Corporate Governance

As a company incorporated in Bermuda, Höegh LNG is subject to Bermuda law regarding corporate governance. As the company has bonds issued and listed on Oslo stock exchange, the Oslo Rulebook II – Issuer Rules Section 6 (Continuing obligations for issuers of bonds) applies to the company, including section 6.3.6 Report on Corporate Governance.

Annual General Meeting

The Annual General Meeting is Höegh LNG's highest decision-making body. The Annual General Meeting resolves among others the appointment of the Auditor, election of the Board of Directors and the determination of remuneration for the Directors.

The Board of Directors​

The Board of Directors may consist of up to ten Directors appointed by the Annual General Meeting, however currently the Board has seven members.

The Board has among its tasks to decide on the Group's overall objectives and strategies, employ the Chief Executive Officer and President of Höegh LNG, decide on budgets and business plans, consider and approve financial statements and quarterly financial reports, monitor the financial development, and decide on policy issues with strategic implications and material consequences. The work of the Board is scheduled in an annual plan with fixed information- and decision points and if required, interim board meetings are arranged. The Board of Directors has established sub-committees, including an Audit Committee and a Governance, Compliance and Compensation Committee.

The Board has authorised Höegh LNG AS, a wholly owned management company, to carry out the day-to-day management of the assets under a management agreement comprising administrative, commercial and technical activities.

The Auditor

The Auditor is appointed by the Annual General Meeting and has the duty to audit the Company's financial reporting. Höegh LNG's auditor is currently Ernst & Young. In order to safeguard the Board of Directors' access and control of the Auditor's work, the Auditor meets with the Audit Committee and once a year with the full Board. The auditor receives all documentation for and minutes from all Board meetings.

General meetings

Management

Sveinung J. S. Støhle, ​​​​President and Chief Executive Officer

Portrait

Sveinung Støhle (born 1958) serves as the President and Chief Executive Officer of Höegh LNG through his employment with Höegh LNG AS since 2005. He has served as Chief Executive Officer for Höegh LNG Partners LP since August 2020. He served as director and chairman of the board of directors of Höegh LNG Partners LP since April 2014 but stepped down as a chairman when assuming the role as Chief Executive Officer. He is also a member of the board of directors for Avenir LNG Limited. Mr. Støhle has more than 25 years of experience from the LNG industry with both shipping and oil and gas companies. Prior to his employment with Höegh LNG, Mr. Støhle held positions as President of Total LNG USA, Inc., Executive Vice President and Chief Operating Officer of Golar LNG Limited, General Manager Commercial of Nigeria LNG Limited and various positions with Elf Aquitaine. Mr. Støhle has a Master of Business Administration from the University of San Francisco and a Bachelor of Science in Finance from California State University. He is a Norwegian citizen.

Håvard Furu, ​​​​​Chief Financial Officer

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Håvard Furu (born 1974) has served as Chief Financial Officer for Höegh LNG through his employment with Höegh LNG AS since March 2019. He has served as Chief Financial Officer for Höegh LNG Partners LP since August 2020. From 2017 until February 2019, Mr. Furu served as the chief financial officer of the law firm Wikborg Rein. From 2009 to 2017, he was the chief financial officer of Western Bulk, a drybulk carrier operator. From 2005 to 2009, Mr. Furu was employed by BW Gas in various positions within the finance area, including Assistant Director Strategy and Finance. From 1997 until 2005 he held various positions within auditing with PriceWaterhouse Coopers. Mr. Furu holds a BSc Economics and Business Administration as well as being a Chartered Accountant from the Norwegian School of Business Administration (NHH) in Bergen, Norway. He is a Norwegian Citizen.

Richard Tyrrell, Chief Development Officer

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Richard (born 1973) has served as Chief Development Officer for Höegh LNG since September 2018. Prior to that he served as the Chief Executive Officer and Chief Financial Officer of Höegh LNG Partners since 2014. Prior to joining Leif Höegh UK, Mr. Tyrrell served as a Managing Director in the energy team of Perella Weinberg Partners, a global, independent advisory and asset management firm, from June 2009 until January 2014. From 2008 to February 2009, Mr. Tyrrell was an investment professional with Morgan Stanley Infrastructure, an infrastructure investment and management platform with $4 billion under management, where he evaluated principal investment opportunities. From 2003 to 2008, Mr. Tyrrell worked for various departments of Morgan Stanley’s Investment Banking Division, including its Global Energy and Utilities Group and its United Kingdom Mergers and Acquisitions Group. From 1994 to 2000, Mr. Tyrrell served as a technical manager and field engineer for Schlumberger Limited in Australia and Southeast Asia. Mr. Tyrrell has a Master of Business Administration from Harvard Business School and an undergraduate degree in Mechanical Engineering from the Imperial College of Science, Technology and Medicine.​

