Corporate social responsibility

The Company has a controlling ownership in companies within several business segments and is not directly engaged in signifi­cant business activities on its own, except through direct and in­direct shareholding in a variety of companies with different risks related to Corporate Social Responsibilities. The Company is rep­resented on the boards of each main subsidiary and monitors the subsidiaries’ Corporate Social Responsibilities and compli­ance with the overriding guidelines of the Group of companies through the work of the boards. The Company has no employ­ees and the day to day administrative services are performed by Fred. Olsen & Co. Each main subsidiary has established its own Corporate Social Responsibility guidelines which are available on the entity’s web site. The overriding guidelines of the Group of companies are expanded and further regulated by each of these subsidiaries to reflect the nature of their business.

It is the Group of company’s policy to conduct business in accordance with the letter and spirit of the law and with the overriding ethical standards of good business conduct includ­ing nondiscrimination behavior, human rights, workers’ rights, social aspects, environmental issues and anti-corruption. This is described in the respective company’s Code of Conduct, which is available on the relevant company’s web site and to all em­ployees.

The Group of companies has not had any major incident related to human rights, working rights, environmental issues or cor­ruption during 2015 and will continue to strengthen the work to secure there are no incidents in these areas which are in breach of the Group of companies’ Corporate Social Responsibility poli­cies in the future.