Corporate governance

As a Guernsey-registered company, International Oil and Gas Technology Limited (the "Company") is not required to comply with the Combined Code. However, the directors recognise the value of high standards of corporate governance. The board takes appropriate measures to ensure that the Company complies with those provisions of the Combined Code that it believes are relevant to the Company.

The paper issued by the GFSC1 entitled "Guidance on corporate governance in the financial sector in Guernsey" applies to the Company. The board seeks to ensure that the Company complies with its guidance.

The board comprises four directors, all of whom are independent and non-executive. The board has established three committees covering audit, management engagement and nominations. The terms of reference of these committees are available on the website. The board has not established a remuneration committee as the Company has no employees. However, all remuneration matters are dealt with at board level.

The Company will comply with all current and future provisions of the Laws2 to the extent that they are applicable and relevant to the Company's activities. In particular, each director will seek to act in accordance with the "Code of Practice - Company Directors" issued by the GFSC, whether or not it is directly applicable to the director in question.

The shares of the Company have a standard listing on the Official List of the London Stock Exchange. Notwithstanding the standard listing, the directors nevertheless intend to comply, to the extent practicable, with the Listing Rules applicable to a premium listing of shares in an investment company such as the Company.

 

1. Guernsey Financial Services Commission
2. The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000

 

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in Guernsey governing the preparation and dissemination of financial information differs from legislation in other jurisdictions.