RockRose’s corporate governance structure is designed to ensure the delivery of long-term shareholder value, whilst effectively managing the associated risks. RockRose’s Board is accountable to its shareholders for successfully executing its business strategy, and has in place the necessary framework and resources to achieve this.
The Board has established the Company’s corporate governance values and has overall responsibility for setting the strategic aims, defining the business plan and managing the financial and operational resources of the Company. Overall supervision, acquisition, divestment and other strategic decisions are closely considered and determined by the Board. Andrew Austin, in his capacity as Executive Chairman, in close collaboration with the Executive management team, is charged with the day-to-day responsibility of implementing the Company’s strategy. The Executive team is supported by the wider RockRose team, and external service providers as required.
RockRose has a three-member board, with two independent Non-executive Directors, and an Executive team consisting of the Managing Director, Chief Financial Officer, and Finance Director. The Company has Remuneration, Nomination, Audit & Risk, and Health, Safety and Environmental Committees.
The Board adheres to the Main Principles of the UK Corporate Governance Code. Since incorporation, compliance with the provisions of the Model Code is being undertaken on a voluntary basis, as the Company does not have a premium listing on the London Stock Exchange. However, the Board of RockRose has voluntarily adopted the Model Code for Directors’ dealings contained in the Listing Rules of the UK Listing Authority. The Board will be responsible for taking all proper and reasonable steps to ensure compliance with the Model Code by the Directors. The FCA will not have the authority to monitor the Company’s voluntary compliance with the Model Code, nor to impose sanctions in respect of any failure by the Company to comply.
Rockrose Energy has a broad portfolio of mid-life producing and near-term development assets located in the UK and Dutch sectors of the North Sea. Initially, the Company built a portfolio of non-operated assets before becoming an operator when it bought a portfolio of UK assets from Marathon Oil in [July] 2019. RockRose also holds interests in several pieces of infrastructure including the SAGE, Brae-Forties and WOSPS pipelines, which provides additional tariff income.
RockRose Energy Plc is a public company incorporated in the United Kingdom and registered in England and Wales. RockRose is listed on the Main Market of the London Stock Exchange under the symbol RRE.