Corporate Governance

Urals Energy is not required to comply with the UK Corporate Governance Code and does not voluntarily apply its full requirements. However, the Company's corporate governance arrangements do meet many of the requirements that the board considers most relevant, having consideration of the size, nature and scope of the Group's activities. Any updates will be documented in the Company's Annual Reports, which can be viewed on this website.

The Directors are responsible for formulating, reviewing and approving the Company and its subsidaries' strategy, budget, certain items of capital expenditure and senior personnel appointments. The Directors have established audit, remuneration, and nomination committees, as described below, and will utilise other committees as necessary in order to ensure effective governance.

The audit, remuneration, and nomination committees each comprise three Directors. The audit committee consists of one non-executive Director.

The audit committee's responsibilities include reviewing the Company's financial statements, accounting policies, internal controls and overseeing its relationship with its external auditors.

The remuneration committee's responsibilities include determining the Company's policy on remuneration; however, no director or manager shall be directly involved in any decisions as to their own remuneration.

The nomination committee's responsibilities include reviewing the composition of the Company's board and making recommendations to the board with regard to any changes.