Current Situation
Current Performance
"The Maersk Group delivered a profit of USD 925m and an underlying profit of USD 3.1bn. After a satisfactory result in the first half of the year with a ROIC of 10.2%, Maersk Group was severely impacted by a widening supply-demand gap across most of the business, leading to significant oil price and freight rate reductions. ROIC for the second half of the year was negative 6.3%, impacted by impairments of USD 2.5bn after tax in Maersk Oil and for Q4 there was an underlying loss of USD 9m. The Group delivered a strong cash flow from operating activities of USD 8.0bn (USD 8.8bn) for the year and USD 2.0bn (USD 2.4bn) in Q4, despite a significant decline in container freight rates and oil prices."
Mission …show more content…
These policies are in place to maintain loyalty to employees, customers, and investors by maintaining integrity. They deal with an array of potential hazards such as risk, loss, exposure, and corruption. These policies are in line with Maersk's mission and objectives and do a good job of outlining the detail involved in protecting and maintaining their integrity as a company.
Corporate Governance
Board of Directors:
Each Director is elected at the annual meeting of stockholders and holds office until the next annual stockholders’ meeting. At least once per year, the independent Directors meet without management present. The Board reviews governance policies and practices annually and promotes needed changes when they see fit.
The Bylaws state that the Chairman of the Board shall be the CEO unless the Board decides otherwise. The Chairman/CEO presides at all meetings of the stockholders and Board of Directors. The Chairman is responsible for managing the Board and ensuring that it functions effectively and fulfills its responsibilities. The current leadership structure attains a balance between dependable leadership and the independent oversight of Maersk. The Board is comprised of a varied mix of experience and perspectives:
Board Members and Length of …show more content…
Former CEO, Topdanmark A/S.
Other management duties, etc.: Coloplast A/S (chairman); Semler Holding A/S (chairman) and one subsidiary; Henning Larsen Architects A/S (Chairman); Arp-Hansen Hotel Group; JPMorgan Chase International Council; Museumsfonden af 7. december 1966; Louisiana – Fonden; Louisiana Museum of Modern Art.
Education: Master of Law, 1980
Qualifications: Long experience as CEO and chairman of many major, listed companies, financial and accounting knowledge and insight in risk management.
Not considered independent due to more than 12 years of service on the board
Ane Mærsk Mc-Kinney Uggla
Vice Chairman, Born 1948, joined the board in 1991.
Other management duties, etc.: A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal (chairman); Den A.P. Møllerske StøtteFond (Chairmand); A.P. Møller Holding A/S (chairman); Maersk Broker A/S (chairman); Maersk Broker K/S (chairman); Estemco A/S
Current Performance
"The Maersk Group delivered a profit of USD 925m and an underlying profit of USD 3.1bn. After a satisfactory result in the first half of the year with a ROIC of 10.2%, Maersk Group was severely impacted by a widening supply-demand gap across most of the business, leading to significant oil price and freight rate reductions. ROIC for the second half of the year was negative 6.3%, impacted by impairments of USD 2.5bn after tax in Maersk Oil and for Q4 there was an underlying loss of USD 9m. The Group delivered a strong cash flow from operating activities of USD 8.0bn (USD 8.8bn) for the year and USD 2.0bn (USD 2.4bn) in Q4, despite a significant decline in container freight rates and oil prices."
Mission …show more content…
These policies are in place to maintain loyalty to employees, customers, and investors by maintaining integrity. They deal with an array of potential hazards such as risk, loss, exposure, and corruption. These policies are in line with Maersk's mission and objectives and do a good job of outlining the detail involved in protecting and maintaining their integrity as a company.
Corporate Governance
Board of Directors:
Each Director is elected at the annual meeting of stockholders and holds office until the next annual stockholders’ meeting. At least once per year, the independent Directors meet without management present. The Board reviews governance policies and practices annually and promotes needed changes when they see fit.
The Bylaws state that the Chairman of the Board shall be the CEO unless the Board decides otherwise. The Chairman/CEO presides at all meetings of the stockholders and Board of Directors. The Chairman is responsible for managing the Board and ensuring that it functions effectively and fulfills its responsibilities. The current leadership structure attains a balance between dependable leadership and the independent oversight of Maersk. The Board is comprised of a varied mix of experience and perspectives:
Board Members and Length of …show more content…
Former CEO, Topdanmark A/S.
Other management duties, etc.: Coloplast A/S (chairman); Semler Holding A/S (chairman) and one subsidiary; Henning Larsen Architects A/S (Chairman); Arp-Hansen Hotel Group; JPMorgan Chase International Council; Museumsfonden af 7. december 1966; Louisiana – Fonden; Louisiana Museum of Modern Art.
Education: Master of Law, 1980
Qualifications: Long experience as CEO and chairman of many major, listed companies, financial and accounting knowledge and insight in risk management.
Not considered independent due to more than 12 years of service on the board
Ane Mærsk Mc-Kinney Uggla
Vice Chairman, Born 1948, joined the board in 1991.
Other management duties, etc.: A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal (chairman); Den A.P. Møllerske StøtteFond (Chairmand); A.P. Møller Holding A/S (chairman); Maersk Broker A/S (chairman); Maersk Broker K/S (chairman); Estemco A/S