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About Höegh LNG

Organisation
Corporate governance
    Board of directors
    Management
CSR
    Environmental policy
    Social responsibility
    Organisational cooperation
Industry Participation
Ship Management
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Corporate Governance


Höegh LNG Limited's distribution of authorities rules and responsibilities are managed through the "Corporate Governance Policies for Höegh LNG Limited" which defines the corporate governance principles for the company, i.e. the governing mechanisms between the owners (shareholders), the board of directors, and the management. Although a privately owned company, Höegh LNG will continue to follow best practices in corporate governance and reporting.

The general meeting
The general meeting is the Company’s highest decision-making body. The annual general meeting is normally held in June each year. The annual general meeting resolves among others the approval of the Company’s annual report and financial statements, appoints the auditor and elects the board of directors. A proposition of candidates is placed before the annual general meeting, duly considering complementary qualifications of the candidates.

The board of directors
The board of directors consists of up to ten directors appointed by the annual general meeting. Three of the directors are representatives of the owning family (Höegh). Up to seven directors are independent including two directors who are resident in Bermuda where the Company is incorporated.

The board of directors has among its tasks to establish the group’s overall objectives and strategies, resolve budget and business plans, consider and approve financial statements and quarterly financial reports, monitor the financial development, establish policies and resolve issues with strategic implications and material consequences. The work of the board is scheduled in an annual plan with fixed information- and decision points. If required, interim board meetings are arranged in accordance with the Corporate Governance Policies.

The board of directors has authorised Höegh LNG AS to carry out the day-to-day management of the assets under a Management Agreement comprising administrative-, commercial- and technical activities. The board of directors establishes and defines authorities and extent of decisions to be resolved by each business unit, the president and the board of directors through the Company’s Decision Guides.

Auditor
The auditor is appointed by the general meeting and has the duty to audit the Company’s financial reporting. Höegh’s auditor is currently Ernst & Young. In order to safeguard the board of directors’ access and control of the auditor’s work, the auditor meets with the audit committee.

Information and reporting
Höegh has a policy of openness when it comes to reporting information to stakeholders. Periodical reports include quarterly reports, annual report, annual financial statements and environmental report. Main events are also reported through press releases. Full financial statements are not available to the general public.