Corporate Governance | Oleeo

Investor Relations

Corporate Governance

The directors of Oleeo Plc are committed to delivering high standards of Corporate Governance and ensuring its effectiveness to maximize shareholder value.

The directors acknowledge the principles set out in the Combined Code issued by the committee on Corporate Governance. The Directors intend to comply with the recommendations of best practice as set out in the Cadbury and Greenbury Reports and in this connection the Board has taken into account the guidance issued by the City Group for Smaller Companies.

The board

The board is responsible for formulating, reviewing and approving the company’s strategy, budget, expenditure and appointment of senior resources. It is accountable to shareholders for the performance and activities of Oleeo Plc. At the year end, the company had three executive directors.

Internal Control

Internal controls for the assurance on the reliability of the financial information used within the business and the safeguarding of the assets are the responsibility of the directors. However, as with any internal controls, they can only provide reasonable and not absolute assurance with respect to the preparation of the financial information and the safeguarding of the assets.

The key procedures of financial control are as follows:

Control Environment
Oleeo has a clear organizational structure with well-defined lines of responsibility and delegation of appropriate levels of authority.

Risk Management
The board reviews regularly the business strategy and plans.

Financial Reporting
There are comprehensive budgets and forecasts with monthly reporting of actual results against targets, approved by the board and reviewed on a regular basis.

Control Procedures and Monitoring Procedures
These ensure authorisation levels and procedures and other systems of internal financial controls are documented and reviewed on a regular basis.