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The role of the Board of Directors (the "Board") of Equator Exploration Limited ("Equator" or the "Company") is to provide the entrepreneurial leadership to create prosperity whilst overseeing the Company's relations with shareholders and the management of the Company.
The Board is responsible to balance stakeholder interests and the Company's interests in the light of market forces, the law and relevant regulations. The Board will achieve this within a framework of prudent and effective controls, which enable risk to be assessed and managed.
The Board shall set the Company’s values and standards, ensure that the necessary financial and human resources are in place for the Company to meet its objectives and is responsible for reviewing the performance of the management.
The board is comprised of the following committees:
Audit Committee This committee is responsible for assisting the Board of Equator in fulfilling its responsibilities in relation to financial reporting, financial control and risk management as well as for carrying out certain financial oversight functions on behalf of the Board.
Compensation Committee The Compensation Committee of the Board of Directors of Equator is responsible for determining and agreeing with the Board the remuneration policy for the Chairman, the Chief Executive and Executive Directors and, within the terms of such agreed policy, determining the individual remuneration packages for the Chairman, the Chief Executive and the Executive Directors. The Committee will also monitor the structures and levels of remuneration for other senior executives and make recommendations if appropriate.
The Nomination and Governance Committee The Nomination and Governance Committee of the Board of Equator is responsible to review and make recommendations to the Board on corporate governance guidelines and to review and make recommendations to the Board on Board Governance. The Committee shall also lead the process for appointments to the Board and make recommendations to the Board on all Board appointments and reappointments as well as review and make recommendations to the Board on succession planning, particularly for the roles of Chairman and Chief Executive.
A more detailed description of the responsibilities of the members of the Board and the Board Committees is contained in the document available below, "Equator Board and Corporate Governance Handbook":
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