The Board of Directors comprises members with a good blend of skills, experience, independence and includes members with deep knowledge of both the local and international oil and gas industry.
The Company actively encourages an open and transparent operating environment, which promotes strong business ethics and integrity and requires adherence to the Company’s code of business conduct by all employees. Seplat considers that companies with sound corporate governance systems have a long-term competitive advantage which makes them more attractive to customers, investors, suppliers and all other stakeholders.
The Board oversees the overall strategy and management of the Company, its corporate structure, capital structure, establishing and maintaining the Company’s system of internal control procedures and reviewing their effectiveness, amongst others. These procedures, which include financial, operational, risk management and compliance matters, are reviewed on an ongoing basis. In addition, the policies, rules, processes, practices, standards and programmes deployed in administering, directing and controlling the operations of the organisation constitute the critical elements and instruments of our corporate governance system.
The Board has established guidelines requiring specific matters to be subject to approval by the full Board, including material acquisitions and disposals, investment and capital projects. Seplat has a technical operations committee and an establishment committee which oversees the Company’s human capital development policy and the recruitment, promotion and disciplinary measures affecting its senior staff and management. In addition, the Board has established the following committees: Audit Committee, Finance Committee, Nomination and Establishment Committee, Remuneration Committee, Risk Management and HSSE Committee, and CSR Committee, with formally delegated duties and responsibilities within written terms of reference. If the need should arise, the Board may set up additional committees as appropriate. Seplat has also adopted a code of business conduct and policies covering anti-corruption and bribery, community relations, share dealing, whistleblowing, conflicts of interest and related party transactions.