Corporate governance

Corporate governance

Code of Corporate governance

According to the Croatian Companies Act, those companies whose shares are traded on  the regulated market are obliged to apply codes of corporate governance. Given that the total of 8.733.345 shares of the Company were listed under ticker TPNG-R-A and ISIN HRTPNGRA0000 on the Official market of ZSE until December 22, 2022, the Company has adopted codes of corporate governance prepared by ZSE and CFSSA. The Code is published on the Zagreb Stock Exchange web page (www.zse.hr), and in the attachment of this page. Additionally, the Company has produced its own Code of corporate governance, which has adopted codes of corporate governance prepared by ZSE and CFSSA.

The objective of this Code is to establish high standards of corporate governance and business transparency for joint stock companies and, by duly and responsibly managing and supervising operations and management functions of such joint stock companies, to protect investors and other stakeholders. The basic principles of the Code are:

• ensuring business transparency;
• clear description of decision making procedures of the Supervisory Board and Management Board;
• the  avoidance of conflict of interest;
• the  maintenance  of efficient  internal controls;  and
• the  maintenance of an efficient system of responsibility.

Questionnaire related to the application of the Code

Each year, the Company was obliged to state, in its annual report and on its website, in the required form, whether it complies with the recommendations of the Code. If the Company has failed to comply with any of its obligations under the code, it had to provide reasons for its non-compliance. The Questionnaires related to the application of the Code for 2014 and 2015 ar available as attachments to this page, and on the Internet site of the Zagreb Stock Exchange (www.zse.hr ).

Code of Corporate governance of Tankerska Next Generation d.d.

In addition, the Company has adopted its own Code of corporate governance during 2016, which recognizes the accountability of the Supervisory Board and Management Board and the importance of transparency to all the Company’s shareholders, including customers, investors and regulatory authorities. The Code of corporate governance of Tankerska Next Generation d.d. can be found attached to this page.

Audit Committee

The Company has an Audit Committee, duties and responsibilities of the Audit Committee shall be amongst other things, the obligation to monitor and review the integrity of the financial reporting of the Company. The  Audit  Committee  shall  also  oversee  the external audit function (including the effectiveness of the external audit process and the appointment and remuneration of auditors).