Policy Statements
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:
Table of content
- Safety and quality at sea
- Environment and climate
- Human and employee rights
- NORDEN’s views on anti-corruption
- Investor relations communications
- Risk management
- Shareholders return
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 satety and quality at sea
2. Environment and climate
NORDEN wishes to help improve maritime safety and limit pollution from vessels. The continuous improvement of NORDEN’s environmental performance is not only best for the environment, but also the best solution for NORDEN’s customers, shareholders, employees and other stakeholders. The Company has established a whistleblower system designed to ensure compliance with the environmental policy by making it easier for employees to report non-compliance. More about NORDEN's views on the environment
Environment at sea
NORDEN operates one of the world’s most modern fleets of dry cargo vessels and tanker vessels. With this fleet, NORDEN is already off to a great start with respect to energy efficiency and low emissions, but NORDEN has also decided to invest in a number of activities with the purpose of lowering emissions from the Company’s owned fleet even more.
The programme consists of a series of initiatives to save energy and improve combustion efficiency in combination with new maintenance and monitoring procedures and funding of external research and development activities in both areas. Even though seabourne carriage is the most efficient means of transportation in environmental terms – with significantly lower CO2 impact and lower scores in other emission areas per transported ton of cargo than transportation by for example train or lorry – NORDEN see it as its obligation to adopt initiatives to reduce CO2 emissions and other emissions to the lowest possible level and thus contribute to a better environment. More about the environment at sea
3. Human and employee rights
NORDEN supports and respects the protection of human rights and refrains from any actions that may, directly or indirectly, encourage or contribute to infringement of these rights. NORDEN respects the provisions of the ILO’s Maritime Labour Convention 2006 and local legislation. NORDEN regularly carries out occupational health assessments. All occupational health issues are included in the workplace assessment, and the employees are involved in the process. A whistleblower system is in the process of being established in order to make it easier for employees to report infringement of human and employee rights.
4. NORDEN’s views on anti-corruption
NORDEN neither accepts nor offers bribes in any form and strives to avoid facilitation payments. NORDEN to a limited extent makes contributions to charities, research projects, political parties, etc. subject to various restrictions.
5. 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
6. Risk management
Active risk management is a cornerstone of NORDEN’s strategy to ensure stable, high earnings. The shipping industry is highly sensitive to market fluctuations, which can be seen from the at times severe fluctuations in freight rates and tonnage prices. The overall risk management objective is to reduce the sensitivity of the Company’s earnings to cyclical fluctuations. The overall guidelines for financial and commercial risk management are set out annually by the Board of Directors.
The framework for the risk management is conservative and is handled by the Company’s Finance Department in collaboration with the commercial departments, which report to the Board of Directors and the Board of Management monthly. More about risk management
7. Shareholders return
NORDEN wishes to provide reasonable, long-term returns to shareholders through shaer 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.
Dividends
NORDEN’s business model seeks as far as possible to equalise the effect of market fluctuations, 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. See dividends 2003-2009
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