Committees

The Board has established the following principal Committees, each of which has written terms of reference approved by the Board setting out their authority and duties. Copies of the terms of reference can be viewed within each Committee section below.

Audit Committee

The responsibilities of the Audit Committee include monitoring the integrity of financial statements, overseeing significant financial reporting and accounting policy decisions, setting the internal audit programme, verifying risk management systems, internal control procedures and reviewing the efficiency of whistleblowing procedures.

The Committee’s detailed responsibilities are described in its Terms of Reference.

The Committee currently comprises three non-executive Directors. 

Remuneration Committee

The principal role of the Remuneration Committee is to develop and maintain a remuneration strategy that ensures the Executive Leadership Team are rewarded in a manner that is aligned with Nobel Upstream's long-term strategy. The remumeration strategy must also promote the attraction, motivation and retention of the highest-quality executives which is key to delivering sustainable long-term value growth and substantial returns to shareholders.

The Committee’s detailed responsibilities are described in its Terms of Reference and include:

  • Determining the remuneration policy for the Executive Leadership Team
  • Assessing annual performance and awards for the Executive Leadership Team
  • Reviewing the design of share incentive plans
  • Monitoring the level and structure of remuneration for senior management

The Committee currently comprises three non-executive Directors.