Corporate governance is the way a company is organized, managed and controlled. At 1WEC, corporate governance is primarily the responsibility of the Board of Directors and Executive Management. The Board of Directors, composed of members with a wide variety of backgrounds, ensures that the highest standards of corporate governance are enforced, and uses the criteria set out in the SEBI / SEC Corporate Governance Code of Listed Corporations as its guideline. The Board defines the Company’s strategic vision, ensures that internal control functions are operating effectively and oversees the quality of the information provided to shareholders and financial markets.
Strong corporate governance is essential for a successful business, and our board members ensure 1WEC operates with integrity and accountability. Strong corporate governance is essential for a successful business, and our board members ensure 1WEC operates with integrity and accountability.
1WEC is committed to operating with integrity. Our values of honesty, fairness and objectivity guide our business and ensure we maintain the trust of our shareholders. Below is a summary of our committee structure and membership information. To learn more about the committees or board members, click the names in the chart. To contact a board member, email directors@1worldenergy.com.
- Audit Committee
- Shareholders Relationship / Grievance Committee
- Remuneration Committee
- Risk Management Committee
- Human Resources, Nomination and Remuneration Committee
- Corporate Governance / Corporate Social Responsibility Committee
- Corporate Compliance Committee
- Ethics Committee
- Finance Committee
- Health, Safety and Environment Committee
- Employees of 1WEC and its subsidiaries and controlled affiliates should do the right thing – follow the law, act honorably, and treat co-workers with courtesy and respect.
- We expect all of our employees and Board members to know and follow this Code of Conduct. Failure to do so can result in disciplinary action, including termination of employment. Any waivers of this Code for directors or executive officers must be approved by our Board.
- Never retaliate against anyone who reports or participates in an investigation of a possible violation of the Code.
- If you are employed by a subsidiary or controlled affiliate of 1WEC, please comply with your employer’s code of conduct. If your employer doesn’t have its own code of conduct, if you have a question or concern about this Code or believe that someone may be violating it, or if you want to remain anonymous, you can make a report of a suspected violation or concern through our Helpline. Finally, if you believe a violation of law has occurred, you can always raise that through the Ethics & Compliance helpline or with a government agency.
- Avoid Conflicts of Interest –
- When you are in a business situation in which competing loyalties could cause you to pursue a personal benefit for you, your friends, or your family at the expense of 1WEC or our users, you may be faced with a conflict of interest. All of us should avoid conflicts of interest and circumstances that reasonably present the appearance of a conflict.
- When considering a course of action, ask yourself whether the action you’re considering could create an incentive for you, or appear to others to create an incentive for you, to benefit yourself, your friends or family, or an associated business at the expense of 1WEC. If the answer is “yes,” the action you’re considering is likely to create a conflict of interest situation, and you should avoid it.
- Ensure Financial Integrity and Responsibility
- Ensure that money is appropriately spent, our financial records are complete and accurate, and our internal controls are honored.
- If your job involves the financial recording of our transactions, make sure that you’re familiar with all relevant policies, including those relating to revenue recognition.
- Never interfere with the auditing of financial records. Similarly, never falsify any company record or account.
- If you suspect or observe any irregularities relating to financial integrity or fiscal responsibility, no matter how small, immediately report them.
- III. Obey the Law
- Comply with all applicable legal requirements and understand the major laws and regulations that apply to your work. A few specific laws are easy to violate unintentionally and so are worth pointing out here. If you have any questions about these laws or other laws governing our work, please consult the Helpline or our legal counsel.
- Trade Controls
- Various trade laws control where we can send or receive our products and services. These laws are complex and apply to:
- importing and exporting goods to or from the United States and other countries
- exporting services or providing services to non-U.S. persons
- exporting technical data, especially data originating in the U.S.
- If you are involved in sending or making available products, services, software, equipment, or technical data from one country to another, work with your manager to ensure that the transaction stays within the bounds of applicable laws.
- Competition Laws
- Be sure you follow all laws designed to promote free and fair competition and protect consumers. These laws generally prohibit 1) arrangements with competitors that restrain trade, 2) abuse of market power to unfairly disadvantage competitors, and 3) misleading or harming consumers. Some of these laws carry civil and criminal penalties for individuals and companies.
- Insider Trading Laws
- Do not use non-public information to buy or sell stock, or to pass it along to others so that they may do so. That could constitute the crime of insider trading.
