Corporate Governance

The governance from Stena AB is an important part to make good business, build trust and make sure we work as one company with a common culture.

 

Stena AB’s function for governance within the group, Corporate Governance, works systematically to assist the businesses in reaching their objectives by bringing a systematic and disciplined approach to evaluate and improve governance, risk management, compliance, information security and internal control, including implementation of best practices.

 

Decisions on corporate governance are anchored in Stena AB’s board and executed by the business. An important part of good governance for the management is to review the internal control over financial reporting, which is regularly reported by Corporate Governance to Stena AB’s Audit Committee.

 

Governing documents

The White Book and Code of Conduct includes the business philosophy and how to act and behave within Stena AB Group and together with the Code of Governance that outlines the governing rules and responsibilities for all companies in the group gives the overall umbrella for other governing documents like group and local policies.

 

The Corporate Governance function ensures a common approach and that the group’s governing documents are implemented and awareness created which shall help the businesses to cope with the increasing requirements for governance within the companies.

Business ethics, compliance and anti-corruption

Stena has a sound reputation as a company that, with honesty and integrity, always promotes good business practice. Stena advocates open markets and fair competition and does not engage in discussions or agreements with competitors on price-fixing, market-sharing or any other activities that violate the rules of fair competition.

 

Within all business areas there is a potential risk of bribes and inappropriate gifts being offered. Stena works actively to handle these issues in its business relations. Stena’s procurement procedures and regular internal control also contributes to minimising this risk.

 

Via the company’s whistleblower procedure, Stena’s employees can report any suspected irregularities and in the external whistleblower system, where the Head of Corporate Governance and the Chairman of the Audit Committee are the receivers, it is also possible to report anonymously. Any Whistleblower cases are also reported to the Audit Committee.

Governance in the business areas

Within Stena we have a delegated business acumen which also characterises the governance process. The Corporate Governance function within Stena includes a coordination and overview of the governing documents, a structured risk management area where the risk analysis performed by the business areas are consolidated on group level and reported to the Stena AB Board. Corporate Governance reviews status in compliance of certain regulations, information security and the protection of cyber threats as well as internal control and audit to verify efficient processes to the Audit Committee.

The Audit Committee

The Stena AB Audit Committee, represented by four board members and appointed by the Stena AB Board of Directors, assist the board in fulfilling its oversight responsibility relating to the group’s accounting matters, the system of internal control, the management’s monitoring and controlling business risk, the corporate governance activity and – to the extent it applies to financial matters – the legal and regulatory requirements. The meetings are held in connection with the Stena AB Board meetings.