They make every manager in WW responsible for risk management and internal control, and are intended to ensure:

• compliance with legal and regulatory requirements
• exploitation of commercial opportunities
• purposeful and cost-effective operation
• reliable financial reporting
  
  

Financial reporting iin the form of montly operating reports containing financial, operational and commercial information keeps the board continuously briefed about the development of the business. The board also received periodic reporting on the company's exposure to interest rates, currencies, bunkers and financial management.

An annual review of company strategies conducted by the board provides guidelines for the management. The strategies process is dynamic. Important strategic issues occupy a permanent place on the agenda for each board meeting, and the management provides updated of the status for each issue. Management participation in board work relating to wholly and partly owned subsidiaries meets the group's need for involvement and for an increased degree of control and supervision.