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AIM Rule 26 Information

BOARD RESPONSIBILITIES

Board of Directors

The Board retains overall accountability for the running of the Company and is accountable for the decisions that could have a material impact on the business. It discharges this responsibility through the management team, which is responsible for the day-to-day management of the operations of the Company.

The Board gives strategic direction to the Company. The Board retains full and effective control over the Company and monitors executive management in implementing plans, policies, tactics, procedures and strategies. The ultimate responsibility for the Company rests with the Board. The Board retains effective control through a well-developed governance structure of Board subcommittees and suitable delegation of authority. There is a policy evidencing clear balance of power and authority to ensure that no one director has unfettered powers of decision making.

The Board recognises that it is responsible for implementing practices of good governance and that companies do not act independently from the societies and the environment in which they operate. The Board is committed to high standards of corporate governance in order to facilitate an environment in which the Company’s assets are safeguarded and the interests of all stakeholders and shareholders are protected.

Board of Directors Charter

 

Board Structure

The Board consists of two Executive Directors and six Non-executive Directors (including the Board Chair). Both A. Paul Blakeley and Daniel Young are Executive Directors and considered to be full time employees. A. Paul Blakeley is not considered to be independent due to his role as President and CEO, and Daniel Young is not considered to be independent due to his role as CFO. Five of the Non-executive Directors, namely Dennis McShane (Board Chair), Robert A. Lambert, Iain McLaren, Cedric Fontenit and Lisa Stewart are considered by the Board to be independent in accordance with the QCA Code. David Neuhauser, a Non-executive Director, is considered not independent as a result of his managerial responsibilities with a material shareholder of the Company, namely Livermore Partners LLC. The Board Chair is responsible for leadership of the Board and for the efficient conduct of the Board’s function. The Board Chair is expected to encourage the effective contribution of all Directors and promote constructive and respectful relations between Directors and senior management. The Directors believe that they have sufficient experience in implementing accounting systems and controls which will provide a reasonable basis for them to make proper assessments as to the financial position and prospects of the Company.

 

Audit Committee

The Audit Committee is comprised of Iain McLaren (Committee Chair), Robert Lambert and Lisa Stewart, all of whom are considered independent in accordance the QCA Code standards. The Audit Committee’s overall goal is to ensure that the Company adopts and follows a policy of proper and timely disclosure of material financial information and reviews all material matters affecting the risks and financial position of the Company. The Audit Committee, inter alia, meets with the Company’s external auditor and its senior financial management to review the annual and interim financial statements of the Company, oversees the Company’s accounting and financial reporting processes, the Company’s internal accounting controls and the resolution of issues identified by the Company’s auditors. The Company is required to meet the disclosure requirements under the Canadian National Instrument on Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). The Board does not have a separate committee for the reporting obligations related to the oil and gas reserves, deciding that the reporting obligations required under NI 51-101 are to be carried out by the Audit Committee. The Audit Committee meets at least three times per year and otherwise as required.

Audit Committee Terms of Reference

 

Nomination Committee

The Nomination Committee is comprised of Dennis McShane (Committee Chair and Board Chair), Cedric Fontenit, Iain McLaren and A. Paul Blakeley (CEO). The Nomination Committee assists the Board in identifying new candidates for Board nomination, makes recommendations to the Board with respect to membership on Board committees other than the Nomination Committee, and assists the Board with respect to providing continuing education programmes for directors. The Nomination Committee meets at least twice per year and otherwise as required.

Nomination Committee Terms of Reference

 

Remuneration Committee

The Remuneration Committee is comprised of Cedric Fontenit (Committee Chair), Dennis McShane and Iain McLaren, all of whom are independent. The Remuneration Committee assists the Board in setting director and senior executive compensation, and develops and submits to the Board recommendations with respect to other employee benefits as it sees fit. The Remuneration Committee meets at least twice per year and otherwise as required.

Remuneration Committee Terms of Reference

 

HSE Committee

The HSE Committee is comprised of Robert A. Lambert (Committee Chair), A. Paul Blakeley and Lisa A. Stewart. The HSE Committee assists the Board in obtaining assurance that appropriate policies and systems are in place to effectively manage the health, safety and environmental risks in relation to the Group’s operations and ensure that the Group’s activities are planned and executed in a safe and responsible manner. The HSE Committee reports to the Board regarding the Group’s health, safety and environmental records. The Board has ultimate responsibility for health, safety and environmental matters. The HSE Committee meets at least three times per year and otherwise as required.

HSE Committee Terms of Reference

 

Disclosure Committee

The Disclosure Committee is comprised of Daniel Young (Committee Chair), A. Paul Blakeley and Neil Prendergast (Company Secretary). The purpose of the Disclosure Committee is to assist the Board in fulfilling its responsibilities in respect of the requirement to make timely and accurate disclosure of all information that is required to be disclosed to meet the legal and regulatory obligations and requirements arising under the Market Abuse Regulation (EU) No. 596/2014, the AIM Rules for Companies and the Disclosure Guidance and Transparency Rules sourcebook published by the FCA from time to time, and the requirement for the Company to take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations in this regard. The Disclosure Committee meets at least once per year to review disclosure procedures and otherwise as required.

Disclosure Committee Terms of Reference

 

 

Share dealing code

The directors comply with Rule 21 of the AIM Rules and MAR relating to dealing in the Common Shares. The Company has a blackout period policy in respect of its share listings which applies to directors, officers, employees and consultants of the Company. The Company has adopted a revised policy on trading and confidentiality of insider information for the directors and certain employees which contains provisions appropriate for a company whose shares are admitted to trading on AIM (particularly relating to dealing during close periods in accordance with Rule 21 of the AIM Rules) and the Company will take all reasonable steps to ensure compliance by the directors and any relevant employees with such policy.

 

For more information

Read about Jadestone Energy’s Mission and Values.

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