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Corporate Governance

From 28 September 2018 AIM companies are required to provide details of a recognised corporate governance code that the board of directors of the AIM company has decided to follow, explain how the company complies with this code and details where if departs from it including the reasons for doing so.

Last updated: 26 September 2018

Introduction from the Chairman

We fully understand the importance of being transparent and fair in our dealings with others. The introduction of the new corporate governance code rules provides a timely opportunity to review and present the way the Company is run and how we deal with others.

Caspian Sunrise PLC (“the Company” or the “Group”) has adopted the QCA Corporate Governance Code (the “Code”). We set out below detailed explanations of how we seek to comply with each of the QCA’s 10 principles.

We have identified three principal areas where we are not in full compliance:

  • The first relates to the position of Executive Chairman, where best practice under the Code is for the Chairman to be non-executive.
  • The second is that Caspian Sunrise PLC actively encourages non-executive directors to participate in the Company’s success via the option scheme.
  • The third is that with three directors, the board is too small to adopt all of the QCA recommendations.

We do not propose to change our stance on the first two areas noted above. We are, however, looking to strengthen the board with the appointment of an additional non-executive director.

We regard the new QCA Corporate Governance Code as a useful tool in making sure we treat others fairly and act properly. On its own, however, adherence to the Code is no guarantee of commercial success, which after all is our principal objective.

Clive Carver
Executive Chairman