The Board of Directors and Management of KrisEnergy are committed to high standards of corporate governance, business integrity and professionalism. We comply in all material aspects with the principles of the Code of Corporate Governance 2012.
The composition of the Board of Directors is an important aspect of our approach to corporate governance. Our board comprises eight members, including an Independent Non-executive Chairman, and four Independent Non-executive Directors, who exercise objective judgement in our corporate affairs.
The Board is accountable for the Group’s activities, strategy, governance, and financial performance, and ensures that the corporate responsibility and ethical standards of the Group are met by overseeing the conduct of its affairs and exercising its fiduciary role in the interests of the Group, with the objective to create value for stakeholders and ensure the sustainable success of the Company.
Our ethical values and business practices include, among others:
- Upholding the highest standards of business ethics, including a zero tolerance for bribery and corruption
- Compliance with all applicable laws and regulations
- Commitment to high Environmental, Health, Safety and Security standards
- Treating employees, industry partners fairly and respectfully and our commitment to local communities
- Providing a high-level internal mechanism for employees and contractors to raise issues or concerns in a safe environment without fear of reprisal
- Transparency through ensuring all documentation, including financial accounts, is accurate and complete
- Demonstrating transparency in our contracting processes
Independent judgement
The Directors are expected to exercise due diligence and independent judgement in the best interests of the Company.
Delegation by the Board
Although the Board retains overall responsibility, to assist the Board with oversight of various specific responsibilities, the Audit and Risk Management, Nominating, Remuneration and Executive Committees are delegated the necessary authority by the Board. Individually, each Committee plays a pivotal role in ensuring good corporate governance practices within the Group.