Corporate Governance: Chairman's Statement

Nobel Upstream has put in place a strong corporate governance framework that defines the way we make decisions internally and ensures that we comply with external regulations. We aspire to the highest standards of compliance and corporate governance to meet the expectations of stakeholders in our industry while continuing to build our portfolio.

We have modelled our corporate governance framework on the standards for public companies as reflected in the UK Corporate Governance Code, even though Nobel Upstream is privately held and not legally required to do so. The main principles of the Code are incorporated in the documents that regulate oversight and day-to-day management of our company.

The UK Corporate Governance Code has been instrumental in spreading best boardroom practice throughout the listed sector since it was first issued in 1992. It sets out good practice covering issues such as board composition and effectiveness, the role of board committees, risk management, remuneration and relations with shareholders.

The most recent UK Corporate Governance Code was published in September 2014. A copy of the Code is publicly available on the  Financial Reporting Council website.