The Board believes that the manner in which it conducts its business is important and it is committed to delivering the highest standards of corporate governance for the benefit of all of its stakeholders.
The Audit Committee currently comprises four Non-Executive Directors, all of whom are considered by the Board to be independent and have recent and relevant financial experience.
- Review the content and integrity of the annual and interim financial statements and advise the Board on whether they are fair, balanced and understandable and provide the necessary information for shareholders to assess the Company’s performance, business model and strategy
- Review the appropriateness of the significant accounting policies, judgements and estimates
- Monitor and review the effectiveness of the system of internal control and the Risk Management Framework
- Review the adequacy of the Company’s arrangements for whistleblowing and procedures for detecting fraud
- Monitor and review the effectiveness of the external and internal audit
- Monitor and review the summary findings from joint venture audits
- Oversee the relationship with the external auditor, including fees for audit and non-audit services and assessing annually their independence and objectivity
- Identify any matters in respect of which it considers that action or improvement is needed and making recommendations to the Board as to the steps to be taken
- Monitor and review the process of the assessment of the Group’s proven and probable reserves by a recognised Competent Person
- Self-assessment of its effectiveness
In fulfilling its responsibility to monitor the integrity of financial reports to shareholders, the audit committee review accounting principles, policies and the practices adopted in the presentation of public financial information.
Non-Audit Fees to Group’s Auditors and Other Consultancy Fees Policy
The Remuneration Committee currently comprises three Non-Executive Directors, all of whom are considered by the Board to be independent.
- Setting the remuneration policy for the Chairman, Executive Directors and senior executives
- Assessing and determining total compensation packages available to the executive and non-executive directors
- Monitoring the remuneration of senior management other than the executive directors whose remuneration it sets
- Making recommendations to the Board for its approval, and that of shareholders, on the design of long-term share incentive plans and making recommendations for the grant of awards to executives under such plans
- Determining policy and scope for pension rights and any compensation payments and ensuring compliance with the Governance Code in this respect
The Governance and Nomination Committee currently comprises the Chairman, one Independent Non-Executive Director and, to ensure input from the Executive, the Chief Executive.
- Reviewing the size, structure and composition (including the skills, experience, independence, knowledge and diversity) of the Board and its Committees in order to recommend changes to the Board
- Ensuring the orderly succession of executive, non-executive directors and senior management
- Identifying, evaluating and recommending candidates for appointment or reappointment as Directors or Company Secretary, taking into account the benefits of diversity on the Board, including of gender, social and ethnic backgrounds and cognitive and personal strengths and the balance of knowledge, skills and experience required to serve the Board
- Reviewing the outside directorships/commitments of Non-Executive Directors
The Safety, Climate and Risk Committee currently comprises four independent Non-Executive Directors.
- Undertaking in-depth analysis of specific risks in relation to the company, as may be requested by the Board or determined by the Committee from time to time
- Supporting the implementation and progression of the Group’s Risk Management framework
- Conducting detailed reviews of key-nonfinancial risks not reviewed within the Audit Committee
The Technical and Reserves Committee currently comprises the Chairman and three Non-Executive Directors.
EnQuest’s governance framework also contains several non-Board Committees which provide advice and support to the Chief Executive on the development, implementation and monitoring of the Group’s strategy, including an Executive Committee, Operations Committee, Environmental, Social and Governance (‘ESG’) steering committee and an Investment Committee.