REGISTRATION DOCUMENT - Bourbon

MANAGEMENT REPORT3Social and environmental informationThe levels of cover of these insurance policies have all been takenat levels of guarantees and franchises appropriate to the risks of theorganization. BOURBON does not wish to disclose them for reasonsof confi dentiality.No captive insurance company has been established within theGroup.Insurance managementSubject to constraints in local legislation or due to the Group’sorganizational structure, insurance management is centralized,which helps optimize coverage, both in terms of quality and value,and provides greater clarity of insurance costs.BOURBON uses leading international insurance companies to insureits “hull, machinery and equipment” risk. BOURBON is also a memberof shipowners’ mutual insurers such as Shipowners’ Club, the Gardand the Standard, which are all members of the International Groupof P&I Clubs, covering its civil liability as a shipowner.The civil liability policy covering the non-marine activity is with AxaCorporate Solutions, Groupama Transports and Swiss Re.Civil liability insurance for the Directors of BOURBON is with Chartis.It should be noted that some BOURBON policies contain an escapeclause allowing it to terminate the policy if Standard & Poor’s cuts theinsurer’s fi nancial rating below a certain level.5. SOCIAL AND ENVIRONMENTAL INFORMATION5.1 SOCIAL INFORMATION5.1.1 WorkforceThe BOURBON Group’s workforce is expanding in order to meet itsBOURBON 2015 plan growth objectives.As of December 31, 2011, the fl eet was operated by 7,100 seagoingpersonnel and 1,500 shore-based support staff, i.e. an 8,600 strongworkforce.International recruitment policyBOURBON’s international recruitment policy is based on aninternational network of shipmanagers, local subsidiaries andmanning agencies, the latter managing 15.5% of the Group’sworkforce.This system was consolidated in 2011 with the creation of a newshipmanager in Russia, Bourbon Baltic.In 2011, the rise in the workforce was particularly marked with regardto the N igerian and U krainian subsidiaries.78 nationalities are represented within the Group.FranceAs of December 31, 2011, French subsidiaries employed1,577 people, 65 of whom had fi xed-term contracts. In 2011,148 new recruits were employed under indefi nite term contracts.Equal opportunities at work5.3% of the Group’s workforce are women.Split women/men Women MenExecutive Committee 0% 100%Managers 12% 88%Offi cers 1.3% 98.7%Other 7% 93%TOTAL 5.3% 94.7%Seagoing personnel 0.8% 99.2%Shore-based personnel 26.3% 73.7%TOTAL 5.3% 94.7%BOURBON - 2011 Registration Document 47