Board Committees

 

The functions or work of the Board is supported by three sub-committees who provide strategic guidance for the Company as well as the wholly owned subsidiaries within the Group.

Remuneration & Appointments Committee (RAC)

This subcommittee of the Board deals with all Human Resources matters.

The RAC is responsible for setting and reviewing remuneration/benefit packages for directors and the management. The Remuneration & Appointments Commitee's deliberations are guided by the Human Resource and Administration Policy 2013 which provides for, among others various levels of Financial Authority for the Management, employee entitlements and obligations and the oversight of staff performance and discipline. The RAC is also responsible for the application and administration of the Directors & Employees’ Code of Conduct.

The RAC Members are;

  • William Searson (Chairman - Non Executive Member)
  • Simon Tosali (Non Executive Member)
  • Harry Kore (Non Executive Member)
  • Augustine Mano (Executive Member)

Investment Advisory Committee (IAC)

The Investment Advisory Committee’s primary responsibility is to review all investment proposals and investment performances and makes independent recommendation to the Board. The IAC also has an important role prescribed by the respective Trust Deeds for the subsidiaries that are corporate trustees of the oil and gas trusts.

The IAC also acts as an independent committee for the subsidiary Boards pertaining to investments proposals under consideration by the respective boards. The Investment Policy and Guidelines provides the framework within which decisions that are made. Each of the oil and gas subsidiaries under MRDC have their own Investment Rules and Development Rules prescribed in the respective Trust Deeds.

When an Investment proposal is brought to one of the Boards by a director or the Management, the boards would then task the Management to carry out due diligence on the proposal. Part of the due diligence exercise includes vetting by the IAC. Investment decisions are made by each respective Board and are not imposed by the Board or the Management of MRDC.

The IAC committee members are;

  • Simon Tosali (Chairman - Non Executive Member)
  • Harry Kore (Non Executive Member)
  • Dairi Vele (Non Executive Member)
  • Augustine Mano (Executive Member)

Board Audit & Risk Committee (BARC)

This is the third subcommittee of the MRDC Board which also acts as an independent audit & risk committee for the subsidiary Boards of MRDC Group. The BARC is responsible for ensuring that the Management maintains an accurate and up to date account of the Group. It reviews the draft audited accounts and auditor’s report and makes appropriate recommendations to the MRDC board as well as the Board of the subsidiary companies. It also ensures that Management implements the audit plans and takes corrective measures to ensure the Accounts are correctly reported and financial risks are mitigated.

The BARC members are:

  • Harry Kore (Chairman - Non Executive Member)
  • William Searson (Non Executive Member)
  • Joseph Kup (Non Executive Member)
  • Augustine Mano (Executive Member)