Committees

Committees

The Board has established the Audit, Remuneration and Nomination Committees and all three have written terms of reference setting out their authority and duties.

Audit Committee

The Committee supports the Board in carrying out its responsibilities in relation to financial reporting and reviews the effectiveness of the Group’s internal financial control and financial risk management systems. The Committee also monitors and reviews the effectiveness of the Group’s internal audit function and, on behalf of the Board, manages the appointment and remuneration of the external auditor as well as monitoring their performance, independence and objectivity.

Current members of the Audit Committee (the “Committee”) are Mr Saeed Al Mazrooei (Chairman), Mr Thor Haugnaess and Mr Justin Crowley.

Topics at Audit Committee Meetings

  • Audit, including external and internal;
  • Financial Statements, including interim results and Annual Report;
  • Governance and compliance matters; and
  • Reports from the whistleblower hotline.

Audit Committee Terms of Reference

Nominations Committee

The Nominations Committee is responsible for identifying and proposing candidates for appointment to the Board, having regard to the balance and structure of the Board. Mr Ahmad Sharaf (Chairman), Mr Ahmad Al Muhairbi, and Mr Thor Haugnaess comprise the Nominations Committee, with the Company Secretary acting as secretary to the Nominations Committee.

Nominations Committee Terms of Reference

Remuneration Committee

The primary responsibilities of the Remuneration Committee are to make recommendations to the Board on the framework for and the broad remuneration policies for the Group; the specific terms for the remuneration of the Chairman, CEO, the COO and the General Manager of Petroleum Development; and proposals for incentive plans.

Mr Ahmad Al Muhairbi (Chairman), Mr Mohammed Al Ghurair, Mr Thor Haugnaess and Mr Justin Crowley are the members of the Remuneration Committee.

Remuneration Committee Terms of Reference

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