3 years ago

Annual Report 2012

Annual Report 2012

Statement of

Statement of responsibilityWe confirm to the best of our knowledge that the consolidated financial statements for 2012 have beenprepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EuropeanUnion, as well as additional information requirements in accordance with the Norwegian Accounting Act, thatthe financial statements for the parent company for 2012 have been prepared in accordance with theNorwegian Accounting Act and generally accepted accounting practice in Norway, and that the informationpresented in the financial statements gives a true and fair view of the assets, liabilities, financial position andresult of Eitzen Chemical ASA and the Eitzen Chemical Group for the period. We also confirm to the best of ourknowledge that the Board of Directors' Report includes a true and fair review of the development,performance and financial position of Eitzen Chemical ASA and the Eitzen Chemical Group, together with adescription of the principal risks and uncertainties that they face.Oslo, 15 March 2013The Board of Directors of Eitzen Chemical ASAAage Rasmus Bjelland FigenschouChairman of the BoardCarl Erik SteenHelene Jebsen AnkerHeidi Marie PetersenPer Sylvester JensenChief Executive Officer74

Corporate GovernanceThe main objective for Eitzen Chemical’s principles for good corporate governance is to develop a strongsustainable and competitive company in the best interest of the shareholders, employees, businessassociates, third parties and society at large. Good corporate governance is characterised by responsibleinteraction between owners, the Board of Directors and its management, viewed in short and long termvalue creation perspective.With reference to the Norwegian Code of Practice for Corporate Governance issued on 21 October 2009, andrevised on 21 October 2010, 20 October 2011 and 23 October 2012 (the “Code”), the following chaptersexplain how Eitzen Chemical complies with each of the recommendations therein or explain why an alternativeapproach has been chosen according to the “comply or explain” principle.1. Implementation and reporting on corporate governanceCorporate governance deals with issues and principles related to the distribution of roles between governingbodies of a company and the responsibility and authority assigned to each of those bodies. The Board ensuresthat Eitzen Chemical is being subject to good corporate governance, and that the Company complies with allapplicable laws and regulations in this respect as well as the Code.The Board of Directors ensures that the Company is adequately organized and managed in such a manner thatthe Company’s set goals can be reached and foster proper controls, but at the same time encourage thebusiness to assume risks and manage risks by encouraging innovation and entrepreneurship in order toenhance shareholder values. Eitzen Chemical is committed to ethical business practices and our values are anintegrated part of how we conduct our business. The Company has developed a Corporate SocialResponsibility Guideline and a Code of Conduct, which focus on ethical behaviour in everyday businessactivities to be followed by all employees.The Corporate Social Responsibility Guideline, the Corporate Governance principles and the Code of Conductare published on the Company’s website.The topic of corporate governance is subject to assessment and discussion by the Board annually or moreoften if deemed necessary.2. BusinessWith reference to the Articles of Association, Eitzen Chemical’s objective is to “be engaged in shipping,portfolio investments and related business, including participating in companies engaged in similar business.”Our vision:Superior commitment to customers and quality creates value.Mission statement:We are an ambitious global organisation with focus on:• Safety & environment• Customers• Quality• People• New thinking• Being proactive75

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