Icon Energy Limited Annual Report 2023

Icon Energy Annual Report 2023 9 The Board has completed a formal assessment of each of its directors against the Skills Matrix. The board skill matrix below demonstrates the collective skills and experience of the Directors in the office. Skill area Directors Board and executive experience ✓ Strategy ✓ Financial/accounting ✓ Risk management and compliance ✓ ✓ Corporate governance ✓ ✓ Legal ✓ Capital management ✓ ✓ Information technology ✓ HSE and sustainability ✓ Industry experience ✓ Public policy and government relations ✓ The Directors believe that the Board collectively currently has the appropriate skills and knowledge required to effectively govern and direct a company of this size. The skills mix in the matrix and board diversity will be under review regularly as part of the continual board review process. The Board encourages the Directors to continue their education and training by attending external training and education to maintain the skills and knowledge needed to perform their roles as Directors effectively. CHAIR The Chairman’s role is to lead the Board. The Chairman’s responsibilities are set out on the Board Charter and include chairing Board meetings and directing Board discussions to be effective. The roles of the Chairman and the Managing Director are not exercised by the same individual. The appointment of the Managing Director is made by the Board. During the year ended 30 June 2023, the Chair of the Board was Mr Stephen Barry who was determined by the Board to meet the definition of an “independent director” as set out in the ASX Principles. Therefore, the Board was chaired by an independent Non-executive Director. Mr Barry remained the Chairman of the Company until his resignation on 8 September 2023. On 6 October 2023, Mr Raymond James was appointed by the Board as the Chairman of the Company. Mr James is not considered independent as he is a substantial shareholder and therefore does not satisfy box 2.3 of the Principles and Recommendations. The Board believes that Mr James is the most appropriate person for the position of Chair of the Board. COMPANY SECRETARY Icon’s Board appoints the Company Secretary and the Company Secretary is accountable directly to the Board, through the Chair, on all matters to do with the proper functioning of the Board.