- Familiarize yourself with 1WEC’s Insider Trading Policy. It describes policies that address the risks of insider trading, such as:
- a prohibition on hedging 1WEC stock
- periodic blackout windows when you may not trade 1WEC stock.
- Anti-Bribery Laws
- Various laws that prohibit bribery in different settings. Our rule is simple – don’t bribe anybody, at any time, for any reason.
- Non-government relationships. Be careful when you give gifts and pay for meals, entertainment or other business courtesies on behalf of 1WEC. Avoid the possibility that the gift, entertainment or other business courtesy could be perceived as a bribe. Provide such business courtesies infrequently and, when you do, to keep their value moderate.
- Dealings with government officials. Various laws prohibit seeking to influence official action by offering or giving anything of value to government officials, candidates for public office, employees of government-owned or -controlled companies, public international organizations, or political parties. Avoid not only traditional gifts, but also things like meals, entertainment, travel, political or charitable contributions, and job offers for government officials’ relatives. With pre-approval, it may be permissible to make infrequent and moderate expenditures for gifts and business entertainment for government officials that are directly tied to promoting our products or services (e.g., a modest meal at a day-long demonstration of our products).
- Conclusion
- We rely on one another’s good judgment to uphold a high standard of integrity for ourselves and our company. We expect all Board members and employees to be guided by both the letter and the spirit of this Code.
- Adopted Jan 22, 2020; amended Aug 11, 2020 (updated with clarifying language regarding conflicts).
Trading is at the heart of 1WEC’s business. We have expanded our trading portfolio to include the global sourcing and delivery of crude oil and refined oil products, LPG , natural gas and LNG, coal, agro, industrials and metals. From our main Partner Trading Offices in NYC, Houston, Mumbai, Delhi and Shanghai, we originate and implement physical, single and multi-commodity trading solutions that create value and commercial advantages for our customers and counterparties.
1WEC moves commodities from where they are sourced or stored to where they are demanded most.
- The trust of our customers is based upon our proven record for creating trading solutions that mitigate risk while safely and efficiently delivering quality,convenience and value.
- 1WEC’s success as a physical commodities trader is built upon a foundation of excellence.
- We combine the core competencies of marketing, logistics, financing, risk management and compliance with the knowledge and insights gained from sustainable supplier and customer relationships.
- Leveraging this foundation enables us to identify and realize arbitrage opportunities in the global commodities marketplace:
- Product-based —Through blending or the multiuse characteristics of certain commodities, such as refined petroleum products,we create added value products that command returns higher than the sum of their constituent parts.
- Time-Related—Utilizing our storage assets, financial skills and cost controls we create and realize margins on agreed forward prices.
- Geographic—Our relationships and logistical capabilities enable us to source physical commodities and deliver them to locations where they command higher prices.
We have expanded our trading volumes year-on-year in line with our diversification across a range of commodities traded andour strategic investments in upstream, midstream and downstream assets.
1WEC’s activities along the energy supply chain and physical presence throughout the world provide detailed insights into the nature of the marketplace locally, regionally and globally. Such information supports our ability to identify and capture trading opportunities and enhances our business profitability. Wherever we operate we establish long-term partnerships based on transparency and mutual respect. We aim to share expertise, provide training and buildlocal capabilities so that our trading and investments deliver benefits to the people,communities and businesses we partner with and serve.
1WEC has evolved strategically to become one of the world’s leading independent commodities trading houses.
- We trade across a diversified portfolio, operate in more than 35 countries.
- The Group possess an real assets base valued in excess of US $1billion.
- 1World Energy Corporation was founded in 2019 as a merchant of crude oil and oil products.
- From the very beginning we differentiated ourselves by committing to long-term business relationships and the application of innovative trading solutions.
- By combining our regional market knowledge with global logistics we have earned a reputation for reliably acquiring, marketing and moving energy, agro and metal commodities from areas of surplus to those with greatest demand.
- While 1WEC remains a physical trader at heart, we have strategically partnered with those invested in upstream, midstream and downstream assets to create a platform for international expansion.
- Today, 1WEC serves an important role in helping to smooth worldwide energy markets.
- We source crude oil and refinedoil products from more than 35 countries, have real estate assets worth in excessof US$ 1billion,and work with more than 70 global financial institutions,balanced across Asia-Pacific, the Americas, the MiddleEast and Europe.
- Our investments and wholly-owned assets provide greater control over commodity sourcing and distribution, create a foundation for diversified income streams, and give us a significant competitive advantage in the worldwide marketplace.
