Corporate Governance
“Corporate governance is concerned with holding the balance between economic and social goals and between individual and communal goals. The governance framework is there to encourage the efficient use of resources and equally to require accountability for the stewardship of those resources. The aim is to align as nearly as possible the interests of individuals, corporations and society.”
Governance Framework
OER has a robust Corporate Governance framework which is overseen by a dedicated team charged with developing and promoting OER’s policies whilst ensuring that they evolve in line with global best practice.
At Oando Energy Resources Inc. (“OER”), compliance with our Charters, Policies and various corporate governance codes under applicable laws is part of our core values and integrated into the way we do business. In order to provide guidance on corporate governance issues, OER has approved internal policies and practices. OER periodically reviews its policies and practices for continued relevance to the realities of our business activities and the environment.
The OER Corporate Code of Business Conduct & Ethics
Our main policy and guide on the company’s stance on ethical issues is the OER Corporate Code of Business Conduct & Ethics. The Code applies to all employees, managers, directors and business partners, who are trained and certified on the provisions of the Code when they initially join the Company. Each year after that, they complete a mandatory Recertification Exercise which acts as an annual refresher course on the Company’s Code of Business Conduct & Ethics and is mandatory. The Code is an expression of our shared values, which are summed up in an acronym: TRIPP:
Teamwork – “Working together effectively to achieve our business goals, while encouraging individual and team contribution and responsibility.”
Respect – “Having the highest regard for the dignity of all people, the environment and the economy, recognizing the value of others and the importance of protecting the reputation of the company.”
Integrity – “Acting with uncompromising honesty and integrity in all business dealings with all stakeholders by being open and clear in our communications, practicing the highest ethical standards and by honoring our commitments.”
Professionalism – “As a winning team, we express proper conduct at all times and apply the highest standards of excellence in our service to all stakeholders, exemplifying world class quality in providing flawless execution of our services and products.”
Passion – “We show pride in our brand and through our contributions to society and the environment by our zeal for “above average performance”, anticipating and embracing change, thereby promoting and implementing creative, innovative and sustainable ideas and business solutions globally.”
Governance Policies
Significant Governance policies of Oando Energy Resources are as follows:
• Corporate Code of Business Conduct & Ethics
• Related Party Transaction Policy
The Oando Energy Resources Inc (OER) Board of Directors is responsible for the overall management and governance of the Company. The Board effectively oversees the Company, its businesses, its governance structure and its strategic direction. In order for the Board to operate efficiently there are certain matters that are delegated to its committees so that appropriate attention and consideration can be provided.
