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Corporate Governance

The Board of Directors

The Board of Directors of Dana Gas is responsible for setting the Company’s strategy and business priorities, as well as guiding and overseeing managerial performance.

Currently, there are 12 Directors on the Board.  However, due to the operation of the new Commercial Companies Law, the number of Directors will reduce to 11 prior to 30 June 2016, in order to comply with the new maximum number of Directors allowed by the law. .  The current Directors, most of whom have been on the Board since the incorporation of the Company in November 2005, were elected in 2015.  The Board of Directors comprises leading businessmen from the GCC countries, and others with considerable experience in the oil and gas sector.  Currently the Board is composed of 6 Independent Directors, 5 Non-Executive Directors and 1 Executive Director.

The Board is elected by the General Assembly every 3 years.  The current Directors were elected in April 2015.

 Responsibilities of the Board of Directors:

The main responsibilities of the Board of Directors include:

  1. Establishment and approval of the Company's strategy and business plans;
  2. Approval of the annual budget and the allocation of resources;
  3. Establishing investment priorities and approving business opportunities;
  4. Entering into contracts with any person, authority or corporation in matters concerning  the gas and oil business as per the objects of the Company;
  5. Establishing the responsibility and accountability matrix with appropriate powers;
  6. Supervising soundness of financial results and reports and effectiveness of internal control;
  7. Development and assessment of executive management performance;
  8. Laying down the bye-laws and regulation, policies and procedures in connection with the Company's administration, financial matters and personnel affairs;
  9. Deciding on the appointment and succession of senior executives;
  10. Concluding loan agreements for any period of time;
  11. Selling or mortgaging the Company's real estate or other assets;
  12. Absolving the Company's debtors from liability; and
  13. Conducting conciliation and arbitration and filing lawsuits and settling them.

B. Responsibilities and Authority of the Executive Management

The Board of Directors has delegated the Company's executive management the following responsibilities:

  1. To manage the day to day affairs and business of the Company and to implement the plans and policies laid down by the Board of Directors for achieving Company's strategies;
  2. To identify, pursue and submit studies and proposals relating to business development and new investment opportunities;
  3. To submit to the Board of Directors periodic reports about the business of the Company, its financial position, internal control procedures and the measures taken to manage risks;
  4. To provide the Board of Directors, on a timely basis, with the information and documents required for efficient conduct of Board meetings;
  5. To provide regulatory bodies (Ministry of Economy, Securities and Commodities Authority, Abu Dhabi Securities Exchange) with information, disclosure statements and documents as required in accordance with applicable laws, rules and regulations.

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