The following is a summary of European Uranium's approach to Corporate Governance.
Board of Directors
The Board of Directors of European Uranium adopted a terms of reference mandating its responsibilities for the stewardship of the business and for acting in the best interests of European Uranium and its shareholders. The Board of Directors discharges its responsibilities directly and through its Committees of the Board, consisting of the Audit Committee, the Compensation Committee, and the Governance and Nominating Committee. The Board assigns to these Committees the general responsibility for developing European Uranium's approach to: (i) financial reporting and internal controls; (ii) issues relating to compensation of directors, officers and employees; and (iii) corporate governance issues and matters relating to nomination of directors.
The Board of Directors of European Uranium facilitates its exercise of independent supervision over management by ensuring that the Board is composed of a majority of independent directors. Seven of the eight directors of European Uranium are considered to be independent: Peter Bojtos, Michael Hopley, Rex McLennan, David Montgomery, Ronald Shorr, Philip Williams and Andréas Mittler. In determining whether a director is independent, the Board chiefly considers whether the director has a relationship which could, or could be perceived to interfere with the director's ability to objectively assess the performance of management. On this basis, Dorian (Dusty) Nicol, as the President and Chief Executive Officer of European Uranium, is not considered to be an independent director.
The Board is responsible for approving long-term strategic plans and annual operating plans and budgets recommended by management. Board consideration and approval is also required for material contracts and business transactions, and all debt and equity financing transactions.
The Board delegates to management responsibility for meeting defined corporate objectives, implementing approved strategic and operating plans, carrying on European Uranium's business in the ordinary course, managing European Uranium's cash flow, evaluating new business opportunities, recruiting staff and complying with applicable regulatory requirements. The Board also looks to management to furnish recommendations respecting corporate objectives, long-term strategic plans and annual operating plans.
Board of Directors
The Board of Directors of European Uranium adopted a terms of reference mandating its responsibilities for the stewardship of the business and for acting in the best interests of European Uranium and its shareholders. The Board of Directors discharges its responsibilities directly and through its Committees of the Board, consisting of the Audit Committee, the Compensation Committee, and the Governance and Nominating Committee. The Board assigns to these Committees the general responsibility for developing European Uranium's approach to: (i) financial reporting and internal controls; (ii) issues relating to compensation of directors, officers and employees; and (iii) corporate governance issues and matters relating to nomination of directors.
The Board of Directors of European Uranium facilitates its exercise of independent supervision over management by ensuring that the Board is composed of a majority of independent directors. Seven of the eight directors of European Uranium are considered to be independent: Peter Bojtos, Michael Hopley, Rex McLennan, David Montgomery, Ronald Shorr, Philip Williams and Andréas Mittler. In determining whether a director is independent, the Board chiefly considers whether the director has a relationship which could, or could be perceived to interfere with the director's ability to objectively assess the performance of management. On this basis, Dorian (Dusty) Nicol, as the President and Chief Executive Officer of European Uranium, is not considered to be an independent director.
The Board is responsible for approving long-term strategic plans and annual operating plans and budgets recommended by management. Board consideration and approval is also required for material contracts and business transactions, and all debt and equity financing transactions.
The Board delegates to management responsibility for meeting defined corporate objectives, implementing approved strategic and operating plans, carrying on European Uranium's business in the ordinary course, managing European Uranium's cash flow, evaluating new business opportunities, recruiting staff and complying with applicable regulatory requirements. The Board also looks to management to furnish recommendations respecting corporate objectives, long-term strategic plans and annual operating plans.