The Group is led and controlled by the Board of Gulf Keystone Petroleum Ltd. All of the Non-Executive Directors (including the Chairman) are independent.
The Board of Gulf Keystone Petroleum Limited meets regularly to consider strategy and policy, major capital expenditure and all aspects of the Group’s activities and business operations. The Board has a formal schedule of matters reserved specifically for decision by the Board. Effectively, no decision of any material consequence is made other than by the Directors and all Directors participate in the key areas of decision-making. The Board is responsible to shareholders for the proper management of the Group. The Non-Executive Directors have a particular responsibility to ensure that the strategies proposed by the Executive Directors are fully considered.
The Board is committed to high standards of governance and aims to create a culture, which demands the same commitment and performance from all of our employees and contractors and in all our business activities. As the Company makes the transition from an exploration company to that of a development company, we continue to build organisational capacity and improve our management processes and procedures. We seek to strike a balance between entrepreneurial risk-taking and prudent risk management, maintaining high standards of corporate governance without compromising Gulf Keystone’s unique culture.
The Board is responsible for the overall Group strategy, the appointment and removal of any Director, the approval of the Group’s annual budget, acquisition and divestment policy, approval of major capital expenditures, the overall capital structure of the Group, the consideration of significant financing and operational matters, and the approval of management incentive schemes. In addition, the Board is responsible for ensuring that major business risks are actively monitored and managed and is responsible to shareholders for the proper management of the Group.