The ISM Code establishes safety-management objectives and requires a safety management system (SMS) to be established by "the Company", which is defined as the shipowner or any person, such as the manager or bareboat charterer, who has assumed responsibility for operating the ship.

The Company is then required to establish and implement a policy for achieving these objectives. This includes providing the necessary resources and shore-based support.

Every company is expected "to designate a person or persons ashore having direct access to the highest level of management".

The procedures required by the Code should be documented and compiled in a Safety Management Manual, a copy of which should be kept on board.