Vegard Hellekleiv, ​Chief Operations Officer

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Vegard Hellekleiv (born 1969) has served as Chief Operations Officer since 2017 and prior to that he was ​Chief Technical Officer since 2013. He has been employed with Höegh LNG AS and its predecessors since 1998. He worked 3 years in DNV after graduating, and has gained 20 years of experience working with business development, site supervision, ship management and execution of capital projects. He holds a Master of Science in marine technology from NTNU in Trondheim. He is a Norwegian citizen and resides in Norway.​

Tom Solberg, ​​​Chief of Staff

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Tom Solberg (born 1973) serves as Chief of Staff of the group through his employment with Höegh LNG AS since 2015. He holds a Bachelor of Science in Sociology, International Politics & Labour Law from the University of Oslo and a Master of Science in Human Resources Management from the University of Salford, UK. Mr Solberg has extensive experience from HR, Management and Communication. He is a Norwegian citizen and resides in Norway. ​

Camilla Nyhus-Møller, Chief Legal & Compliance Officer

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Camilla Nyhus-Møller (born 1976) has served as the Chief Legal & Compliance Officer through her employment with Höegh LNG AS since 2018 and has been Head of Legal & Compliance in Höegh LNG since 2010, latest as SVP Legal & Compilance. Before that she was legal counsel for Höegh LNG and Höegh Autoliners, an associate in the Norwegian law firm BAHR and a foreign lawyer trainee with the US law firm Holland & Knight. She is also a member of the Merkur Market Appeals Committee. She has more than 15 years’ experience in the shipping and offshore sector. Camilla Nyhus-Møller has her law degree (cand.jur.) from the University of Oslo, Norway. She is a Norwegian citizen and resides in Norway.

Board of Directors

Morten W. Høegh, ​​​Chairman​​​
Audit Committee Member

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Morten W. Høegh has served as chairman of Höegh LNG since 2006 and is a member of the company’s governance, compliance and compensation committee. Morten W. Høegh has served as a director of Höegh LNG Partners LP since 2014. He also serves as chairman of Leif Höegh (U.K.) Limited. Since 2003 he has been a director of Höegh Autoliners Holdings AS (and its predecessors Leif Höegh & Co. ASA, Leif Höegh & Co. Ltd. and Höegh Autoliners Ltd.). Morten W. Høegh is a director of Höegh Eiendom Holdings AS. He is a director and Chairman of Gard P&I (Bermuda) Ltd. and chairman of its risk and election and governance committees and a director and chairman of certain of its subsidiaries. He also serves as the Chairman of the West Europe committee of DNV. From 1998 to 2000, Morten W. Høegh worked as an investment banker with Morgan Stanley. He holds an MBA from Harvard Business School with High Distinction (Baker Scholar) and an MSc in Ocean Systems Management and a BSc in Ocean Engineering from the Massachusetts Institute of Technology. He is a Norwegian citizen and resides in the UK.

Leif O. Høegh, ​​​​​​Deputy Chairman
Governance, Compliance and Compensation Committee Member​​

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Leif O. Høegh has served as deputy chairman of Höegh LNG since 2006 and is a member of the company’s audit committee. He is also the chairman of Höegh Autoliners Holdings AS and Höegh Eiendom Holdings AS. Leif O. Høegh worked for McKinsey & Company and the Royal Bank of Canada Group. He holds an MA in Economics from the University of Cambridge and an MBA from Harvard Business School. Leif O. Høegh is a Norwegian citizen and resides in Norway.​

Martine Vice Holter, Director

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Martine Vice Holter has served as a director of Höegh LNG since May 2021. Martine Vice Holter has been the Chief Executive Officer of Hoegh Capital Partners (HCP) for over a decade. HCP is a family investment office co-located in London and Oslo which manages all of the investment interests of the Hoegh family. Martine Vice Holter oversees a multi-asset class investment portfolio which includes direct investments (both private and public) and financial assets (managed through in-house portfolio managers as well as allocations to third party fund managers). The group embraces an active ownership approach; she is shareholder representative and/or non-executive director on several direct investment boards in the portfolio. Sector focus includes: shipping and transportation; real estate; East Africa agriculture; and media. Corporate actions include: IPOs, M&A, fund-raisings, refinancing, restructurings. Born in Canada, Martine Vice Holter has lived and worked in the US, Asia and Europe and has experience working in Africa. Prior to HCP, she was Chief Operating Officer of Arts Alliance Advisors, a venture capital fund focused on early stage media and technology investments (from 2000- 2005). Previously, she worked as a management consultant at McKinsey & Company based in London where she focused on strategy, finance and organisation-building. She began her career in investment banking (corporate finance and M&A) with Goldman Sachs in New York followed by Hong Kong. Martine received her MBA from INSEAD (1994) and graduated with a Bachelor of Arts (Honours) joint in Economics and Political Science from Queen’s University, Canada. She is a dual Canadian and British citizen and resides in London.

