The Board recognises its responsibility for the proper management of the Company and the importance of sound corporate governance commensurate with the size and nature of the Company and the interests of its shareholders.
Board composition
An in-depth review of the Directors’ skills, capabilities, experience and personal qualities of the Directors was completed in 2020. The review demonstrated that the Board as a whole does have the necessary mix of experience, skills, personal qualities and capabilities, which include appropriate industry, strategic, operational, risk management, financial, legal, geopolitical and regulatory experience, and in the case of the Non-Executive Directors, the willingness and ability to provide robust and objective challenge to the views and assumptions of senior management and other Directors.
The Company further announced on 7 June 2022 that it intended to appoint three new Non-Executive Directors to the Board following the completion of the Group’s proposed acquisitions of the ExxonMobil upstream and midstream asset portfolios in Chad and Cameroon. Accordingly Sarah Clark and Dr Djamila Ferdjani were appointed to the Board on 9 December 2022. The appointment of Sylvie Rucar was delayed due to personal reasons but became effective on 1 February 2023.
Joseph Pagop Noupoué joined Savannah as a Non-Executive Director in April 2023 and was appointed Non-Executive Chair in June 2023. As previously announced on 7 June 2022, Steve Jenkins retired as Chair in June 2023 but remains on the Board as a Non-Executive Director. Sylvie Rucar retired as a Non-Executive Director on 20 July 2023 due to personal reasons.
Governance framework
The Board has overall responsibility for the Company’s purpose, strategy, business model, performance, capital structure, approval of key contracts and major capital investment plans, the framework for risk management and internal controls, governance matters and engagement with shareholders and other key stakeholders. The Board remains committed to understanding the needs of our shareholders and the wider stakeholders and it always considers how the Board’s decisions impact them in the longer term. In accordance with the QCA Code, the Chair is responsible for leading the Board and ensuring that it remains effective in fulfilling its role. He sets the Board’s agenda and ensures that there is appropriate focus on strategic issues and the monitoring of performance. The Company’s performance and development planning is considered by the Directors in the context of the Company’s overall strategy and goals, with the Company’s risk and governance frameworks and taking into account their impact on stakeholders in the longer term.
Board Committees
The Board delegates certain responsibilities to its Committees, so that it can operate efficiently and give an appropriate level of attention and consideration to relevant matters.
Audit
Responsible for reviewing the financial reporting and audit processes, monitoring, overseeing and assessing compliance policies, procedures, systems and controls, and assessing the external auditor’s performance and objectivity.
Remuneration
Responsible for determining and agreeing remuneration policies for the Board, Executive Directors, Senior leadership team, staff and workforce, and aligning remuneration, benefits and rewards to achieve the company’s goals, strategy and values.
Compliance
Responsible for reviewing and monitoring compliance controls, policies and systems to identify, assess, manage and report on compliance matters.
Health, Safety, Environment, Security and Risk
Responsible for monitoring and testing the company’s safety, operational integrity and sustainability performance and testing its internal control systems, monitoring risk management, and reviewing the Company’s sustainability reports and disclosures.
Board Committees
Committees established by the Board to ensure strong corporate governance
Read moreQCA Corporate Governance Code
Our Statement of Compliance with the QCA Corporate Governance Code
Read moreRisk management
We take a proactive, robust approach to risk management, with the aim of protecting …
Read more