Board Committees
Terms of Reference
In order to increase the efficiency of its work and enable a more detailed analysis of Company issues, the Board has formed three (3) committees: Audit Committee, Remuneration Committee, and Reserves/HSE Committee. Committee members are appointed by the Board and consist of current Board members. The committee members serve for the year between the Annual General Meetings.
Board of Directors
The Board is responsible for the strategy and organisation of Maha and its affairs. The Board shall regularly assess Maha’s and the Group’s financial position and ensure that its organisation is formed in such manner that accounting, management of funds and Maha’s and the Group’s finances in general, are monitored in a satisfactory manner.
The Board shall furthermore provide written instructions regarding when and in which manner such information required for the Board’s assessment shall be compiled and reported to the Board and establish instructions regarding the allocation of work between the Board and the managing director and other organs established by the Board.
Remuneration Committee
To assist the Board in matters of remuneration, the Board established a Remuneration Committee consisting of at least three members. The work of the Remuneration Committee is governed by established rules of procedures that have been set by the Board of Directors. The Remuneration Committee is a preparatory function and it is the Board of Directors that make the final decisions in relation to compensation and remuneration matters.
Audit Committee
The Audit Committee is a supervisory body within the Board of Maha. The Audit Committee shall ensure compliance with the Board’s monitoring responsibilities pertaining to satisfactory control of risk handling, financial audits and reporting.
The Audit Committee shall thereby, in particular, contribute to sound and regular financial reporting to ensure the market’s trust in Maha. The Audit Committee shall furthermore ensure, where deemed appropriate, qualified, efficient and independent external audits of Maha. The Audit Committee shall also ensure that good communication is maintained between the Board and the external auditor(s).
Reserves & HSE Committee
The Reserves & HSE Committee is responsible for the following functions:
- assist the Board in fulfilling its oversight responsibilities generally with respect to the oil and natural gas reserves evaluation process of the Corporation and public disclosure of reserves data and related information in connection with the Corporation's oil and gas activities
- developing, implementing and monitoring policies, standards and practices of the Company with respect to matters concerning health, safety and environment, including public disclosures
Audit Committee
Enrique
Penã*
Harald
Pousette
Richard
Norris
Viktor
Modigh
Remuneration Committee
Fabio
Vassel*
Viktor
Modigh
Harald
Pousette
Reserves & HSE Committee
Richard
Norris*
Paulo
Mendonça