The system of organizational governance in Dana Energy consists of mechanisms, structures, processes, method and regulations by which the company arrives at decisions, plans and executes tasks, supervises and controls matters, and reports performance and results.
In our governance system, the company has chosen to acknowledge legal, contractual, and social responsibilities not only towards its primary stakeholders but also towards other parties, including employees, investors, suppliers, local communities, employers, and law enforcement agencies. The responsibility of the board of directors and company managers in responding to stakeholders and other stakeholders, includes developing methods for verifying and maintaining the accuracy of financial statements and disclosure of financial information according to the schedule and in a balanced manner aligned with the commitment of the company. This system of governance is based upon principles of equal interaction with and protection of the stakeholders’ interests, honesty and ethics as well as disclosure and transparency.
Our executives make their key decisions based on the corporate governance system, its bylaws and sub-instructions and finally the authority matrix.
PILLARS OF CORPORATE GOVERNANCE SYSTEM
Our corporate governance system includes various entities such as the Board of Directors, Chief Executive Officer, Board Committees, Segments and Business Units, and Shared Services. Together, these entities work towards achieving the company's goals and objectives by determining grand strategies, making decisions, advising and monitoring businesses, organizing operations and projects, and providing support services. The ultimate responder in the organizational governance structure is usually the Chief Executive Officer, while the other executives play different roles in achieving the company's overall mission and vision.
COMMITTEE COMPOSITION
Dana Energy’s committee structure is designed to be a consistent and clear framework to carry out certain oversight functions on behalf of the Board. It comprises of Risk and Audit Committee, Strategic Committee, CSR and Ethics Committee, and Compensation Committee.
RISK AND AUDIT COMMITTEE
The purpose of the risk and audit committee is to ensure the identification of risks in the operational, financial, legal, and contractual aspects of the project, with the aim of discovering appropriate solutions and determining the appropriate precautionary reserve. Furthermore, this committee assists the Board in fulfilling its responsibilities regarding internal control and the integrity of the company's financial statements.
STRATEGIC COMMITTEE
Dana Energy’s strategic committee assists the Board in carrying out its oversight responsibilities relating to potential mergers, acquisitions, divestitures and other key strategic transactions outside the ordinary course of the corporation’s business.
CSR AND ETHICS COMMITTEE
The Corporate Social Responsibility and Ethics Committee plays a central role in supporting the Board by reviewing various policies, including those related to sustainable development, health, safety, and the environment. Additionally, the committee addresses significant ethical concerns and matters of public interest.
COMPENSATION COMMITTEE
The role of this committee is to determine and recommend to the board the compensation policy and to set compensation of directors and executive leaders. Additionally, the committee conducts reviews and overlooks the policies in place to ensure that incentives and rewards are aligned with the corporate culture.
