Backed by an 85+ year history of operating within the Asia Pacific region, Wood is proud of its longstanding partnerships, underpinned by our proven ability to optimise asset performance, drive capital efficiency and deliver for our customers.
Wood has been present in the Caspian region for over 20 years. We combine our strong knowledge of the area, global expertise across the entire asset life cycle and experience required to operate successfully in the harsh and complex environment of the world’s largest land-locked body of water.
The Middle East is a key growth area for Wood. We have maintained a presence in the region for over 7 decades; helping design, build, operate, maintain, and modify some of the world’s largest and complex facilities.
Wood is strategically located throughout Latin America and the Caribbean in a variety of sectors including oil and gas, refining, chemicals, water, mining, energy, industrial plants and facilities and communications.
The Board of Directors has delegated some of its responsibilities to committees - the Audit Committee, the Remuneration Committee, the Nomination Committee and the Safety, Assurance & Business Ethics Committee. A summary of the work of those committees, as well as the Directors’ Remuneration Report, is included in the Governance section of our annual report.
The Board remains fully committed to maintaining high standards of corporate governance and believes that this is key to overall performance and integrity, consistent with our Core Values. The Governance section of the 2019 Annual Report explains how the Company has applied the main principles of Leadership, Effectiveness, Accountability, Remuneration and Relations with Shareholders outlined in the UK Corporate Governance Code (the Governance Code). A copy of the Governance Code is available at www.frc.org.uk.
The Board considers that the Company has fully complied with the provisions of the Governance Code during the year ended 31 December 2019. The Board also believes that good corporate governance extends beyond regulatory compliance and consistently monitors developments in best practice, including guidance published by investor groups.
The Audit Committee is responsible for reviewing the effectiveness of the Group's internal financial controls, monitoring the integrity of the Group's financial statements and internal and external audit functions. The Audit Committee aims to promote high standards of corporate governance by ensuring robust and effective financial controls, reporting and audit.
The Nomination Committee is responsible for recommending candidates to the Board and ensuring succession plans are in place. The Nomination Committee aims to promote high standards of corporate governance by ensuring that the balance of skills, knowledge and experience of the Board both now and in the future promotes long term value for shareholders.
The Safety, Assurance & Business Ethics Committee is appointed by the Board to oversee the Group's management of Safety and Assurance (including personal security), consistent with its status as the Group's top priority.