Sound Corporate Governance
We prioritize developing and maintaining a corporate governance framework that promotes the long-term interests of our shareholders, strengthens the accountability of our Board and management, and engenders public trust in the Company. In furtherance of our commitment to strong corporate governance, our Board reviews on an ongoing basis evolving governance practices and investor preferences, including feedback from our shareholders.
Board Oversight of ESG
Gulf Island recognizes the importance of providing further transparency on ESG matters. During 2021, we amended our charter for our “Nominating & Corporate Governance Committee” to include sustainability oversight. This demonstrates that our commitment to ESG extends to the highest levels within Gulf Island.
Gulf Island operations are located in Louisiana and Texas; however, we provide fabricated products to our customers with operations worldwide. We have a strict Code of Business Conduct and Ethics policy that aligns all Company officers, directors, employees and agents of our subsidiaries. This policy outlines how we conduct our business, and we hold ourselves to the highest standard. We are subject to the U.S. Foreign Corrupt Practices Act (FCPA), the UK Bribery Act and other local regulations.
Gulf Island does not authorize, involve itself in, or tolerate any business practice that does not comply with our Code of Business Conduct and Ethics policy. We expect the conduct of our employees and agents to be legal and ethical and to reflect positively on our Company.
Data Privacy and Security
The world today has become increasingly dependent on digital technologies to conduct business. We depend on digital technology to manage operations, process and record financial and operating data, and communicate with our employees and third-party partners. We have agreements with third parties for hardware, software, telecommunications and other information technology services in connection with our business. In addition, we have proprietary software systems, management techniques and other information technologies incorporating software licensed from third parties. It is possible that we, or these third parties, could incur interruptions from cybersecurity attacks, computer viruses or malware, or that third-party service providers could cause a breach of our data. We believe that we have positive relations with our related vendors and maintain adequate anti-virus and malware software and controls, and we utilize various procedures and controls to monitor and mitigate our potential exposure to threats that could impact our data security and privacy. We meet periodically to identify legal, governmental, and other external regulatory requirements for their relevancy to our IT practices. We perform testing of our IT control environment to ensure compliance with our policies and practices as part of our annual audit process. We also maintain appropriate insurance coverage to protect us from loss due to social engineering or computer fraud. Overall, we strive to ensure our internal network architecture and applications are configured and documented – and most importantly protected – to support the reliable storage, processing, and transfer of sensitive data.