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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.
Audit Committee
Menno Wiebe
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.
Remuneration Committee
Menno Wiebe
The Remuneration Committee is responsible for establishing the policies of executive remuneration and determining the remuneration and benefits of the individual executive directors. The Board is responsible for establishing the policies of remuneration and determining the remuneration and benefits of the individual non-executive directors.
Nominations Committee
The Board has not established a Nominations Committee as the Board considers that a separately established committee is not warranted and its functions and responsibilities can be adequately and efficiently discharged by the Board as a whole. The Board assess the experience, knowledge and expertise of potential Directors before any appointment is made and adheres to the principle of establishing a Board comprising Directors with a blend of skills, experience and attributes appropriate to the Group and its business. The main criterion for the appointment of Directors is an ability to add value to the Group and its business. All Directors appointed by the Board are subject to election by shareholders at the Annual General Meeting of the Company. The Board will review the utility of a Nominations Committee as it enters the next stage of its development, and one will be established if and when considered appropriate by the Board.
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. |
