Annual Report 2010 - Ophir Energy
Annual Report 2010 - Ophir Energy
Annual Report 2010 - Ophir Energy
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
30<br />
<strong>Ophir</strong> energy plc | <strong>2010</strong> ANNUAL REPORT<br />
gOvernAnce | CORPORATE gOvERNANCE sTATEmENT<br />
governance<br />
Corporate Governance Statement<br />
Drilling operations, Deepsea Stavanger<br />
compliance with the combined<br />
code on corporate governance<br />
This <strong>Report</strong> describes how the Company has applied the<br />
principles of the Combined Code on Corporate Governance<br />
(June 2008) (the “Code”) published by the Financial<br />
<strong>Report</strong>ing Council, including the extent of compliance with<br />
the provisions of the Code and the reasons for any matters<br />
where there is not currently full compliance.<br />
The Company’s shares are not presently listed and therefore<br />
the Company is not formally required to comply with the<br />
Code disclosures. Accordingly the disclosures herein are<br />
made on a voluntary basis. However, the Directors are<br />
committed to a high standard of corporate governance and,<br />
where practicable for a company of this size and stage of<br />
development, to applying the requirements of the Code.<br />
Board Operation, structure and<br />
committees<br />
The Board is responsible to shareholders for the proper<br />
management of <strong>Ophir</strong>. The Board has a formal schedule of<br />
matters specifically reserved for it for decision. In addition to<br />
formal matters required by the Companies Act 2006 to be<br />
set before a board of directors, the Board will also consider<br />
strategy and policy, acquisition and divestment proposals,<br />
approval of major capital investments and financial<br />
commitments, risk management policy, senior<br />
appointments, significant financing matters and<br />
shareholder reporting.<br />
To enable the Board to discharge its duties, all Directors<br />
receive appropriate and timely information and the<br />
Chairman ensures that the Directors take independent<br />
professional advice as required. Appropriate training is<br />
available where necessary. There is a clear separation of the<br />
roles of the Chairman and of the Managing Director. The<br />
Managing Director has responsibility for managing <strong>Ophir</strong>’s<br />
business, proposing strategy and leads the executive team<br />
which has responsibility for the execution of the strategy<br />
and operational matters.
Change language