- From the beginning, the Co Founders surrounded themself with the kind of people who had big ideas and weren’t afraid to take risk and bring those ideas to life.
- 1WEC has elevated and been guided by leaders like these, who constantly inspire us to achieve the next level of success.
- 1WEC employs a range of globally consistent corporate systems to support its core business.
- These include systems for commodities trading, risk and credit management, finance, ship- ping and operations, compliance and user collaboration.
- To support our commercial activities we created an organizational platform founded on talented people who ensure operational excellence, precise risk management, and meticulous financial controls.
- Through all our endeavors we maintain the very highest standards.
- 1WEC values health,safety and the environment, employee rights, compliance with local and international laws, and being a committed partner to governments and communities.
- Innovative and dedicated.
- Pragmatic and responsible.
- The talented people we employ at every level and in each part of our business align growth and profitability with a commitment to good corporate governance.
- World Energy Corporation attributes our continuing growth and success to our employees,who provide a tremendous level of commercial and technical expertise across the global energy markets.
- They are dynamic and engaging and strive for the opportunities 1WEC provides for growth and development. They further maintain the highest levels of integrity.
- 1WEC is very selective and our standards of performance are high.
- We encourage creativity and independence, and strive to maintain a diverse working environment.
- Our facilities and operations are run primarily by local management, who provide keen market intelligence and analysis.
- They are complemented by staff with high strategic value.
- We further believe in developing individuals who have the professional and interpersonal skills to help drive our continuing success.
- We offer opportunities for professional and personal development, and enable employees to take ownership of their personal growth.
- 1WEC’s business model and outcomes are aligned with the Integrated Reporting framework of International Integrated Reporting Council (IIRC), the United Nation’s Sustainable Development Goals (UN SDGs) and 14 other frameworks.
- Our focus is on supporting solutions that improve quality of performance, promote greater inclusion, foster appropriate innovation and catalyse access to finance, all within the broader context of poverty.
- This means that the work we support is invariably in low, and low to middle income countries, where the challenging effects of chronic under-development, conflict and natural disasters are commonplace.
- We work with the private sector, national governments, public institutions and international partners to reinforce and improve existing in-country systems.
- Where these systems are not working or do not exist, we seek to address the status quo by promoting innovation – or successful solutions from similar settings – to bring about lasting and sustainable change.
- 1WEC shall commence reporting annually on its triple-bottom line performance from FY 2021-22.
- All our sustainability reports shall be externally assured and are GRI checked with ‘in-accordance’ status and ‘GRI Checked A+’ application level reports.
- Central to the success of our business are the long- term relationships we have built within the global finance sector.
- 1WEC is known and trusted for its pragmatic, carefully structured approach to financial management.
- From inception, 1WEC has been successful in building long-term relationships in the financial sector and diversifying its banking partnerships.
- Today we work with more than 70 leading global financial institutions.
- As a growing business with interests throughout the world, 1WEC has always sought to establish local partnerships for its investments, such as establishing an independent revolving credit facility specifically for Asia, and creating borrowing bases in the MiddleEast and the Americas to finance trading operations in those regions.
- Such an approach has benefited our year-on-year profitability and enabled us to increase credit lines even through the global financial crisis.
- Our culture is one of financial prudence.
- We maintain a strong liquidity position and our assets are optimally financed.
- 1WEC was the first trading house to establish a factoring program as means of diversifying financial support for oil refining operations.
- Information and Communications Technologies (ICT) provide a secure, integrated global platform critical to 1WEC’s business and related operations.
- On going investment in state-of-the-art ICT ensures our global strategies and initiatives are supported in an efficient and secure manner.
- 1WEC maintains a number of advanced information systems serving our core business and supporting functions, including Risk, Trading and Financial systems, which consolidate trading positions and financial exposures globally on a daily basis.
- These allow management to monitor 1WEC’s overall exposure and adopt appropriate measures on a timely basis.
- Our operations and assets-related activities are supported by an array of specialist applications, enabling global functions to work harmoniously regardless of location.
- Information security policies are upheld by the deployment of advanced data security systems and secured at a centers that protect data assets globally.
- Our IT infrastructure is highly resilient with no single point of failure and we have back-up systems and procedures for every degree of disruption.
1WEC employs a range of globally consistent corporate systems to support its core business, including for:
- Commodities trading
- Risk
- Credit management
- Finance
- Shipping and operations
- Compliance
- User collaboration
Continuous investment in state-of-the-art technology ensures 1WEC’s global strategies and initiatives are supported in an efficient and secure manner.
