54 Icon Energy Annual Report 2025 Corporate Governance Statement continued ASX CORPORATE GOVERNANCE COUNCIL PRINCIPLES AND RECOMMENDATIONS The ASX Corporate Governance Council recognises that its corporate governance principles and recommendations do not represent a “one size fits all” solution. Icon Energy has considered and, where appropriate, applied the ASX Corporate Governance Recommendations. However, due to the size and structure of the Company, certain recommendations have not been adapted. For the reporting period, Icon Energy has adopted all ASX Corporate Governance Recommendations except for the following: − Recommendations 2.1(a)(1), 4.1(a)(1), 7.1(a)(1), 8.1(a)(1): These recommendations suggest that Committees should have at least three members. Given the small size of the Company, the Board has determined that operating without formal committees is more practical. − Recommendation 2.4: This recommendation calls for a majority of the Board to be independent directors. The Board has determined that this is not practical for a company of Icon’s size. − Recommendation 2.5: This recommendation suggests that the Chair of the Board should be an independent director and separate from the CEO role. While the Chair is not independent, the Board believes that separating the roles is more suitable for the Company’s context. The Chair and Managing Director roles are distinct, with the Managing Director not serving as Chair. 2025 CORPORATE GOVERNANCE CHECKLIST Icon Energy’s corporate governance policies conform to the applicable Principles and Recommendations, specifically the 4th edition released on 27 February 2019, which came into effect from 1 January 2020. A summary of our compliance with the ASX Corporate Governance Principles and Recommendations is outlined below: Corporate Governance Council Recommendation Does Icon Energy follow the recommendation? Principle 1 - Lay solid foundations for management and oversight 1.1 Disclose a board charter setting out roles and responsibilities of board and management ✓ 1.2 Undertake appropriate checks before appointing or electing a person as director ✓ 1.3 Written agreement with each director and senior executive ✓ 1.4 Company Secretary accountable directly to Board ✓ 1.5 Diversity Policy disclosures reported ✓ 1.6 Board performance evaluation undertaken ✓ 1.7 Senior executive performance evaluation undertaken ✓ ✓ Principle 2 – Structure the board to be effective and add value 2.1 Nomination committee requirements met X 2.2 Board skills matrix disclosed ✓ 2.3 Director Independence and tenure disclosed ✓ 2.4 Majority of the board are independent directors X 2.5 Chair of the board is an independent director and not the same person as the CEO X
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