The Directors acknowledge their responsibility for the Group’s systems of internal controls and for reviewing their effectiveness. These internal controls are designed to safeguard the assets of the Company and to ensure the reliability of financial information for both internal use and external publication. Whilst they are aware that no system can provide absolute assurance against material misstatement or loss, in light of increased activity and further development of the Company, continuing reviews of internal controls will be undertaken to ensure that they are adequate and effective.
The Board considers risk assessment to be important in achieving its strategic objectives. There is a process of evaluation of performance targets through regular reviews by senior management to forecasts. Project milestones and timelines are regularly reviewed.
During the current downturn in oil price and Company performance, additional emphasis is being placed on all business risks. A number of mitigation strategies have been implemented and the situation is being monitored on a regular basis by the Board and third party advisors where appropriate.
Business Risk Management
The Board regularly evaluates and reviews any business risks when reviewing project timelines. The types of risks reviewed include:
- Regulatory and compliance obligations
- Occupational Health, Safety and Environmental requirements
- Legal risks relating to contracts, licenses and agreements
- Insurance risks
- Political risks deemed where appropriate
The Group maintains insurance in respect of its Directors and Officers against liabilities in relation to the Company.
The Group finances its operations through a range of sources, including debt, to fund the obligations of the Group. Decisions regarding the management of these assets are approved by the Board.
The Board has adopted a Share Dealing Code that applies to Director, senior management and any employee who is in possession of ‘inside information’. All such persons are prohibited from trading in the Company’s securities if they are in possession of ‘inside information’. Subject to this condition and trading prohibitions applying to certain periods, trading can occur provided the relevant individual has received the appropriate prescribed clearance.
Relations with Shareholders
The Board is committed to providing effective communication with the shareholders of the Company. Significant developments are disseminated through stock exchange announcements and regular updates on the Company website. The Board views the AGM as a forum for communication between the Company and its shareholders and encourages their participation in its agenda.
Anti Bribery Policy
Please find a copy our Anti-corruption and Bribery Policy to download here, alternatively you can read online here