Corporate Governance

The Board remains focused on strong corporate governance and effective risk management. The Board is accountable to shareholders for sustainable financial performance and long-term shareholder value. It meets these aims by approving the Group’s strategy and ensuring that the necessary resources are in place to achieve the agreed strategic aims and objectives. It determines the Company’s key policies and reviews management and financial performance.

The Board operates within a framework of controls and these clear procedures, lines of responsibility and delegated authorities allow risk to be assessed and managed effectively. These are underpinned by the Board’s work to set the Group’s core values and standards of business conduct and ensure that these, together with the Group’s obligations to its stakeholders, are widely understood across all its activities.

Integrated governance framework

Framework large

Board composition

The Board currently comprises a Chairman, Chief Executive Officer, three other Executive Directors and six independent non-executive Directors. Together, they bring a broad range of business, commercial and other relevant experience. The Board are of the view that there is an appropriate balance of skills, experience, independence and diversity of background amongst the members to carry out duties and responsibilities effectively.

Board Member Year appointed 
Chairman
Simon Thompson 2011
Executive Directors
Aidan Heavey 1985 
Angus McCoss 2006
Paul McDade 2006 
Ian Springett 2008 
Non-executive Directors
Ann Grant 2008 
Tutu Agyare 2010
Steve Lucas 2012 
Anne Drinkwater 2012
Jeremy Wilson 2013
Mike Daly 2014 

Board committees

The Board has established the following principal Committees, each of which has written terms of reference (approved by the Board) setting out its authority and duties:

  • Audit Committee
  • Nominations Committee
  • Remuneration Committee
  • EHS Committee  
  • Ethics and Compliance Committee

Visit Board Committees page

  

Board performance

The Board works to a set of agreed objectives each year which address the major opportunities and challenges facing the Company. The objectives reflect the priorities agreed following the end-of-year Board evaluation. The progress of each objective is kept on track by Executive Director and Company Secretary, Graham Martin, who is the nominated Director for Board matters, and a mid-year review is undertaken with the Chairman.

Download commentary of the Board's 2014 performance and 2015 objectives from the 2014 Annual Report & Accounts:

Tullow Oil 2015 Annual Report Directors Report