Wallenius Wilhelmsen ASA (‘Wallenius Wilhelmsen’ or ‘the Company’) is a public limited company which complies with Norwegian law. Listed on the Oslo Stock Exchange, the Company is subject to Norwegian securities legislation and stock exchange regulations. Wallenius Wilhelmsen was established in April 2017 after 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 17 October 2018 , 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 website.
Comply or explain principle
The Code covers 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). It also covers areas not addressed by legislation. Built on a ‘comply or explain’ principle, the Code requires the Company to justify deviations, if any, 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, Wallenius Wilhelmsen issues a report consistent with the requirements of the Global Reporting Initiative (GRI) Standard. The report for 2019 can be found under chapter six in this report. The report describes how Wallenius Wilhelmsen manages its business in relation to environmental, social and governance issues that are important to its performance and activities.
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 correct way, the Company has a set of governing elements, including its values, basic philosophy, leadership expectations, code of conduct, compliance policies and company principles. A corporate social responsibility statement is part of Wallenius Wilhelmsen’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 and e-learning documentation. In 2019, as in 2018, anti-corruption, competition law, data privacy (e.g. General Data Protection Regulation), and fraud and theft received particular attention, with there being continual focus on anti-corruption, competition law and other legal aspects in 2020.
Deviations from the Code: None