The Company and the Directors intend to comply with the Combined Code on the Principles of Good Governance and the Code of Best Practice so far as is reasonably practicable for a company of Bowleven’s size.

The Company holds at least six Board meetings each year. The Board is responsible for formulating, reviewing and approving the Company’s strategy, budgets, major items of capital expenditure and acquisitions. The Board has established the following committees having the following roles within the Company:

The audit committee
The audit committee will make recommendations concerning the application of the financial reporting and internal control principles, including reviewing the effectiveness of the Company’s financial reporting, internal control and risk management procedures and the scope, quality and results of the external audit. It will meet at least twice each year.

The remuneration committee
The remuneration committee will review the performance of the executive directors and senior management and will make recommendations concerning their remuneration, determine the payment of bonuses to executive directors and consider bonus and option schemes. It will meet at least twice each year.

The nomination committee
The nomination committee reviews and recommends to the Board the appointment of Directors.