Corporate Governance

The Board of Directors of Discover Exploration Ltd is committed to maintaining high standards of corporate governance. It aims to comply, as far as practicable given the Company’s size, with the provisions of the UK Corporate Governance Code issued by the Financial Reporting Council in September 2012. As a privately owned company, Discover is not required to comply with the Governance Code but it is applied as far as it is appropriate.

The Board and management team are committed to all aspects of good corporate and ethical behaviour. Corporate responsibility and accountability continue to be improved and these attributes are reflected in how the Company is organised and the policies being put in place to ensure the company complies fully with all its legislative and regulatory requirements.

The Board operates within a clear governance and risk framework for the management of the Company, including its interaction with the operators of its projects, as Discover is non-operating throughout its portfolio.

The Directors are responsible for the Company’s system of internal controls, the setting of appropriate policies on those controls, and regular assurance that the system is functioning effectively and that it is effective in managing business risk.

The Audit Committee monitors the Company’s internal control procedures, reviews the internal controls process and risk management procedures and reports its conclusions and recommendations to the Board.