Governance

PetroMaroc’s board recognises the importance of excellent corporate governance and is committed to business integrity and high ethical values across the Company’s activities, which it views as an integral part of managing the Company’s business.

Role of the Board

The board sets PetroMaroc’s strategic aims, ensuring that the necessary resources are in place to achieve those aims, and reviews management and financial performance. It is accountable to shareholders for the creation and delivery of strong, sustainable financial performance and long-term shareholder value. To achieve this, the board directs and monitors PetroMaroc’s affairs within a framework of controls that enable risk to be assessed and managed effectively through clear procedures, lines of responsibility and delegated authorities. The board also has responsibility for setting the core values and standards of business conduct, and for ensuring that these, together with PetroMaroc’s obligations to its stakeholders, are widely understood throughout the Company.

Composition

The Board currently comprises a Chairman, one Executive Director and three independent non-executive Directors. The non-executive directors either hold senior positions with oil and gas companies or hold investment interests in energy companies. The Board brings a broad range of business, commercial and other relevant experience to the corporation, which is vital to the management of an expanding international company.