NORTHERN PETROLEUM PLC

Corporate governance

The following committees sit in accordance with the Combined Code of Corporate Governance:

Audit Committee

The Audit Committee’s principle objectives are to monitor the integrity of the published financial information of the Group; monitor the Group’s internal control procedures and risk management system; make recommendations to the Board regarding the appointment, reappointment and removal of external auditors; and review whistle‐blowing arrangements and the Group’s procedures to prevent bribery and corruption.

 
Iain Lanaghan - Chairman
Jon Murphy - Member

Health, Safety and Environment Committees

The Health, Safety and Environment Committee provides the necessary resources for the corporate HSE management system and oversee its implementation across all of the Group’s assets. The Group develops a corporate HSE plan at the beginning of the year which directs the HSE strategy and initiatives for the coming year. The plan is approved by the Committee and performance is tracked throughout the year and formally reported to the board on a quarterly basis.

 
Keith Bush - Chairman
Jon Murphy - Member
Iain Lanaghan - Member
Nick Morgan - Member

Remuneration Committee

The Remuneration Committee is responsible for the approval of executive salary; ensuring remuneration levels support the Group strategy and a sustainable business model while promoting capital discipline throughout the Group; and ensuring alignment of executive, senior management and shareholder interests.


Jon Murphy - Chairman
Iain Lanaghan - Member

 

The Group is not required to comply with the principles of good corporate governance and the recommendations of best practice as set out in the principles of the revised UK Corporate Governance Code (the “Code”) published in May 2010 by the Financial Reporting Council and revised in September 2012 . While the Group does not comply with the Code, in so far as is practicable and appropriate for an AIM quoted company of Northern Petroleum’s size, the business seeks to follow the guidance set out in the Code.