the CEO includes a statement of duties, responsibilities and delegated authorities. The CEO has overall responsibility for the Company’s results and for conducting the businesses and affairs of the Company and its businesses in a proper and efficient manner, and in the best interests of the Company and its shareholders.

The CEO has a particular responsibility to ensure that the board receives accurate, relevant and timely information that allows it to carry out its duties. The Company’s operations, financial results, projections, financial status, or other topics specified by the board are regularly shared with the board between board meetings.

The CEO has delegated the responsibility of the different business areas to other members of the executive management team.

CFO

The CFO heads up finance, legal, compliance and strategy for Wallenius Wilhelmsen. The CFO is responsible for providing the CEO and the board with reliable, relevant and sufficient financial information related to Wallenius Wilhelmsen’s business activities and ensuring that such information is based on requirements for listed companies. 

Governance in partly owned companies

Wallenius Wilhelmsen holds a controlling ownership interest in EUKOR Car Carriers, Armacup Limited, and Syngin Technologies, LLC. Each entity has its own board responsible for issues related to the specific operating entity.

Wallenius Wilhelmsen’s ambition is to be a demanding and reliable owner, taking the long-term interests of the companies, as well as its own interests, into consideration when developing its future strategy. This includes how ownership will be exercised, financial prospects and expectations towards code of conduct, and environmental and sustainable standards and aspirations.

Deviations from the Code: None