Code Compliance – Chairman’s Compliance Statement
The Board have adopted the Quoted Companies Alliance Corporate Governance Code (“the QCA Code”) following the London Stock Exchange’s requirement for AIM listed companies to adopt and comply with a recognised corporate governance code.
As Chairman of Westmount Energy Limited it is my responsibility to establish the strategy of the Company in compliance with the principles of the QCA Code, and work with your Board to promote growth for the long term, via effective and efficient decision making. Corporate governance is an important tool in ensuring compliance and transparent activity by the Company, controlling risk and enhancing shareholder value. However, It is acknowledged that as a small cap investment company with significant shareholder representation on the Board, a narrow range of activities and investment holdings, a number of principles and practices recommended by the QCA Code are not appropriate in certain instances, being principles 5 (No of Independent Directors) and (Directors’ Remuneration) as described in further detail on this website.
The Board has identified its key stakeholders as being its shareholders and investee companies, given it has no employees and a small range of contracted service providers. It maintains contact with shareholders, of whom a significant proportion are Directors, via Regulatory News Service and periodic feedback from these parties. Contact with investee companies is operated via the Chairman and individual Board directors responsible for the relevant investment recommendation, and is geared to key operational, project and transactional cycles identified for the company concerned.
The Company actively monitors and manages risk in its activities, principally through oversight and operation of its investment portfolio. The Company identifies key risks in all of its investments during the selection and due diligence cycle, and subsequent recommendations for investment by the Company consider for each proposal a range of risks and mitigating factors. Identification of these risks is achieved by direct engagement with the companies in whom Westmount seeks to invest, close analysis of their market opportunities and threats, combined with detailed knowledge of the market sector where they operate and their competitors.
As the Company continues to grow your Board will continue to monitor appropriate adherence to the full range of QCA principles.
Gerard Walsh, 28th September 2018
Read more in our Corporate Governance Statement of Compliance with the QCA Corporate Governance Code