COMMITTEES

The Company’s business is managed under the direction of the Board, in accordance with the Companies Act of 1981 of Bermuda and the Company’s Memorandum of Association and Bye-laws.  Members of the Board are kept informed of the Company’s business through: discussions with the Chairman of the Board, the President and Chief Executive Officer and other members of the Company’s management team; the review of materials provided to directors; and participation in meetings of the Board and its committees.

COMMITTEES OF THE BOARD

The Board has established an Audit Committee, a Corporate Governance, Nominating & Compensation (GNC) Committee, a Business Development and Capital Markets Committee and an Operational, Safety and Environmental Committee.

AUDIT COMMITTEE

GNC COMMITTEE

BUSINESS DEVELOPMENT & CAPITAL MARKETS COMMITTEE

OPERATIONAL, SAFETY & ENVIRONMENTAL COMMITTEE

DOCUMENTS ESTABLISHING OUR CORPORATE GOVERNANCE

The Board and the Company’s management review our corporate governance procedures on a regular basis in order to be fully compliant with all NYSE and SEC new rules.

The Board has a long-standing commitment to sound and effective corporate governance practices. The Board’s Corporate Governance Guidelines address a number of important governance issues such as:

  • Selection and monitoring of the performance of the Company’s senior management;
  • Succession planning for the Company’s senior management;
  • Qualifications for membership on the Board;
  • Functioning of the Board, including the requirement for meetings of the independent directors; and
  • Standards and procedures for determining the independence of directors.

The Board believes that the Corporate Governance Guidelines and other governance documents meet current requirements and reflect a very high standard of corporate governance.