Alberto Donzelli

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Alberto Donzelli has served as a director of Höegh LNG since May 2021. Alberto Donzelli is a Managing Director and co-head of Europe for Morgan Stanley Infrastructure Partners (MSIP). Alberto worked in the investment banking businesses of UBS and Credit Suisse, where he was part of the European Utilities Group advising on numerous M&A transactions in Europe. Alberto holds a degree in Business Administration from Bocconi University.

Johan Pfeiffer, Director

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Johan Pfeiffer has served as a director of Höegh LNG since May 2021. Johan Pfeiffer is a Managing Director and Operating Partner with Morgan Stanley Infrastructure Partners (MSIP). He serves on the board of several companies in the MSIP portfolio. Prior to Morgan Stanley, Johan Pfeiffer was the President for Europe, Latin America and Africa for Johnson Controls and previously Tyco. Prior to Johnson Controls, Johan Pfeiffer was a Vice President for FMC Technologies in Houston and General Manager and Managing Director in Kongsberg, Norway. Johan Pfeiffer was previously the Vice Chairman of the US Petroleum Equipment and Services Association. He holds an MBA from the Wharton School, an MA in International Studies from the University of Pennsylvania, and an MSC in Material Sciences Engineering from the Swiss Federal Institute of Technologies (EPFL).

John Kwaak

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John Kwaak has served as a director of Höegh LNG since May 2021. John Kwaak is an Executive Director of Morgan Stanley Infrastructure Partners (MSIP) covering the energy and transportation sectors. Before joining MSIP, he was a Senior Vice President at Fortress Investment Group in their private equity division. Prior to that, he was an associate in the Transportation & Infrastructure Group at Evercore. He also served as First Lieutenant in the Republic of Korea Air Force. John Kwaak holds an MBA from the Wharton School of the University of Pennsylvania and an AB in Government from Harvard College.

Tonesan Amissah, Director

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Tonesan Amissah has served as our director since June 2021. Tonesan Amissah is the Managing Director of Appleby Global Services Bermuda (“AGS”), where she oversees all aspects of client service and is a former partner of Appleby (Bermuda) Limited (“Appleby”), where she practiced within the corporate department as a member of the corporate finance and funds & investment services teams, having joined Appleby in 1989. She also serves as a director of Höegh LNG Partners LP and a number of other companies, the majority of which are clients of AGS. Tonesan Amissah holds a law degree from the London School of Economics and Political Science and qualified as a Barrister at Holborn Law Tutors in 1988. She is a member of the Bermuda Bar Association, the Institute of Directors and has been an accredited speaker for the Regulatory and Compliance Association since 2015.

Governance Documents

Sustainability

​​Höegh LNG’s main objective is to manage and operate the Group's assets to the highest technical and commercial standards. This implies a zero tolerance for corruption, impeccable safety records, compliance with all environmental regulations and respect for human rights.​

Höegh LNG aims to contribute to sustainable development by acting as a socially responsible company. The Group actively seeks to integrate social and environmental concerns in all business operations and to find a sound balance between stakeholders’ interests, operational efficiency and shareholder value.

Höegh LNG’s activities may impact the environment and local communities. The Company is committed to ensuring safe and sustainable management of such impacts.

The Board of Directors is responsible for overseeing the Group’s CSR strategies and procedures. Health, safety and environmental KPIs are reported to the Board of Directors on a regular basis. The Group has robust management systems certified according to the International Safety Management Code, ISO 9001 and ISO 14001.

To ensure a targeted approach to CSR management, Höegh LNG has undertaken a systematic assessment of the Company’s environmental, social and ethical impacts. The following issues were identified as the most important and material to Höegh LNG:

  • working conditions and health and safety
  • ethics and anti-corruption
  • supply chain standards
  • climate change and environmental footprint
  • CSR due diligence
  • stakeholder engagement
  • tax
  • ship recycling

Since 2014, Höegh LNG reports its sustainability performance (CSR) according to the Global Reporting Initiative’s (GRI) Sustainability Reporting Framework.

Höegh LNG is a member of a shipping network called Maritime Anti-Corruption Network (MACN). MACN is a global business network working towards its vision of a maritime industry free of corruption that enables fair trade to the benefit of society at large. Additional information on the Maritime Anti-Corruption Network can be found on www.bsr.org/macn