The board is responsible for the Company’s internal control and risk management and believes that the Company’s systems are appropriate given the extent and nature of the Company’s activities. The system contributes to control characterised by integrity and ethical attitudes throughout the organisation. It is based on the Company’s guidelines for business standards and corporate social responsibility.
The board reviews the Company’s risk matrix four times a year and the internal control arrangements at least once a year, preferably together with the Company’s auditor.
About the system
Governing documents, code of conduct, company principles (including corporate social responsibility), policies, guidelines, and process descriptions are documented and electronically available to the Company’s employees through the Company’s global integrated management system. Various internal control activities give management assurance that the internal control of financial systems is working adequately and according to management’s expectations.
The Company’s internal control is a process designed to provide reasonable assurance of:
- Effective and efficient operations
- Risk management
- Reliable financial reporting
- Compliance with laws and regulations
- Necessary resources provided and used in cost-efficient ways.
Internal control includes:
- Activities established to evaluate and confirm the quality of internal control regarding financial reporting (per segment)
- Procedure for year-end financial statements and the Wallenius Wilhelmsen board’s responsibility statement semi-annually and annually
- Enterprise risk assessment – including reporting of the segment’s internal control
- Quarterly reporting on risk assessment to the board
- Risk factors are described and made public to the market in the Company’s second quarter and annual reports.
Wallenius Wilhelmsen’s governing documents are in line with the group’s financial strategy.
Confirmation from external auditors and internal procedures i.e. business reviews (financial, operational and quality) give the management and board confidence that the Company complies with external and internal rules and regulations.
The Company’s auditors conduct the audit in accordance with the laws, regulations, and auditing standards and practices generally accepted in Norway. These give reasonable assurance as to whether the consolidated financial statements are free from material misstatements, and whether internal control over financial reporting was appropriate in the circumstances relevant to the audit. The audit includes examining on test basis evidence supporting the amounts and disclosures in the financial statements. It also includes assessing the accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluation of the overall financial statement presentation including the disclosures.
Wallenius Wilhelmsen has a global whistleblowing system including procedures and channels for giving notice about potential non-compliance, e.g. corruption, theft, fraud, sexual harassment, or other breaches to the Company’s business standards. The procedures strengthen transparency and ensure the business standards are applied the way they are intended. They also ensure that the group has a professional way of handling potential breaches to laws and regulations, self-imposed business standards or other serious irregularities. The procedures also include guidelines to safeguard the whistle-blower.
Deviations from the Code: None