Nabors has a longstanding commitment to comply with the law wherever we operate, and to conduct our business activities in accordance with the highest ethical standards. Our governance framework is designed to serve the interests of our shareholders and other key stakeholders by maintaining systems that ensure the highest levels of responsibility, integrity and legal compliance.
At the cornerstone of our governance framework is our Code of Business Conduct, which sets forth the high expectations of our directors, officers and employees. Those individuals are required to certify compliance with the Code of Business Conduct, and with the broad framework of policies and procedures that support it, on an annual basis. Moreover, they are expected to conform to the principles of honesty and integrity embodied in the Code in everything they do.
Our Board of Directors has an ongoing commitment to the highest standards of corporate governance. The Board reviews all aspects of our governance policies and practices regularly in light of developments in best practices, and makes changes as appropriate. A comprehensive set of our policies can be found in Corporate Governance. As part of its ongoing commitment, the Board has undertaken a review of its corporate governance practices against the framework of the Organization for Economic Co-Operation and Development (OECD) Principles of Corporate Governance and concluded that Nabors is compliant with those principles.
Board Committees and Meetings
The Board of Directors and each of its five standing committees (Audit, Compensation, Governance & Nominating, Risk Oversight and Technical & Safety) conduct four regularly scheduled meetings per year and meet at such other times as necessary to conduct business. Each committee’s activities are governed by a charter, which is reviewed at least annually. In addition, each committee is chaired by an independent outside director.