Icon Energy Annual Report 2024 49 Audit and Risk Management Previously, the Audit and Risk Management Committee was responsible for: − Financial Risk Management and Internal Controls: Overseeing the effectiveness of systems related to financial risk management, governance, and internal control. − Financial Reporting: Ensuring the integrity of the Group’s financial reporting. − External Audit Process: Overseeing the integrity of the external audit process, including the appointment, performance, and independence of the external auditor. − Risk Identification and Management: Identifying potential risks and reviewing the Company’s risk management system. The Board has now taken on these responsibilities, including: − Reviewing Financial Statements: Ensuring the accuracy and integrity of financial reporting. − Monitoring Internal Controls: Evaluating the effectiveness of the internal control framework and risk management processes. − External Audit Oversight: Managing the external audit process and maintaining auditor independence. The Board reviews the effectiveness of the Company’s risk management framework, including internal controls, on an annual basis. The last review of key identified risks was conducted on 27 October 2023, with the next review scheduled for October 2024. The Board’s oversight ensures continued adherence to high standards of financial integrity and risk management. The Company does not have an internal audit function. Remuneration, Nominations, and Succession Previously, the Remuneration, Nominations, and Succession Committee was responsible for: − Managing Director: Appointing and evaluating the performance of the Managing Director. − Remuneration Structure: Determining remuneration structures for the Managing Director and senior employees. − Recruitment and Retention: Overseeing policies and procedures for recruitment, retention, and termination of senior management. − Incentive Schemes: Reviewing staff and executive incentive schemes. − Board Performance and Succession: Conducting board performance assessments, skills analysis, and succession planning. − Staff Superannuation: Managing staff superannuation arrangements. The Board has assumed these responsibilities, which include: − Executive and Director Evaluation: Evaluating the performance and remuneration of the Managing Director and senior executives. − Succession Planning: Overseeing succession planning for both the Board and senior management. − Policy Oversight: Reviewing recruitment, retention, and incentive policies to align with the Company’s strategic goals. Ongoing Review The Board remains dedicated to ensuring that our governance practices are aligned with best practices and the interests of our stakeholders. We will continue to assess the effectiveness of our governance framework and make adjustments as necessary to support the Company’s growth and operational needs. This approach reflects our commitment to maintaining a high standard of governance while adapting to the Company’s current operational context. The Board will regularly review the decision to dissolve the committees to ensure it remains appropriate for the Company’s evolving circumstances.
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