Corporate Governance Statement

Last reviewed May 2022

Introduction

This Statement is issued in compliance with AQSE Growth Market Rules.

Lekoil is incorporated and registered in the Cayman Islands and its shares are listed on the AQSE Growth Market.

I am the Interim Executive Chairman of Lekoil and I am responsible for leading the Board and upholding high standards of corporate governance throughout the Group and particularly at Board level.

It gives me great pleasure to set out our Corporate Governance Statement.

The Board wishes to establish a governance structure appropriate to the size and nature of the business and the interests of its shareholders. The directors of the Company (“Directors” and together the “Board”) recognise the importance of sound corporate governance and to date, have applied the recommendations of the Quoted Companies Alliance Corporate Governance Code for small and mid-sized companies 2013 (the “QCA Code”), in so far as it was deemed appropriate for the Company. The Company will continue to apply this code and its replacement The QCA Corporate Governance Code that was published in April 2018 (the “New QCA Code”).

High standards of corporate governance are a priority for the Board and we recognise that there are areas where the Company’s governance structures and practices differ from the expectations set by the New QCA Code. We will undertake to review the governance structures, procedures and disclosures we make as we consider good corporate governance key in the creation of value for our shareholders and in growth for the Company over the medium to long-term. The table appended to this statement demonstrates how the New QCA Code has been applied by the Board and where we have departed from it or the required disclosures, an explanation has been provided.

Further information on our compliance with the New QCA Code is provided on the following link.

 

Anthony Hawkins
Interim Executive Chairman
LEKOIL Limited

May 2022