Rurelec PLC

Board of Directors

The Board is responsible for running the Company, including all major business and financial risks and taking strategic decisions.

The Directors communicate at least weekly on significant matters, in particular on matters affecting cashflow and on matters concerning the joint venture in Argentina.

To enable the Board to perform its duties, each director has access to advice from the Company Secretary and independent professionals at the Company's expense.

Due to the size of the Company, the Board believes that it can collectively and competently execute a clear leadership function without the appointment of a Chairman.

The Board comprises of:

Director Date of Appointment Date of Resignation Role at
31 December 2022
Date of (re-) appointment Board Committee
Andrew H. Coveney 16.11.2016 - Executive Director 30.06.2022 - - -
Paul R.A. Shackleton 26.07.2021 - Senior Independent 
02.08.2023 N R A

N = Nomination Committee
R = Remuneration Committee
A = Audit Committee

The Board has delegated specific responsibilities to the committees below.

Board Committees

The three principal standing committees of the Board are the Audit, Nominations and Remuneration Committees.

Audit committee

The Audit Committee has an oversight of the group as a whole. It monitors the integrity of the financial statements of the Company, including its annual and interim reports relating to the Company’s financial performance. Last year the Audit Committee reviewed the content of the Annual Report and Accounts and the Interims. It made recommendations to the board in relation to the external auditor and approved their remuneration and terms of engagement and scope of audit.

Member Non-Member
Audit Committee Paul R.A. Shackleton Andrew H. Coveney

The Company does not issue an Audit Committee Report.

Remuneration and Nomination Committees

The Company is not compliant with their terms of reference or the requirements under the QCA Code, which requires that only independent Non-Executive Directors should sit on them.

Remuneration Committee Paul R.A. Shackleton
Nomination Committee Paul R.A. Shackleton

Attendance at Board and Committee meetings

The Board meetings are scheduled in advance for each calendar year. There are 12 scheduled Board meetings (one per month) and additional meetings are arranged as necessary to consider particular issues.

The Board and Committee meetings and attendance during the year ended 31 December 2022 were as follows:

Director Board
(19 formal meetings)
Audit Committee 
(2 meetings)
Remuneration Committe
Andrew H. Coveney lllllllllll
A*A*A*  -
Paul R.A. Shackleton lllllllllll
 AA  -

A* = Audit Committee attendance not as member

Due to the size of the Company, the Board has not and does not comply with the principle that the Board and Audit Committee should at least have two independent directors.  Given the current level of transactions within the Company, the Board considers that adequate resources are available at Board level, although a further non-executive director is currently being sought.

The executive directors are part time directors of the Company although all directors are expected to commit sufficient time to the Company in addition to attending the Board meetings.

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