Governance
Good governance is essential to the long-term success of the business.
The Board of Directors is responsible for the corporate governance of 1947 Oil & Gas plc and for guiding and monitoring the Company’s business on behalf of its shareholders.
The Company and its Directors are committed to maintaining high standards of accountability and transparency and regard the continued development of appropriate corporate governance policies and practices as fundamental to the Company’s long term success.
Board Composition
The Board comprises six Directors, consisting of three Executive Directors and three Non Executive Directors. Two of the Non Executive Directors, Stephen Bullock and Paul Richards, are considered independent.
The Board has been structured to provide an appropriate balance of skills, experience and backgrounds relevant to the Company’s business, strategy and future development.
Board Responsibilities
The Board is responsible for setting and reviewing the Company’s strategy, approving budgets and significant corporate actions, monitoring performance and overseeing the management of the Company’s principal risks.
The Board intends to meet at least once every two months, with additional meetings held as required.
Board Committees
The Board has established four committees, each operating under formally delegated duties and written terms of reference.
Audit & Risk Committee
|
The Audit & Risk Committee monitors the integrity of the Company’s financial statements and reviews significant financial reporting judgements, internal financial controls and risk management systems.
The Committee also oversees the relationship with the Company’s external auditors and keeps under review the requirement for an internal audit function.
Remuneration Committee
|
The Remuneration Committee is responsible for determining and reviewing the framework and policy for the remuneration of the Executive Directors and designated members of senior management.
It also reviews the design and operation of the Company’s share incentive arrangements. No Director participates in decisions concerning their own remuneration.
Nomination Committee
|
The Nomination Committee reviews the structure, size and composition of the Board and makes recommendations regarding the appointment and reappointment of Directors.
The Committee also considers succession planning and the balance of skills, experience, independence and knowledge required to support the Company’s development.
Disclosure Committee
|
The Disclosure Committee assists the Board in identifying and assessing information that may constitute inside information and in considering the Company’s obligations under the AIM Rules for Companies and the UK Market Abuse Regulation.
The Committee also reviews proposed market announcements and oversees the Company’s disclosure controls and procedures.
Director Independence
Stephen Bullock and Paul Richards are considered to be independent. The Board considers a director to be independent where they are free of any interest, position, association or relationship that might influence, or reasonably be perceived to influence, in a material respect, their capacity to bring an independent judgement to bear on issues before the Board and to act in the best interests of the Company and its shareholders generally.
In assessing the independence of Paul Richards, the Board took into consideration that Mr Richards has previously held business relationships with Ivan Murphy and currently serves alongside him on the board of Main Market listed Harena Rare Earths plc, where Mr Murphy is currently executive chairman, and Mr Richards is a non-executive director. The board also noted that Jesty Capital LLP, a company controlled by Paul Richards, was engaged by the Company to assist it with work relating to the Pre-IPO Fundraising, Acquisition, Placing and Admission. Whilst Mr Richards will have an interest in 677,780 Ordinary Shares, this shareholding is considered a small portion of the Company’s total issued share capital and is not considered material in the context of Mr Richards overall financial circumstances.
Having reviewed the nature, duration and extent of the aforementioned relationships and financial arrangements, the Board has concluded that they do not compromise Mr Richards ability to exercise independent judgement.
On Admission, Tim Duncan, Brian Romere, Ivan Murphy, Jeff Currie and Paul Richards will hold interests in Ordinary Shares, Share Options and/or Warrants, but will not be substantial shareholders of the Company.
The Board will consider the materiality of any given relationship on a case-by-case basis and has adopted guidelines to assist in this regard. In the event that any of the Non-Executive Directors becomes aware of any potential or actual conflicts of interests, these must be disclosed to the Executive Directors and the Company Secretary as soon as they become apparent, and the agreement of the Board may have to be sought.
Risk Management and Internal Controls
The Board is responsible for ensuring that appropriate procedures are in place to identify, evaluate and manage the significant risks faced by the Company.
The Audit & Risk Committee regularly reviews the effectiveness of the Company’s financial controls and risk management procedures. These include the maintenance of appropriate accounting records, budgeting and forecasting procedures, Board approval of significant expenditure and commitments, and the ongoing identification and management of principal risks.
Board Performance and Remuneration
The Board will undertake an annual evaluation of its own performance, together with the performance of its committees and individual Directors. The evaluation process is intended to identify areas for improvement and support the continued effectiveness of the Board.
The Company’s remuneration policy is designed to attract and retain appropriate individuals while aligning their interests with those of shareholders and supporting long term value creation.
Shareholder Engagement
The Company is committed to maintaining open and transparent communication with its shareholders.
The Board engages with shareholders through meetings, investor presentations, annual and other general meetings and other appropriate communications. Shareholders are encouraged to provide feedback, which is considered by the Board as part of its decision making process.
QCA Corporate Governance Code
1947 Oil & Gas plc has adopted the corporate governance principles set out in the QCA Corporate Governance Code as the framework for its corporate governance arrangements.
The Company will review its corporate governance arrangements on an ongoing basis as the business develops.
The information on this website was last updated on 25 September 2026.
Click below to read reasons why invest in 1947 Oil & Gas plc.
Click below to read reasons why invest in 1947 Oil & Gas plc.
Click below to read more about our US Gulf Coast project.
Click below to read more about our US Gulf Coast project.
Oil and gas production company led by an experienced team with a proven track record in the natural resources sector.
Get In Touch
1947 Oil & Gas Plc