The Audit Committee receives and reviews reports from management and the Company’s auditors relating to the annual and interim accounts and the accounting and internal control systems of the Company. The Audit Committee have unrestricted access to the Company’s external auditors. Stephen Williams chairs, and Brian O’Cathain and Simon Oddie are members.
The Remuneration Committee reviews the scale and structure of the Executive Directors’ remuneration and the terms of their service contracts. The remuneration and terms and conditions of appointment of the non-executive Directors are set by the Board. Simon Oddie chairs, Brian O’Cathain and Stephen Williams are members.
The Nominations Committee reviews the size, structure and composition of the Board and gives consideration to succession planning. The committee identifies and nominates candidates to fill Board vacancies for approval of the Board. Simon Oddie chairs, Stephen Williams and Brian O’Cathain are members.
The Strategy Committee provides support to the executive, monitor progress on strategy implementation and advise on resource requirements. Simon Oddie chairs, William Holland, Brian O’Cathain, Alastair Stuart and Stephen Williams are members.
In 2022 Europa established an ESG Committee to provide oversight of the Company’s ESG strategy and activities. This includes reviewing ESG policies and initiatives, ensuring they remain effective and up to date. The committee members are Stephen Williams as Chair, Simon Oddie and William Holland as members.
Terms of reference and Matters Reserved for the Board are here
In 2021 the Board undertook an effectiveness review utilising an online evaluator assessment tool, The Thinking Board Evaluator developed by Independent Audit of London. Each director completed their section and the results were fed back to the Chairman with automated analysis and the findings discussed at the following Board Meeting. This was not the first formal review. Future reviews would normally take place annually, with third party facilitation of the process periodically.
Roles and responsibilities
The main internal advisory functions are that of Senior Independent Director, CEO, CFO and Company Secretary, whose responsibilities are described below.
Chair – Brian O’Cathain
- Runs the Board and set its agenda.
- Promotes the highest standards of corporate governance
- Ensures that the members of the board receive accurate, timely and clear information, to promote the success of the group.
- Ensures effective communication with shareholders
- Takes the lead in identifying and meeting the development needs of individual directors, ensure that the performance of individuals and of the Board as a whole and its committees is evaluated at least once a year.
Role of the CEO – William Holland
- Develops group objectives and strategy
- Executes strategy following approval by the Board.
- Identies and executes licence acquisitions and disposals, joint venture opportunities, approves major work programmes.
- Leads geographic diversification initiatives.
- Identifies and executes new business opportunities outside the current core activities.
- Manages the group’s risk profile, including the health and safety performance of the business, in line with the extent and categories of risk identified as considered acceptable by the Board.
- Drives the group’s financial planning
- Leads the company’s reporting and forecasting
- Controls and evaluates the groups fundraising plans and capital structure
- Ensures that the appropriate controls and processes are in place and that these are being followed
- Manages the IR/PR function
Role of the SID – Stephen Williams
- Works closely with the chairman, acting as a sounding board and providing support,
- Acts as an intermediary for other directors as and when necessary.
- Is available to shareholders and other non-executives to address any concerns or issues they feel have not been adequately dealt with through the usual channels of communication
- Meets at least annually with the non-executives to review the chairman’s performance and carrying out succession planning for the chairman’s role.
- Attends sufficient meetings with major shareholders to obtain a balanced understanding of their issues and concerns.
Role of the COO – Alastair Stuart
- Oversees daily business operations
- Identifies means of improving operating procedures for optimal efficiency
- Assessing and enhancing the efficiency of internal and external operational processes
- Leads and motivates staff to achieve organisational objectives
- Evaluates company performance, and recommends strategies to improve results
- Seeks to identify business opportunities in line with EOG’s strategic goals
- Collaborates with directors and other stakeholders to raise capital and carry out other business-expanding strategies.
Role of the Company Secretary – Louise Armstrong
- Oversees the day to day administration of the Company, including filings with Companies House.
- Responsible for the maintenance of secretarial records, statutory registers and books.
- Provides guidance to the Board on their responsibilities under applicable rules and regulations.
- Organises Board and Committee meetings, and the Annual General Meeting.
Engagement with shareholders
The Company engages with shareholders by:
- Publishing periodic newsletters.
- Emailing Regulatory News Service (RNS) announcements to its subscriber list.
- Replying to investor questions sent to [email protected]either directly or through Vigo Consulting.
- Proactive Investor presentations and interviews (made available on the website by links to youtube recordings).
- Conducting sufficient meetings with major shareholders to obtain a balanced understanding of their issues and concerns.
- Conducting occasional “shareholder events” in various venues.
Shareholder liaison is the responsibility of the CEO and Chairman, with assistance from the CFO and the SID.
Systems to solicit and act on feedback from all stakeholder groups
The CEO provides a weekly report to the Board which includes a section on Stakeholder and Social Responsibility. This includes Stakeholder feedback from multiple sources.
Europa is a member of the UK Onshore Operator Group (UKOOG) and through this forum has regular meetings with the EA and HSE.
Europa is also a member of the Irish Offshore Operators’ Association (IOOA) which has been highly active in promoting the need for oil and gas exploration in Ireland.
Register of risks
The CFO has prepared a risk register for the group that identifies key operational and financial risks. All members of the board are provided with a copy of the register. The register is reviewed at least annually and is updated as and when necessary.
Within the scope of the annual audit, specific financial risks including foreign currency, interest rates, liquidity and credit are evaluated in detail.
All members of staff and contractors are provided with an employee handbook which includes sections on share dealing, bribery, whistle-blowing. The handbook is updated and reissued regularly.
The Board intends to continuously review its Corporate Governance framework.