Corporate Governance

Corporate Governance

The Board is comprised of three executive directors and four non-executive directors. The Company holds Board meetings throughout the year at which reports relating to the Group’s operations, together with financial reports, are considered. The Board is responsible for formulating, reviewing and approving the Group’s strategy, budgets, major items of capital expenditure and acquisitions.

The Group has an audit committee and a remuneration committee with formally delegated duties and responsibilities; both committees are comprised of the four non-executive Directors, David Golder, Gerard Fagan, Thomas Hickey and Vakha Sobraliev.

Remuneration Committee

The remuneration committee is responsible for determining the terms and conditions of service, including remuneration and other benefits granted or proposed to be granted by the Group. The committee is chaired by Group Non-Executive Chairman, David Golder and it’s other members are Non-Executive Directors, Gerard Fagan, Thomas Hickey and Vakha Sobraliev.

Audit Committee

The audit committee has primary responsibility for monitoring the quality of internal controls, ensuring that the financial performance of the Group is properly measured and reported on, and for reviewing reports from the Group’s auditors relating to the Group’s accounting and internal controls. The committee is chaired by Non-Executive Director, Thomas Hickey and it’s other members are Non-Executive Directors, David Golder, Gerard Fagan and Vakha Sobraliev.

Health, Safety and Environmental Policy (HSE)

PetroNeft is committed to high standards of Health, Safety and Environmental (HSE) performance across our business. Our goal is to protect people, minimise harm to the environment, integrate biodiversity considerations, and reduce disruption to our neighbouring communities. We seek to achieve continuous improvement in our HSE performance.

Corporate Social Responsibility Policy (CSR)

PetroNeft’s policy is to conduct all our business operations to best industry standards and to behave in a socially responsible manner. Our goal is to behave ethically and with integrity and to respect cultural, national and religious diversity.