Tower operates its business in the complex oil & gas sector in developing African countries which presents specific challenges. It is critical that the Board is composed of members who have experience in all facets of the international oil & gas sector, including sub-Saharan Africa, as well as commercial and financial knowledge The Chairman and CEO and the Exploration Director, together with the non-executive directors, have successful track records in establishing and developing oil and gas companies, and all the directors are fully committed to using their experience to benefit all shareholders.
The Board and its committees also seek external expertise and advice when required.
The current composition of the Board and bios are noted in the ‘About Us’ section of the Company’s website. The Board’s responsibility is to set out the strategic objectives and ensure that the correct resources are in place for the delivery of those objectives. All members of the Board take collective responsibility for the performance of the Company and all decisions are taken in the interests of the Company. The recent addition to the Board of Stacey Kivel as a Non-Executive Director brings a qualified solicitor and an experienced oil & gas lawyer and negotiator to the team, which supplements the other skill-sets across the board.
The Board’s responsibility is to set out the strategic objectives and ensure that the correct resources are in place for the delivery of those objectives. All members of the Board take collective responsibility for the performance of the Company and all decisions are taken in the interests of the Company.
The Board has a formal schedule of matters specifically reserved for its decision. These include strategic planning, business acquisitions or disposals, authorisation of major capital expenditure and material contractual arrangements, changes to the Group’s capital structure, setting policies for the conduct of business, approval of budgets, remuneration policy of Directors and senior management, and taking on debt and approval of Financial Statements. Other matters are delegated to the Committees of the Board and executive Directors, supported by policies for reporting to the Board. The Group maintains Directors’ and Officers’ liability insurance cover, the level of which is reviewed annually, and provides the Directors with indemnity.
Although not legally required, the Company has agreed a Relationship Agreement with Pegasus Petroleum Limited as a significant shareholder in the Company, to regulate the relationship between them and ensure that in general it is conducted on arms-length terms.
The Board has a joint Chairman and CEO role currently fulfilled by Jeremy Asher, and an Executive Director, Mark Enfield, who fulfils the role of Exploration Director. The Chairman is responsible for overall leadership of the Board and ensuring that the Board operates effectively and has the right level of experience and expertise to deliver the company’s strategic objectives.
The Board and its committees also seek external expertise and advice when required.
The current composition of the Board and bios are noted in the Board of Directors section of this report.