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Kuwait Energy
Kuwait Energy Plc, Queensway House, Hilgrove Street, St Helier, Jersey JEI 1ES, Channel Islands
place for the proportionate and independent investigation of such matters, and for
appropriate follow-up action.
Authority and Responsibilities
22.
The Committee has full authority:
(i)
to investigate any activity within the scope of its Duties; and
(ii)
to take such action as may be necessary or appropriate for the effective performance of its
oversight responsibility.
23.
In discharging its responsibilities, the Committee shall have unrestricted access to the Company’s
management, books and records and shall be entitled to seek any information it requires from any
employee of the Company or Group company, including the head of internal audit. All employees
shall be directed to co-operate with any request made by the Committee.
24.
The Committee is authorised by the board to obtain outside legal, accounting or other independent
professional advice and to secure the attendance of outsiders with relevant experience and expertise,
if it reasonably considers this necessary, and agree related fees at the Company’s expense. The
Committee shall have access to the external auditors as required.
25.
The reporting responsibilities of the Committee shall be:
(a)
to review the statement by the directors to be included in the annual accounts on the going
concern status of the Company and the group and any supporting assumptions and
qualifications;
(b)
to assist the board by preparing a statement for inclusion in the directors’ report (to
shareholders as contained in the annual report) describing the roles and responsibilities of
the Committee and actions taken by the Committee to discharge those responsibilities; as
well as listing the names of all members of the Committee, the number of Committee
meetings and attendance by each member; to produce for the board’s approval the statement
for inclusion in the annual report in relation to internal control and the management of risk;
and
(c)
if the external auditor provides non-audit services, to provide an explanation for inclusion in
the annual report of how auditor objectivity and independence is safeguarded.
26.
The chairman of the Committee shall report formally to the board on its proceedings after each
meeting on all matters within its duties and responsibilities.
27.
The Committee shall make whatever recommendations to the board it deems appropriate on any area
within its remit where action or improvement is needed.
Performance, resources and training
28.
The Committee shall also:
(a)
make available this charter, explaining the role and the authority delegated to it by the board,
by including the information on the Company’s website;
(b)
consider other topics, as defined by the board;