As a Trust Port, we operate as an independent statutory body and are governed by stakeholders rather than shareholders. Our stakeholders are broad-ranging and include staff and customers, businesses throughout Cromarty Firth and the Highlands, local communities and local and national government.
We value the collaborative work and engagement with stakeholders, who play a crucial role in driving Port of Cromarty Firth forward. We are not publicly or privately owned and we receive no regular public funding, meaning we must
generate our own income. It also means that 100% of the profit generated through our operations is
reinvested into the improvement and development of the Port.
As a modern and successful Trust Port, we have grown into a national strategic asset that drives economic growth, prosperity and opportunity. In recent years, over £50 million has been reinvested in infrastructure, including land capacity, deep-water berths and sheltered anchorages.
Our Board members and staff are tasked with safeguarding and improving this valuable asset, and to leave them in a better state than when we arrived for future generations. We also, as a Trust Port, strive to achieve all three pillars of sustainability: Economic, Social and Environmental.
We are governed and run by an independent Board of Non-Executive Directors. They are appointed for their valued skills, expertise, experience and knowledge, in order to provide strategic direction and guidance to the Port of Cromarty Firth activities.
The Board makes the best use of the Port’s assets in order to create opportunities and employment for future generations. Our Board consists of eight appointed members, with a joint focus on the accountability of the Trust Port’s conduct.
The Board meets on a regular basis to review port business and future plans.
The Board is committed to incorporating the standards and objectives of the Guide to Good Governance for Trust Ports, which require the annual performance of Board members to be assessed. Details of the publication ‘Modern Trust Ports for Scotland – Guidance for Good Governance’ 2012 edition can be viewed on the Transport Scotland website: visit site here.
The Remuneration Committee consists of four members: the Chairman, the Vice-Chairman and two Non-executive Board members.
Its principal duties are to consider matters relating to staff wages and salaries. The Committee also considers in detail items or issues delegated or remitted by the Board and reports back with recommendations or details of actions taken.
The Audit & Risk Committee consists of five Non-executive Board members.
Its principal duties are to manage external audits of management controls; to review external and internal audit strategies and to appoint and manage external auditors; to review annual management accounts and financial statements; to monitor the performance of the Board’s long-term investments and to benchmark the Board’s corporate governance performance.