Corporate Governance

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Corporate Governance

Good corporate governance is integral to all aspects of GMS’ business and the Board is accountable to all stakeholders for accurate and comprehensive financial reporting and achievement of the Company’s strategic goals.

Corporate Governance | GMS | Gulf Marine ServicesThe Board is committed to the highest standards of corporate governance and complies with the relevant requirements of the UK Corporate Governance Code published in July 2018 by the Financial Reporting Council. The Company will report to its shareholders on its compliance in accordance with the Listing Rules.
The UK Corporate Governance Code recommends that at least half the Board, excluding the Chairman, should be Non-Executive Directors whom the Board considers to be independent. The GMS Board has four Non-Executive Directors and two Executive Directors, with three of these considered by the Board as ‘independent Non-Executive Directors’ within the meaning of the UK Corporate Governance Code (excluding the Chairman). The directors are subject to annual re-election.


Board of Directors

Board of Director Committees

In accordance with the UK Corporate Governance Code, the Board has established three committees: an Audit and Risk Committee, a Nomination Committee and a Remuneration Committee. Should the need arise, the Board may set up additional committees as appropriate.

Audit and Risk Committee (click here for terms of reference)

This committee assists the Board in its responsibilities with regard to financial reporting, external and internal and audits and controls. The ultimate responsibility for reviewing and approving the annual report and accounts and the half-yearly reports remains with the Board. The Audit and Risk Committee will meet no fewer than four times a year and comprises David Blewden (Chair), Dr Shona Grant and Mike Turner CBE.


Nomination Committee (click here for terms of reference)

This committee assists the Board in its responsibilities relating to the composition and make-up of the Board and any committees of the Board. It is also responsible for periodically reviewing the Board’s structure and identifying potential candidates to be appointed as Directors or committee members as the need may arise. The Nomination Committee will meet no less than twice a year and comprises Tim Summers (Chair), Mike Turner CBE, Dr Shona Grant, David Blewden and Mo Bississo.


Remuneration Committee (click here for terms of reference)

This committee assists the Board in its responsibilities in relation to remuneration, including making recommendations to the Board on the Company’s policy on executive remuneration. The Remuneration Committee will meet no less than twice a year and comprises Mike Turner CBE (Chair), Dr Shona Grant and David Blewden.


Code of Conduct

The GMS Code of Conduct sets out the basic rules of our Company and its purpose is to ensure we work safely, efficiently and within the laws of the countries in which we operate. Our reputation as a company and our success is dependent on each of us taking responsibility for putting the Code of Conduct into practice and maintaining a high ethical standard in our work and in our dealings with our clients, host and foreign governments, joint venture partners and associates, contractors, employees, consultants, agents, and generally with everyone with whom we have business dealings throughout the world.

Our Code includes our standards and practices related to anti-bribery and corruption, anti-money laundering and competition laws, provides details on how to raise concerns and has information on our whistleblowing policy.