Corporate governance

High governing standards

Skuld has a tradition of high governing standards. Skuld's Statutes set out the structure and roles of the governing bodies, how they are elected and their mandates.

The association's more detailed policies, guidelines and instructions cover the responsibilities of the Board of Directors, its Chairman and the President and CEO. The purpose is independence and control in governing Skuld, while at the same time ensuring equal terms for equal members.

The General Meeting

The General Meeting is Skuld's highest authority. All members have a right to attend the General Meeting. The votes of members which are entitled to vote are calculated on the basis of the member's total gross tonnage entered and Estimated Total Call.

The Committee

The Committee, which is composed of member representatives, supervises Skuld's business and elects the Board.

The Board of Directors

The Board of Directors, elected mainly among Skuld members, is responsible for administering the daily business of Skuld, and deals with Skuld's strategy plan, budget and premiums, changes to statutes or rules, International Group of P&I Clubs (IG) issues, reinsurance contracts, internal control procedures and more.

The President and CEO is responsible for the day-to-day management of the association and communicates with the Board of Directors on matters of importance to Skuld. The President & CEO shall ensure the association's compliance with all applicable legislation and adherence to the Code of Conduct of the company.

The Instructions to the Board of Directors focus on the responsibility for information related to board matters. Skuld aims at having open and transparent communication with members, employees and other stakeholders.