- Our logistics team operates seamlessly with our trading desks to manage freight exposures and to add safety and efficiency to our physical transactions.
WEC has ready access to logistics assets worldwide including a large fleet of time-charter vessels, freight transport, storage and blending facilities.
These give us the capability to respond effectively to market trends and create added flexibility for realizing arbitrage opportunities.
An important aspect of our logistical resource is our partners one of the largest charterers of tanker vessels in the world.
They operate around a fleet of high quality tankers, gas carriers and dry-bulk vessels to accommodate our needs and also those of third-party customers.
Reflecting our concern for the environment, we only ever use double-hulled vessels that are less than 20 years old.
- 1WEC maintains clear safety,health, environmental, human rights and community expectations within our corporate governance structure.
- 1WEC assigns the highest priority to preserving the health, well-being and safety of our people,our customers and communities affected by our operations; as well as respecting and protecting the environment in the countries within which we do business.
- We aim for a zero incident approach: no accidents, protection of our staff and no damage to the environment.
- At 1WEC, we are committed to the following principles and expect all who work in our business to act in accordance with them:
- Prevention of Injuries, Incidents & Occupational Illnesses-We believe that injuries, incidents, and occupational illnesses are preventable and that incident and near missreporting and investigation are of fundamental importance in their prevention.
- Promoting Environmental Protection-By operating our business in the most efficient way we work to reduce the impact on the environment and the local communities that surround our operating entities. Our aim is to work in harmony with our surroundings and to provide economic benefit to local communities, our customers and suppliers.
Compliance with Laws, Regulations & 1WEC Standards-We have clear safety, health, environmental, human rights and community expectations within our corporate governance structure. All 1WEC entities are required to adhere to these corporate expectations and to comply with all applicable laws and regulations.We also aim to promote 1WEC expectations across our supply chain, where possible.
Learning-We have programs in place that encourage learning from incidents. Although we are promoting a zero-harm vision, we understand that incidents can happen, but will do all that we can to avoid their repetition.
Continuous Improvement & Commitment-High standards required in all areas of safety, health and environment require continuous improvement and commitment by everyone.
Auditing, Monitoring & Corrective Action-We are committed to setting objectives and targets, auditing, monitoring, sampling and implementing corrective actions to ensure full compliance with our corporate expectations.
Personal Responsibility-We all have a personal responsibility to prevent harm to ourselves, others, and the environment. Safety, good health and concern for the environment are equally important away from work and are encouraged.
- Our ability to effectively manage the risk inherent in commodities trading is fundamental to 1WEC’s continued development and stability.
- It contributes to our positive financial performance and helps mitigate earnings volatility. Financial, operational and market risks are an integral element of commodities trading and physical supply. They cannot be wholly avoided,but can be planned for and managed.1WEC maintains sophisticated risk management systems, processes and controls.Risk policies are determined centrally, exposures are analyzed daily, and our procedures are continuously reviewed and updated.
- 1WEC applies a range of risk management tools to minimize overall exposure at any one point in time.
- These include:
- Financial derivative instruments to hedge commodity price and foreign currency exchange rate risks.
- Insurance to hedge various operational risks including freight-related and political risks.
- Due diligence prior to acquisition and good management after acquisition to hedge environmental risks.
- Ready access to sufficient capital and funding to hedge liquidity risk.
- Strict policies and procedures to hedge counterparty relationships, fraud and regulatory risks.
- 1WEC is proactive in addressing evolving compliance standards. This includes taking steps to strengthen contract language with counterparties to enhance contractual prohibitions against trading with countries and entities under economic sanctions.
- The regulatory landscape in which 1WEC operates is becoming ever more consistent, comprehensive and transparent.We wholeheartedly support such developments and are proactive in refining our procedures to ensure compliance.
- Being a physical energy trader, 1WEC is subject to oversight from more than 70 regulatory authorities worldwide.
- Virtually every aspect of our business is affected to a greater or lesser degree by regulations covering health and safety, insurance, emission and environmental control, product, cargo and financial crime, international trade and sanctions, and banking, exchange and derivatives market rules.
- To ensure compliance within such an extensive and constantly evolving regulatory environment,we maintain rigorous corporate protocols and a strict compliance program.
- This activity is overseen by our Compliance Department,which provides oversight, advice and training for 1WEC trading centers worldwide.
- In all operations,1WEC adheres to the laws and regulations to which it is subject,both international and local, in the jurisdictions in which it operates.