6 Icon Energy Annual Report 2023 Corporate Governance Statement SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT This statement outlines Icon Energy’s Corporate Governance practices. It is current as at 6 October 2023 and has been approved by the Board. ROLE OF THE BOARD The Board of Directors of Icon Energy is responsible for the overall corporate governance of the group and oversees the Company’s business and management for the benefit of shareholders and sets out to achieve this objective by: − Establishing corporate governance and ethical standards; − Setting objectives and goals; − Appointing and where appropriate, removing the Managing Director and monitoring the Managing Director’s performance; − Appointing and where appropriate, removing the Company Secretary and monitoring the Company Secretary’s performance; − Reviewing and ratifying systems of risk management and internal control, codes of conduct and legal compliance; − Reviewing and ensuring the appropriate composition of the Board; − Approving and monitoring the progress of operating budgets and major capital expenditure, capital management and acquisitions and divestitures; − Approving and monitoring financial and other reporting; − Overseeing management in its implementation of the Company’s strategic objectives; The Board has specifically reserved for its decision, the following matters: − The appointment of the Managing Director; − Approval of the structure of the direct reports to the Managing Director; − Approval of the overall strategy; − Approval of annual budgets of the business; − Delegation of authority; − Formal determinations that are required by Icon Energy’s constitutional documents, by statute or by other external regulation. The Board maintains the right to make changes to the matters reserved for its decision, subject to the limitations imposed by the constitutional documents and the law. In particular, if the Board has given authority to the Managing Director to achieve the corporate objectives, the Managing Director has the right to make decisions and take actions which, in the Managing Director’s judgment, are reasonable and are within the authority given by the Board. The Managing Director would continue to be responsible to the Board for the delegated authority and for the performance of the business. The Board would monitor the decisions and actions of the Managing Director to ensure that progress is being made towards the corporate objectives, within the authority it has delegated. The Board would also oversee the performance of the Company through its Board Committees. The Managing Director would be required to report on progress being made by the Company to the Board and key stakeholders. The Board and its Committees would determine the nature and form of information required from the Managing Director, employees or external parties, including the external auditor. Openness and trust are encouraged between individual members of the Board and the Managing Director and other employees. This allows Directors to achieve a better understanding of the business. The Managing Director and other Senior Executives are employed under written employment agreements, which set out the terms of their appointment. In the absence of the Managing Director, the Board takes up the responsibilities of managing the company.