Governance and integrity

Corporate governance

Good corporate governance and a solid internal framework is important for Skuld’s ability to stay on top of legal developments and manage the various risks related to the operations of a marine insurer. Skuld believes in culture building and high professionalism in all operations. The Skuld Code of Conduct and Skuld’s PIGs (Policies, Instructions and Guidelines) are instrumental to achieve this.

Skuld’s governance framework is firmly embedded throughout the organisation: from anchoring with the Board of Directors to implementation in all its operations by all employees in all Skuld’s locations.

Skuld also actively participates in the International Group of P&I Clubs that through collective efforts ensures alignment on industry-relevant issues and engages actively with the regulators. Skuld is also a member of The Nordic Association of marine insurers (CEFOR) that provides a common meeting place for Scandinavian marine insurers to align and voice their concerns.

Anti-money laundering and sanctions

Skuld applies systematic measures to identify and assess potential money laundering, terrorism financing, and sanctions risks faced through Skuld’s underwriting portfolio. The integrated system screens all customers, their ownership structures and associated individuals through a series of checks that Skuld have defined to identify sanctions and financial crime risks including corruption. Skuld has risk assessments and procedures in place to manage the different risk classes, in addition to case-by-case and manual assessments to ensure even the most complex cases will be correctly handled.

Anti-bribery and anti-corruption

Bribery and corruption undermine the Sustainable Development Goals and have severe adverse effects on society-at-large. Skuld is firmly opposed to bribery and corruption in all forms and is committed to conduct business in a manner that has a sustainable and positive impact on the community. Skuld has committed to contribute to the collective action to tackle corruption in the maritime industry by partnering with the Maritime Anti-Corruption Network (“MACN”). MACN is comprised of like-minded companies dedicated to promoting compliance with anti-corruption laws and the elimination of corrupt practises.

Data privacy / GDPR

Skuld is continuously working to ensure data protection in Skuld’s processes, including framework and measures for data protection and employee training.

Whistleblowing and non-retaliation culture in Skuld

Skuld’s whistle-blowing procedure and incident reporting process allows for safe and confidential referrals of incidents. Skuld will continue to foster transparency, non-retaliation and openness in order to learn from our mistakes.

Human rights and decent working conditions (Transparency Act)

Skuld is committed to respecting and promoting human rights and decent working conditions and transparency. As a global business, this includes a focus on respecting human rights in our own business, as well as in our supply chain and with our business partners.

Skuld also has a zero-tolerance approach to modern slavery. We are committed to acting ethically and with integrity in all our business dealings and relationships and to implementing and enforcing effective systems and controls to ensure modern slavery is not taking place anywhere in our own business or in any of our supply chains, as expressed in our Code of Conduct.

Skuld’s commitment to respecting and supporting human rights and decent working conditions both internally and when working with suppliers and business partners is integrated in our governance framework. Skuld’s Human Rights Policy which has been approved by the Board of Directors outlines Skuld’s commitment to respecting, supporting and promoting human rights as well as our commitment to comply with the Norwegian Transparency Act.