Corporate Governance

Corporate Governance is the system by which Petrel Energy Limited is directed and managed. It influences how the objectives of the company are set and achieved, how risk is monitored and assessed, and how the performance of the company is optimised. The Board of Directors acknowledges its accountability to shareholders for creating shareholder value within a framework which protects the rights and interests of shareholders and ensures the Company is properly governed. Petrel Energy's governance framework includes key features and practices that are reviewed regularly and upgraded or changed as appropriate to reflect the company's interests, changes in law and what is generally regarded as sound practice.
 
The Board of Directors acknowledges the Principles of Good Corporate Governance and Best Practice Recommendations set by the Australian Stock Exchange ("ASX") Corporate Governance Council. However in view of the Company's current size and extent of nature of operations, full adoption of all the recommendations is currently not practical. The Board will continue to work towards full adoption of the recommendations in line with growth and development of the Company in the years ahead. The company's Corporate Governance Statement below provides details of how Petrel Energy is addressing ASX Corporate Governance Council’s “Corporate Governance Principles and Recommendations with 2014 Amendments (3rd Edition)”.