48 Icon Energy Annual Report 2025 continued Corporate Governance Statement 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 20 May 2025. 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 The Board also continues to undertake the responsibilities of the former Remuneration, Nominations, and Succession Committee. These 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. The governance framework is regularly assessed to ensure it supports the Company’s growth and operational needs. This approach reflects Icon’s commitment to maintaining a high standard of governance while adapting to the Company’s current operational context. The Board will continue to review the decision to operate without formal committees to ensure it remains appropriate for the Company. 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 disclosed 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 retained 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. Directors’ fees remain suspended as of October 2023. 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 30 September 2025. 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.
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