Governance FIRST
We are committed to upholding the highest standards of governance to ensure the trust and confidence of our stakeholders. Transparency, accountability, and integrity are at the heart of our operations.
Commitment to Ethical Standards
Upholding the highest ethical standards, while adhering to international compliance standards and best governance practices in every aspect of our operations, is a non-negotiable standard.
Robust System Checks and Balances
We ensure transparency and accountability through rigorous compliance and reporting
mechanisms.
A World-Class Board of Directors
Our Board is made up of seasoned professionals and industry veterans with a steadfast commitment to the highest standards of ethical governance and leadership integrity, which is reflected in all aspects of our operations.
Governance at FIRST E&P
FIRST E&P upholds the rule of law and prioritises the interests of stakeholders, including shareholders. Our governance adheres to the standards set forth in the Company and Allied Matters Act (2020) and the Nigerian Code of Corporate Governance (2018).
The Board and Management implement a robust system of internal controls to oversee company affairs, ensuring safe and reliable operations, sustainable value creation for shareholders and stakeholders, and effective risk management.
Governance Principles
Code of Business Conduct
The company has established a Code of Business Conduct and Business Principles to guide its decisions, activities, and organisational culture. This ‘Code’ outlines expected behaviours for employees, suppliers, contractors, agents, and partners. It addresses ethics in business practices, compliance with laws - including anti-competitive behaviour, anti-bribery and corruption, conflict of interest, insider trading, data privacy, and confidentiality. Additionally, it establishes guidelines for workplace conduct and serves as a framework to uphold our commitment to environmental and social sustainability.
Diversity & Inclusion
FIRST E&P is dedicated to Diversity, Equity, and Inclusion (DEI), which is integrated into our framework and processes, including the Code of Business Conduct, Human Resource Management, and Environment, Social, and Governance practices.
Leadership
The company’s Board of Directors and Management Team provide oversight and promote responsible business practices in accordance with legal requirements, the code of business conduct and best practices in Corporate Governance. To assist in fulfilling its duties, the Board has established committees including:
Nominations, Governance & Renumeration Committee; Audit, Portfolio & Risk Management Committee; Business Performance & Finance Committee;
Environment, Social, Governance (ESG) and a Sustainability Committee.
FIRST E&P has various Executive Committees comprised of Senior Management Team members to offer strategic guidance in achieving key business objectives while serving as a key component of our internal control framework.
Control Framework
FIRST E&P’s Control Framework integrates the company’s internal control system, internal audit, enterprise risk management, ESG compliance, and assurance processes, aligning with the line of defence (3LOD) model. The goal is to ensure effective stewardship of the company’s assets, safe, efficient, and reliable operations, and high-quality business decisions throughout the organisation.
FIRST E&P’s Mandate of Authority establishes a framework for effective decision-making, accountability, and performance management within the organisation.
The Audit, Portfolio & Risk Management Board Committee oversees the Risk Management Framework. The Chief Risk Officer guides the effective implementation of risk management activities within the organisation and reports directly to the Board.
Ethics and Compliance
FIRST E&P has a comprehensive ethics and compliance programme rooted in the FIRST E&P Code of Business Conduct and external legislation. The Board and management oversee the programme’s implementation, which includes competence development to foster a culture of compliance. The Chief Compliance Officer leads the effective execution of compliance management activities, reporting to the Board and administratively to management or the audit committee.
FIRST E&P’s anti-bribery and corruption efforts entail a blend of preventive measures, strong enforcement mechanisms, and a dedication to cultivating a culture of integrity and transparency within the organisation.
A Cornerstone of Sustainability Growth
We consider world-class corporate governance as a prerequisite and a cornerstone of sustainable growth. Our approach to governance includes a comprehensive system of checks and balances, rigorous compliance programs, and a culture of ethical behaviour that is instilled throughout the company. It also includes a robust whistle-blowing policy, annual conflict of interest disclosures, and compliance certifications to uphold ethical standards and shareholder confidence.
Our proactive stakeholder engagement strategy ensures that we remain aligned with community values and investor expectations, reinforcing our dedication to not just achieving operational excellence, but doing so in a manner that is responsible, transparent, and sustainable. Our Board of Directors possess a deep commitment to our ethos of integrity, governance excellence, and sustainability, and play a crucial role in shaping our strategic direction, ensuring that we continue to set industry benchmarks in corporate governance, creating an environment where it is synonymous with our operational success.
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