Articles of association
TORM's world-class operational platform pursues a strategic framework
focusing on four common goals named One TORM:
- Putting customers first to achieve full customer reach and flexibility in order to outperform available earnings benchmarks
- Ensuring quality in everything by e.g. improving technical and commercial tradability and delivering optimized processes across the entire value chain
- Acting responsibly by maintaining the highest safety, environment and CSR standards
- Operating in a cost-efficient manner
The TORM Leadership Philosophy guides us in the way we do business. The three overall dimensions are Performance, Relations and Personal Leadership. Each of these three dimensions has associated behaviours, which guides us in terms of how to think and act.
The leadership philosophy shall help us execute our strategy with excellence. By building our future on these three dimensions, we create a unique TORM culture and a great opportunity to differentiate ourselves from competition.
Our Management team has an international oulook and many years of shipping experience.
Meet the people who strive to keep the Company running alway with best intention and hard work.
Explore our journey through time.
Founded in 1889, TORM has sailed the seas for more than 125 years.
CORPORATE GOVERNANCE & POLICIES
In recent years, the debate on the importance of good Corporate Governance has grown. TORM is pleased to support the ultimate goal of the ongoing debate: the achievement of better and more responsible corporate management.
For TORM, good corporate governance represents the framework and guideline for business management. This includes the overall principles and structures of the Company’s management. The aim is to ensure that the Company is managed in a proper and orderly manner consistent with applicable legislation and codes.
In line with the ‘comply or explain’ principle, the Board of Directors has considered the UK Corporate Governance Code, as issued by the Financial Reporting Council in September 2014.
TORM complies with the revised recommendations with the exceptions detailed in the Company’s position on the individual recommendations, which is publicly available on the website in line with the disclosure obligations for companies listed on Nasdaq Copenhagen.
TORM has as of April 2017 elected UK as home state for the purposes of the EU Transparency Directive. TORM's major shareholder reporting threshold is 3 percentage of the voting rights or nominal value of the total share capital with further announcement requirements for each whole percentage point upwards or downward movement.
THE AUDIT COMMITTEE
The Audit Committee consists of Pär Göran Trapp, as Chairman, Christopher Boehringer and Torben Janholt.
To read the Terms of Reference of the Audit Commitee see below document.
THE REMUNERATION COMMITTEE
The Remuneration Committee consists of Christopher Boehringer, as Chairman, Torben Janholt and David Weinstein.
To read the Terms of Reference of the Remuneration Commitee see below document.
THE NOMINATION COMMITTEE
The Nomination Committee consists of Christopher Boehringer, as Chairman, Torben Janholt and David Weinstein.
To read the Terms of Reference of the Nomination Commitee see below document.
THE RISK COMMITTEE
The Risk Committee consists of Göran Trapp, as Chairman, Christopher Boehringer and Torben Janholt.
To read the Terms of Reference of the Risk Commitee see below document.
TORM has 4,787,692 tradable warrants, all issued in connection with TORM A/S restructuring in 2015 and reissued by TORM plc in connection with TORM's corporate reorganization as of 15 April 2016. The warrants can be transferred by submitting a warrant transfer notice found below via email to MAN@torm.com with copy to IR@torm.com
For further information on the warrants including the terms, please refer to the Warrant Instrument document below.
TORM expects all employees and business partners to comply with the laws and regulations of the communities in which we operate. Our employees are furthermore expected to comply with the Company’s Business Principles and to the policies imposed by the Management at all times.
TORM also expects all employees to help protect the interests of TORM by raising concerns of known or suspected breaches of the Business Principles and policies. Concerns should be raised with their superior officer(s).
Instances may occur, where an employee assesses that a concern cannot be raised with the superior officer(s) or that a concern is not satisfactorily addressed by the superior officer(s). In such cases, the employee is encouraged to raise the concern using the whistleblower function, which is an external independent lawyer's office solicited by the Board of Directors to receive and process concerns and claims relating to TORM raised by TORM employees, business partners or anyone else.
The whistleblower will protect the identity of people raising concerns, cf. the whistleblower policy. However, if you prefer to remain anonymous, you may file a report by telephone, by letter or by sending an encrypted mail to:
The whistleblower for TORM:
Att.: Partner Jørgen Holst
Hans Broges Gade 2
DK-8100 Århus C
Tel.: +45 89 34 00 00
Click on the file below to view a description of the whistleblower function and TORM’s whistleblower policy.
Click on the file below to open the whistleblower template. The opened window will display the information, which would normally be useful in assessing the nature and seriousness of concerns raised. Provide as much information as you wish in any language of your choice.
Responsible behavior has always been central to TORM’s business and to the mindset of our employees.
TORM has set targets to reduce emissions by optimizing the way our vessels operate and our employees act. Significant progress is made due to technology, training, and performance monitoring initiatives.
A strong safety culture is central to TORM and healthy, safe and secure working conditions are an essential part of the business.
Labor conditions are particularly important for our seafarers because the vessel serves both as their work place and their home.
TORM does not accept corrupt business practices. The Company has co-founded the Maritime Anti-Corruption Network (MACN) to take a joint stand in the industry towards the request for facilitation payments, which exists in many parts of the world.
TORM has revised our Business Principles to better reflect TORM’s Leadership Philosophy and our commitment to the UN Global Compact, particularly regarding human rights.
TORM Shipping Phils., Inc.
5th Floor Park Centrale Bld.
Jose Maria del Mar St., Corner Abad St.
Cebu IT Park, Bgy. Apas, Lahug
Cebu City, Philippines
Phone: +63 32 494 9522