The cream looks dead standard to me, with a basis of potassium and sodium stearate and cocoate. Borate is sometimes used as a component of a mild emulsifier, but the additional required thingies are absent, so my guess is that it is a preservative here. The imidazolidinyl urea is classified as a formaldehyde-releasing preservative. Interesting thing is that the degradation product upon formaldehyde release is allantoin, or a closely related molecule, so it may alternatively, or additionally be a skin active -- a shaving cream does not really need (much) preservation.
Imidazolidinyl urea is possibly carcinogenic; although the only indications are a slight mutagenic effect in the Ames test and (presumably) its release of formaldehyde, a known (inhalation) carcinogen.
Personally, I would prefer a shaving soap/cream without preservatives (since they really don't need one), or with a simple preservative like a paraben mix, phenoxyethanol, or benzoate type preservative.