CORPORATE GOVERNANCE

Corporate Governance Petralon Energy Nigeria

Petralon Energy remains true to the belief that the implementation of good Corporate Governance practices will lead to the efficient running of the Company, and help in optimizing value for all its stakeholders. We uphold the principles of Corporate Governance to ensure transparency, integrity and accountability in our functioning, all of which are elements vital to achieving our vision of becoming a major diversified, transnational, integrated energy company.

Petralon Energy has and/or will:

  • Ensure Board meetings are held at least once a quarter;
  • Enforce a code of conduct for its directors and senior management personnel;
  • Constitute an Audit Subcommittee and other board sub-committees, as needed;
  • Ensure strict compliance with Anti-bribery laws, and a zero tolerance for corruption;
  • Ensure compliance with EFCC’s anti-corruption act;
  • Ensure adherence to UK standards on anti-corruption and compliance with the UK Anti-Bribery act, introduced to update and enhance UK law on bribery including foreign bribery, in order to address better the requirements of the 1997 OECD anti-bribery Convention;
  • Ensure compliance with the Foreign Corrupt Practices Act (FCPA), a United States federal law known primarily for addressing accounting transparency requirements under the Securities Exchange Act of 1934, as well as bribery of foreign officials;
  • Ensure full compliance with the Equator Principles;
  • Assume responsibility for the company’s systems of internal controls and for reviewing their effectiveness;
  • Regularly evaluate and review all possible business risks;
  • Provide effective communication with its shareholders, with significant developments disseminated through appropriate investor relations documents, and regular updates of the Company website;