Governance

President Energy is committed to compliance with the broad principles and provisions of the Combined Code for AIM Listed Companies, but recognises that the needs of the business and shareholders may, in the short-term, override full compliance with the Code, in which circumstances the Company will be happy to provide proper explanation for the reasons for the departure from the Code.

The Board of directors comprises the Chairman, two Executive Directors, and two Non-Executive Directors.

All Directors are subject to election by shareholders at the first AGM after their appointment and to re-election at least once every 3 years. The Board meets regularly and has a schedule of matters reserved to it for decision including overall strategy; approval of the annual budget and the annual Report and Accounts; major development expenditure; fund-raising; and changes to the Board.

The Audit Committee is Chaired by Rob Shepherd. The primary responsibility of the Audit committee is to monitor and review the Company's financial policies, statements and controls and the Company's relationship with its Auditors.

The Remuneration Committee, Chaired by Rob Shepherd, reviews and recommends remuneration policy and individual remuneration for senior Executives.

Further details are provided in the Corporate Governance Statement in the Annual Report.

President Energy PLC is subject to the UK's City Code on Takeovers and Mergers.