Board of Directors
Role of the Board
The Board sets the Group’s strategic aims, ensuring that the necessary resources are in place to achieve those aims, and reviews management and financial performance. It is accountable to shareholders for the creation and delivery of strong, sustainable financial performance and long-term shareholder value. To achieve this, the Board directs and monitors the Group’s affairs within a framework of controls which enable risk to be assessed and managed effectively through clear procedures, lines of responsibility and delegated authorities. The Board also has responsibility for setting the Group’s core values and standards of business conduct and for ensuring that these, together with the Group’s obligations to its stakeholders, are widely understood throughout the Group.
Composition
The Board currently comprises a non-executive Chairman, five Executive Directors and five independent non-executive Directors. Each of the Executive Directors has extensive knowledge of the oil and gas industry. Together, the non-executive Directors bring a broad range of business, commercial and other relevant experience to the Board, which is vital to the management of an expanding international company. Three of the five non-executive Directors either currently hold or previously held appointments in oil and gas companies or companies with energy interests. Read biographical details of the Board members, including details of any other major directorships held, in the Board of Directors section.
Chairman and Chief Executive Officer
There is a clear separation of the roles of the Chairman, Pat Plunkett, and the Chief Executive Officer, Aidan Heavey, to ensure an appropriate balance of responsibility and accountability. The division of responsibilities is clearly established and has been set out in writing and agreed by the Board.
The Chairman is responsible for the effective running of the Board, ensuring that the Board plays a full and constructive part in the development and determination of the Group’s strategy, and acting as guardian and facilitator of the Board’s decision-making process.
The Chief Executive is responsible for managing the Group’s business, proposing and developing the Group’s strategy and overall commercial objectives in consultation with the Board and, as leader of the executive team, implementing the decisions of the Board and its Committees. In addition, the Chief Executive is responsible for maintaining regular dialogue with shareholders as part of the Group’s overall investor relations programme.
