Corporate Governance

Audit Committee:

Role:

Review the financial statements to be presented to the Board.
Assess the effectiveness of internal controls over procedures, risks and compliance with ethical standards.
Review the audit plans of the internal and external auditors.
Review and make recommendations concerning the appointment of corporate officers.
Make recommendations concerning the appointment or re-appointment of the external auditors.

Role:

Make recommendations to the Board concerning the remuneration of corporate officers, directors’ fees, stock option plans and specific incentive bonus plans.
Make recommendations to the Board concerning candidates for appointment to the Board and senior management succession planning, particularly when a seat on the Board or a senior management position falls vacant for unforeseeable reasons or following a change in the number of seats on the Board.

Role:

Advise the Board and senior management on SFL’s strategies to promote business growth in the best interests of the Company and all of its shareholders.
Help the Board and senior management to efficiently fulfil their respective responsibilities, by acting as an interface for strategic issues and transactions.
Review business plans and projections in order to assess the Company’s medium and long-term outlook.
Review and make recommendations concerning planned transactions that require the Board’s prior approval.
Report to the Board on its activities.

Role:

The role of the Committee of Independent Directors is to make recommendations to the Board concerning any proposed transactions leading to a possible reorganisation of the Company’s ownership structure.