50 Icon Energy Annual Report 2024 continued Corporate Governance Statement BOARD AND SENIOR EXECUTIVE REMUNERATION Remuneration levels and terms of employment for Executive Directors and Senior Executives are formalised in individual Service Agreements. The structure and amounts paid to Non- executive Directors, executive Directors and other Senior Executives are contained in the Remuneration Report, which forms part of the Directors’ Report. This Report also outlines the relationship between the performance of Icon Energy and remuneration paid to Senior Executives. Following the dissolution of the Remuneration, Nomination, and Succession Committee, the Board has taken on the responsibilities for reviewing the Company’s remuneration strategy and framework. The Board conducts an annual review to ensure that the remuneration policies and practices align with the Company’s strategic goals and reflect its performance. As of October 2023, directors' fees have been suspended. The Board continues to oversee all aspects of remuneration and employment terms in line with the Company’s current operational and financial context. PERFORMANCE EVALUATION A formal performance evaluation of the Board, the Chairman and individual Directors was last completed on 21 May 2024. As part of that review, the Board reviewed its composition, skills and application of those skills, as well as Board procedures and practices to ensure it has the necessary skills and mechanisms to pursue the Company’s strategic objectives. Given the current structure of the Company, performance evaluations are focused on the Board’s effectiveness and its ability to meet the Company’s strategic goals. The evaluation process ensures that Board members are performing effectively and that their skills and practices align with the Company’s objectives. A summary of the performance evaluation process can be viewed in the Corporate Governance section of the Company’s website. DIVERSITY A key goal of the Board and Management is to contribute positively to the success of the Company by promoting a high performance culture that draws on the diverse and relevant experience, skills, expertise, perspectives and the unique personal attributes of its Board members and employees. As an employer, we are committed to managing diversity by reflecting our Company values of respect, integrity, honesty and personal commitment in maintaining and valuing the differences a diverse workforce brings. The Company applies its Diversity Policy to all Icon Energy Limited’s Directors and employees, including contractors and consultants acting on the Company’s behalf. The Policy covers and includes the recruitment and selection process, terms and conditions of employment including pay, promotion, work assignment, and training as well as any other aspect of employment. Key principles of the Diversity Policy include: − Fair Treatment: Ensuring all employees, prospective employees, partners, contractors, consultants, and suppliers are treated fairly and equally. − Valuing Diversity: Promoting a corporate culture that values diversity and respects differences. − Impartial Recruitment: Recruiting employees and Directors from a diverse pool of suitably qualified candidates. − Optimal Recruitment: Designing the recruitment process to select the most qualified individuals for the right positions. − Development Opportunities: Providing learning and development strategies and opportunities to enhance the skills and experience of employees for career advancement.
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