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Corporate Governance
| Corporate Governance |
| • Articles of association |
| • Code of Conduct |
Reservoir Exploration Technology AS (the “Company”) is dedicated to maintaining high standards of corporate governance, and to be in compliance with the law. This document summarizes the key principles of corporate governance of the Company.
The Board of Directors
The Board of Directors has the overall responsibility for the management of the Company. This includes a responsibility to supervise and exercise control of the Company’s activities.
The Board of Directors shall consist of 4 to 7 members elected by the General Meeting.
It is the Company’s intention that the members of the Board of Directors will be selected in the light of an evaluation of the Company’s needs for expertise, capacity and balanced decision making, and with the aim of ensuring that the Board of Directors can operate independently of any special interests and that the Board of Directors can function effectively as a collegiate body.
The chairman of the Board is to be appointed by the General Meeting.
The term of office for members of the Board of Directors is 2 years.
Chief Executive Officer
The Chief Executive Officer is responsible for the day-to-day management of the Company. The Chief Executive Officer is responsible for ensuring that the Company's accounts are in accordance with existing Norwegian legislation and regulations and other relevant laws, and that the assets of the Company are soundly managed.
The Chief Executive Officer is appointed by the Board of Directors and reports to the Board of Directors.
The powers and responsibilities of the Chief Executive Officer are defined in instructions adopted by the Board of Directors. The Chief Executive Officer shall participate in the meetings of the Board of Directors and is allowed to table items for discussion and speak at board meetings but does not have voting rights.
The Nomination Committee
The Nomination Committee consists of three members, all of whom are elected by the general meeting. Members of the Nomination Committee serve for 2 year periods.
The task of the Nomination Committee is to propose candidates for election as shareholder-elected members of the Board of Directors and to make recommendations regarding the remuneration of the members of the Board of Directors.
Remuneration of the members of the Nomination Committee will be determined by the General Meeting.