The company’s shares are traded on AIM, so it is not required to comply with the UK Corporate Governance Code. However, the directors support high standards of corporate governance and are of the opinion that it is appropriate for MX Oil plc to implement many of the requirements of the Code. The Group’s current system of corporate governance is summarised below
MX Oil has a five member Board of Directors comprised of:
- Nicholas Lee, Non-Executive Director
- Stefan Olivier – CEO
- Nigel Bruce McKim, Chief Operation Officer
- Sergio Lopez - Non-Executive Director
- Richard James Carter- Non-Executive Director
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company, for safeguarding the assets, for taking reasonable steps for the prevention and detection of fraud and other irregularities and for the preparation of the financial statements which comply with the requirements of the Companies Act 2006.
The Directors are responsible for preparing the annual report and the financial statements in accordance with the Companies Act 2006. The Directors have chosen to prepare financial statements for the group and the company in accordance with International Financial reporting Standards as adopted by the European Union (IFRSs).