Internal governance and control
One of the tasks of Stena AB´s Corporate Governance function is to ensure that the operations are conducted in a responsible and efficient way. One aspect is to ensure a common approach through the governing documents within the Group. Another task is to support the business areas in dealing with the ever growing demands for corporate governance and regulatory compliance.
In an increasingly connected, digitalised world where the use of IT systems is fundamental, Stena has a strong focus on safeguarding information and cyber security. Through its information security policy and management system, Stena works with systematic method support that is based on ISO 27001. Another task for the function and an important part of the governance work is to review the internal control of the financial reporting, which is regularly reported to the Audit Committee under Stena AB’s Board of Directors. Decisions regarding corporate governance are established by Stena AB’s Board of Directors and executed by the business units.
CENTRAL RULES AND GUIDELINES
The White Book, Code of Conduct, Code of Governance and policies form the basis for good corporate governance of all of the Group’s business units. Corporate governance within Stena AB is important for doing good business, creating trust and ensuring that we work as one company with a common culture.
THE WHITE BOOK
In the White Book, Stena AB’s CEO and principal owner has formulated the principles, convictions and fundamental values that apply to all the Group’s companies. Each business unit is responsible for its own profitability, but there are also a number of common denominators for conduct within the Group. Besides Stena´s vision, mission and business idea, the White Book sets out shared success factors and describes the Group’s values. To ensure long-term value creation, the focus is not only on financial earnings; the goal is also to work forthe next generation and to contribute to lasting change.
The tenth edition of the White Book was published in 2023. The White Book
Code of Conduct
Stena’s Code of Conduct describes how Stena is to act in order to fulfil the values and commitments concerning, for example, the environment, social conditions, personnel, human rights and anti-corruption. It also concerns relationships with business partners, and how Stena reserves the right to withdraw from a relationship if a partner does not live up to the principles for good business conduct. The Code of Conduct is an integrated element of the employment contract and part of the introductory programme for new employees.
Code of Governance
The Code of Governance describes rules and responsibilities for the operations. This includes how Stena is governed and how decisions are taken within Stena, as well as risk management and the governing documents within the Group.
GROUP POLICIES
In addition to these general documents, there are also Group-wide policies that are reviewed on an ongoing basis to cover relevant areas for all Group companies. The companies also have their own policies that apply to their specific operations. All of these documents are available to employees, who in turn are expected to have good knowledge of how these documents are of significance to them.
Prudent Risk Management
Shareholder value is created by accepting and managing risk on a responsible basis through effective risk management. The Group´s stability is safeguarded by a deliberate strategy to focus on several different industries that face various risks, and in contracyclical industries. Increased stability is also achieved by gradually moving investments to assets with secure cash flows. During the last years, the share of properties and other non-maritime assets has increased, as a ratio of capital employed. The proportion of vessels and drilling units exposed to the spot market has decreased equivalently. In addition, investments in land-based logistics have been increased in recent years. Prudent risk management will maintain confidence in Stena’s ability to achieve its strategic ambitions, in line with its values and goals.
General Group Policies
- Anti-Bribery and -Corruption Policy
- Brand and Trademark Policy
- Competition Compliance Policy
- Information Security Policy
- People Policy
- Privacy Policy
- Safety and Environment Policy
- Sanctions and Export Controls Policy
- Security Policy
- Whistleblower Policy
SPECIFIC GROUP POLICIES
- Finance Policy
- IT Governance Policy
- Pre-Approval Policy
- Tax Policy
Whistleblower function
Suspected irregularities can be reported via the Group-wide whistleblower function. The whistleblower function is available to all employees on Stena’s intranet. Openness is encouraged, but reports can also be submitted anonymously. The recipients of reported incidents are the Head of Corporate Governance and the Chair of the Audit Committee. Relevant whistleblower cases are presented to the Audit Committee. The service is provided by an external partner and all information is encrypted, as an additional security measure.