REGISTRATION DOCUMENT - Bourbon

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6ReportREPORT OF THE CHAIRMANof the Chairman of the Board of Directors3 procedures for consolidating the fi nancial statements inaccordance with rules set and approved by Management.The Company draws up its consolidated fi nancial statementsaccording to IFRS. An integrated software program is used toconsolidate the Group’s fi nancial statements. The semi-annualand annual consolidated fi nancial statements are presentedto the Audit Committee prior to their approval by the Board ofDirectors;3 procedures for drafting the Registration Document to ensureaccuracy, consistency, compliance with applicable laws andregulations, and the quality of the fi nancial information.2.4 Managing internal controlThe internal control systems are themselves the subject of controls,on an ongoing basis by Management as well as through periodicevaluations by bodies that do not have direct authority overoperations nor responsibility for them.2.4.1 The Audit CommitteeThe attributes of the Audit Committee and the work conducted by itare described in section 1.5.1. of this report.2.4.2 The Internal Control CommitteeThe purpose of this committee is to ensure the quality of internalcontrol within BOURBON and supervise its internal audit activities:3 approval of the annual audit plan, review of the reports issuedand follow-up on the progress of the action plans implementedfollowing the recommendations by internal audit;3 review and evaluation of procedures for internal control, the riskmanagement system and internal audit functioning.The Internal Control Committee is made up of the members of theExecutive Committee and the Senior Vice President in charge of thefl eet.2.4.3 Internal Audit DepartmentAt December 31, 2011, BOURBON’s Internal Audit Department,established in 2002, is staffed by three Auditors.The general mission of the Internal Audit Department is, to apply asystematic and methodical approach in order to give a reasonableassurance of the relevance and effectiveness of the internal controlsystem within BOURBON and to enhance these qualities through itsrecommendations.The scope of the department’s authority extends to all BOURBONsubsidiaries and activities. The Internal Audit Department carriesout its duties totally independently from the other audited units, andcomplies with the IIA (“Institute of Internal Auditors”) Code of Ethics.An internal audit charter has been established to defi ne andgenerally communicate within BOURBON what an internal auditinvolves: mission, organization and reporting hierarchy, powers andresponsibilities, rules of conduct and competence, methodology.The internal audit missions are conducted according to an annualplan approved by the Internal Control Committee. The audit plan isdrafted on the basis of a preliminary analysis aimed at identifying andevaluating the risks, activities, processes and critical functions. Thisaudit plan takes account of BOURBON’s expansion, in particularinternationally.The Internal Audit Department regularly checks the compliance ofthe general policies and procedures listed above.2.4.4 The operational auditThe Group’s HSE (Health, Safety and Environment) managers, thereferring offi cers and the Quality Department ensure through regularaudits in the operating units the control and effectiveness of thesystem and the proper application of the BOURBON standards.Furthermore, every operating unit is subject to periodic or one-offexternal audits aimed at making certain that its internal organizationand its vessels meet the recommendations under standards orcodes that are either mandatory or adopted intentionally.2.4.5 QualityThe Quality Department is responsible for seeing to it that anintegrated quality management system is set up and maintained. Itis responsible for the effi ciency and effectiveness of the processesof the management systems, for the interface among them and forevaluating them to make certain they are in line with the Group’sstrategy.2.4.6 The Statutory AuditorsAs of December 31 each year, the Statutory Auditors perform acomplete audit of the accounts of BOURBON and all its subsidiaries.An interim audit that takes the form of a limited review is alsoconducted by the Statutory Auditors on June 30 each year.Their work provides the Group with reasonable assurance regardingthe reliability and accuracy of the accounting and fi nancial informationproduced. In the course of their audit, the Statutory Auditors reviewthe internal control system in order to identify and evaluate the risk ofany signifi cant misstatement in the accounts so that they can designand implement their audit procedures.2.5 Risk mapping and managementBOURBON’s objective is to ensure that the entire internal controlsystem can, as far as possible, prevent any risks to which it isexposed. In this spirit, in 2005, under the auspices of the InternalAudit Committee, steps were taken to draw up a “risk map”.A dedicated team was assembled within the Group. It preparedas thorough as possible an inventory of risks together with theassociated checks.These risks are broken down into categories by type, evaluated andarranged in order of possible frequency (from frequent to improbable)and potential impact (negligible to catastrophic) requiring theimmediate implementation of an action plan by a crisis unit.The risk map is regularly updated and discussed in the ExecutiveCommittee, and presented annually to the Audit Committee and theBoard of Directors. The risk map was updated once in 2011 in orderto respond to the results of action plans implemented in 2011 andchanges that have occurred in the evaluation of certain risks.150BOURBON - 2011 Registration Document
REPORT OF THE CHAIRMAN6Report of the Chairman of the Board of DirectorsThe type and order of priority of these risks are considered strategicand confi dential. Nevertheless, the principal risks and ways in whichthey are managed are formally reported in the “Risk Management”section of the management report.2.6 ConclusionThis range of actions should help establish an increasingly high levelof internal control at BOURBON entities.The control environment and the control system described above arenot static and BOURBON’s Management keeps abreast of changesin this area and regularly looks for ways of improving its internalcontrol system.3. POWERS OF THE CHIEF EXECUTIVE OFFICERI hereby inform you that no limitation has been placed on the powers of the Chief Executive Offi cer. The Executive Vice Presidents have thesame powers as the Chief Executive Offi cer, in accordance with the bylaws.Chairman of the Board of DirectorsBOURBON - 2011 Registration Document 151
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2011REGISTRATION DOCUMENTFinancial
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REGISTRATION DOCUMENT - Bourbon

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