The company will comply with british corporate governance practices in relation to the audit committee, remuneration committee and nomination committee. Foreign investments in sectors such as hydrocarbons can play a vital role in supporting development in certain countries, yet such investment must be done responsibly and sustainably. With this in mind, CAP Energy is committed to constructive business actions which adhere to the prevailing rule of law, ethical principles and also demonstrate strong Health, Safety and Environmental standards. CAP Energy identifies the need to develop sustainable value for local communities, host countries and shareholders, aiming to have a positive impact through our activities. We will remain focused on progress in all aspects of CSR.
In order to retain, attract and motivate high quality executives capable of achieving the Group's objectives the Remuneration Committee makes recommendations to the Board on an overall remuneration policy for Executive Directors and other senior executives. Furthermore it demonstrates to shareholders that the remuneration of the Executive Directors for the Group is set by a committee whose members have no personal interest in the outcome of their decision, and who will have due regard to the interests of the shareholders.
Monitoring the quality of internal controls and ensuring that the financial performance of the Group is properly addressed is the responsibility of the Audit Committee which meets when appropriate. It also meets the Group's auditors and reviews reports from the auditors relating to accounts and any internal control systems.
The Nomination Committee is responsible for reviewing the structure, size and composition of the Board, preparing a description of the role and capabilities required for a particular appointment and identifying and nominating candidates to fill Board positions, as and when they arise.
CAP Energy is committed to the following principles: