At Subsea 7, corporate governance goes beyond pure compliance. We believe that high-quality governance creates long-term value for our shareholders, employees, creditors and other stakeholders, and builds long-term, trusting relationships.
We run our business for the benefit of all stakeholders and reflect the high standards they have come to expect from us. As a company incorporated in Luxembourg and quoted on the Oslo Børs, Subsea 7 S.A. is subject to a number of laws and regulations with respect to governance, and is committed to achieving the highest Corporate Governance standards at all times. The term "Company" refers to Subsea 7 S.A. and the term “Group” refers to Subsea 7 S.A. and its subsidiaries.
Board of Directors
With overall responsibility for the management of the Group, the Board of Directors (the “Board”) delegates the daily management and operations of the Group to the CEO. The Board appoints the CEO, who is supported by the other members of the Executive Management Team. The Board maintains high standards of governance throughout the Group. The table below provides details of the Group's assessment on the independence of its current directors, together with details of membership of the various Board Committees.
|Year of appointment to the Board*||Independent||Audit Committee||Corporate Governance & Nomination Committee||Compensation Committee|
* The Combination between Acergy S.A. and Subsea 7 Inc. occurred on January 7, 2011, at which time the Company was renamed Subsea 7 S.A. This only shows appointments in respect of the combined entity; it does not show appointments occurring prior to the Combination.
** Allen Stevens was initially a member of the Board between January 2011 and June 2014 . After standing down for a short period of time, he re-joined the Board in September 2014.
The Board is the principal decision-making forum of the Group and exercises overall control of the Group's affairs. The Board is responsible for the Group's strategy, the approval of financial statements, acquisitions and disposals, treasury and risk management policies and appointment and removal of Directors and Officers.
The Board appoints a Chairman, CEO and Senior Independent Director. The Chairman is responsible for the leadership of the Board, ensuring its effectiveness and independence from the Group's management. The Chief Executive Officer is responsible for implementing the strategy of the business, within the authorities delegated to him by the Board. The Senior Independent Director is elected from among the Independent Directors and provides a sounding board to the Chairman and serves as an intermediary for the other Directors if necessary.