Nordic Tankers aspires to high standards of Corporate Governance and the supervisory board constantly refers to the framework and principles for the overall guidance of the company. The aim is to ensure that Nordic Tankers is managed in such a way as to achieve the goal of ensuring long-term value growth for its shareholders.

The intention of the supervisory board is to follow the guidelines for good corporate governance recommended at all times by the OMX-Copenhagen Stock Exchange. These are adapted to the company’s particular constellation and structure. The company is at present complying with most of the recommendations – the remainder will be implemented on an ongoing basis.

Shareholders and other interested parties
The supervisory board and executive management wish to maintain – and actively pursue – good communication and dialogue with shareholders and other interested parties. The company aspires to have a high degree of openness with regard to its financial development and activities.

The ongoing dialogue with, and information to, shareholders and other interested parties, will be in the form of written communication through printed media, by holding meetings and electronically via its website. The intention is that all information will be in Danish and English. In addition to shareholders, communication will be especially aimed at investors, analysts and the media.

Supervisory board
The supervisory board of Nordic Tankers will at all times function as a qualified forum and encompass professional backgrounds and experience within shipping, finance, law, communication and management. The composition of the board shall ensure a spread of relevant qualifications so that it can take care of its managerial and strategic tasks vis a vis the company’s current development and plans for the future. The board must always be able to fulfil its obligations as a constructive sparring partner for the executive management.

Executive management
The executive management is appointed by the supervisory board and is in charge of the day-to-day management of the company, while maintaining a view of the prevailing guidelines and instructions.

The executive management comprises two persons, one of whom is the managing director. The executive management must at all times encompass solid and professional competence in shipping, economics, finance and administration as a minimum.

Risk management
The supervisory board is charged with ensuring efficient risk management. This includes being able to identify all significant risks and building systems for risk management. The company thus focuses on managing liquidity and loan agreements in order to abide at all times by prevailing covenants in such agreements.

The company’s operational risks are managed to a large degree by the pool co-operation arrangements.

The management keeps itself up-to-date with developments on the markets where its vessels are employed. This is done through, among other things, maintaining close contact with its partners, but also by making use of its own network of contacts with analysts and other sources of information.

When approving the annual report, the supervisory board considers the company’s risk management and adopted policies. The board has thus decided that the financial statement should be prepared in USD.