The following information has been provided for the purposes of AIM Rule 26:
Corporate Governance
The Board of Directors is accountable to the shareholders for the good corporate governance of the Group. Petrolatina operates in an effective and efficient way, with integrity and with due regard for the interests of all stakeholders. Petrolatina follows guidelines for corporate governance published by the Quoted Companies Alliance.
Board of Directors
The Board of Petrolatina is responsible for the success of the Group. The Board's role is to establish the strategic objectives and policies; oversee all aspects of the finances; continuously review performance and controls; manage risk; decide on key business transactions and manage the interests of stakeholder groups.
The Board meets at least four times per year. In accordance with the Articles of Association, one third of the directors in office retires by rotation and can stand for re-election by the shareholders at each AGM. Recommendations for appointments to the Board are made by the Board as a whole after due evaluation.
Audit Committee
Menno Wiebe & John May
The Audit Committee ensures the good operation of financial practices throughout the Group; ensures that controls are in place to protect the assets and to ensure the integrity of financial information; reviews the interim and annual financial statements; reviews all aspects of the audit program and provision of any non audit services by the auditors.
Petrolatina does not have a Remuneration Committee in this stage.
Communication with Shareholders
The Board recognizes that it is accountable to shareholders for the performance and activities of the Group. Petrolatina communicates with its shareholders principally through its web site and the Annual Report. Shareholders can also sign up to receive news releases directly from the Company by email.
Annual General Meetings of the Company give the directors the opportunity to report to shareholders on current and proposed operations and enable shareholders to express their views on the Group's business activities.
Country of incorporation: UK
Main country of operation: Colombia.
Articles of Assoctiation (1.2MB PDF Document)
Shareholder information can be found on the Share Data page of this web site. |
