As a company incorporated in Bermuda, Höegh LNG is subject to Bermuda law regarding corporate governance in addition to the Oslo Stock Exchange's "Continuing obligations of stock exchange listed companies" section 7 "Corporate Governance Report" (the "Continuing Obligations").
The Company has adopted and implemented a corporate governance regime which, in all material respects, complies with the Norwegian Code of Practice for Corporate Governance Code (the "Corporate Governance Code") referred to in the Continuing Obligations section 7.
Annual General Meeting
The Annual General Meeting is Höegh LNG's highest decision-making body. The Annual General Meeting resolves among others the appointment of the Auditor, election of the Board of Directors and the Nomination Committee and the determination of remuneration for the Directors and the members of the Nomination Committee.
The Board of Directors
The Board of Directors may consist of up to ten Directors appointed by the Annual General Meeting, however currently the Board has seven members.
The Board has among its tasks to decide on the Group's overall objectives and strategies, employ the Chief Executive Officer and President of Höegh LNG, decide on budgets and business plans, consider and approve financial statements and quarterly financial reports, monitor the financial development, and decide on policy issues with strategic implications and material consequences. The work of the Board is scheduled in an annual plan with fixed information- and decision points and if required, interim board meetings are arranged.
The Board has authorised Höegh LNG AS, a wholly owned management company, 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 has established an Audit Committee and a Governance, Compliance and Compensation Committee.
The Auditor is appointed by the Annual General Meeting and has the duty to audit the Company's financial reporting. Höegh LNG'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 and once a year with the full Board. The auditor receives all documentation for and minutes from all Board meetings.