Clear policies on safety and environment, risk management and investor relations issues are, along with a strong corporate culture, based on our vision and mission statements, an important part of NORDEN’s offers to customers, partners, shareholders as well as new and existing employees.
Below please find short introductions to some of NORDEN’s key policies:
- Safety and quality at sea
- Climate and environment
- Human rights
- Gender diversity
- Communications policy
- Investor relations communications
- Risk management
- Shareholders return
- Ship Recycling Policy
1. Safety and quality at sea
It is the policy of NORDEN that all employees in every function execute their work under safe and healthy conditions and with proper concern for protecting the environment.The top management expects every employee to comply with the strict standards and instructions issued by the Company.
The Company aims to eliminate possible dangers which may result in personal injury, professional illness, accidents, damage to property and damage to the environment. The recognition of possible dangers must become "a way of life". Our safety efforts are aimed at preventing errors, hazardous situations and incidents. Should these occur, every employee is required to participate in determining and eliminating possible causes, in order to prevent recurrence in the future.
To achieve our goals NORDEN gives priority to Quality, Environmental and Safety Management. It stresses that standards can only be met with the total commitment of every individual within the organisation. On a yearly basis, goals and objectives will be defined during the Management Review. The method for achieving these goals and objectives, as well as the system by which achievement will be monitored, is specified in an action plan. Continuous improvement is our aim.
More about safety and quality at sea
2. Climate and environment
NORDEN strives to improve energy efficiency and minimise CO2 emissions from our operations. We do this by focusing on having a young and modern fleet, by technical and operational improvements and by working proactively with fuel efficiency.
3. Human rights
NORDEN works to ensure that we respect human rights in line with the UN Guiding Principles on Business and Human Rights (UNGPs), and we strive to integrate human rights risk management into existing business processes and procedures across our operations.
NORDEN’s Human Rights policy describes our position and current practice in relation to human rights.
4. Gender diversity
NORDEN respects and encourages diversity, whether it is related to gender, religion, ethnicity, etc. We believe in equal opportunities for everyone and fair treatment. This is in line with NORDEN’s value Empathy - concerning the respect of diversity in people and opinions.
Doing business globally entails many challenges, particularly when calling different ports every day and working in diverse cultures where concepts of integrity and good business conduct can wary. Making the right choices becomes more complex - and more important - in a global and competitive business context.
NORDEN’s anti-corruption policy sets the direction for our efforts to counter corruption and safeguard our high standards.
See anti-corruption policy here.
6. Communications policy
See NORDEN's Communications policy here.
7. Investor relations communications
It is the aim of NORDEN that the price of shares reflects the Company's actual and expected ability to create value for its shareholders. For this reason, NORDEN seeks to consistently provide timely, precise, relevant, easy accessible information and to maintain an open dialogue with stakeholders about strategy, results, and expectations.
More about investor relations
8. Risk management
Active risk management plays a central role in NORDEN’s strategy to ensure stable earnings. It is NORDEN’s policy to only assume material risks in relation to the freight markets and related risks (commercial risks). Other risks are reduced either through diversification, guarantees or by hedging the exposure when future risks are known.
The Executive Management is responsible for identifying material risks and developing the Company’s risk management. Exposures and the utilisation of the framework are reported to the Board of Directors on a monthly basis.
9. Shareholders return
NORDEN wishes to provide reasonable, long-term returns to shareholders through share price increases, dividends and occasional buy-backs of shares.
Share price increases
The Board continually strives to ensure that the Company provides a basis for a reasonable, long-term return for the shareholders. This is to be achieved through the Company's strategy, including risk management.
The shipping industry is cyclical, and the Company therefore finds it inappropriate to define a fixed dividend or capital structure policy.
Instead, the Board of Directors assesses on an ongoing basis how the cash flows should be applied and distributed between the Company and its shareholders. This assessment is based on factors such as actual earnings and cash and cash equivalents, earnings forecasts, market outlook, risks, investments prospects, the Company’s liabilities on and off the balance sheet, etc.
NORDEN pays dividends in due consideration of the Company’s actual earnings, risk management, strategy and investment plans.
10. Ship Recycling Policy
Our business model is operating a modern fleet and NORDEN hasn’t recycled a vessel since 1928, yet we find it important to express our principles on responsible recycling and we want to help raise the bar. In the case NORDEN should recycle a vessel, it would be at a facility that has been approved by an independent third party, followed up by ongoing monitoring requirements guided by an environmental and social action plan developed on the basis of an impact assessment for the particular case.