The OGA opened a formal consultation into our proposed Governance Guidance as per Supporting Obligation paragraphs 3 and 4 of the OGA Strategy, and which sets out when the OGA will normally consider the adequacy of a licensee’s governance arrangements, and the factors which will usually be considered.
The consultation ran for 8 weeks until Friday 12 November.
The proposed Guidance focused on:
- The adoption and application by a Relevant Board (RB) of a recognised corporate governance code, suitable for the size and characteristics of the Licensee
- The adoption and application by a RB of the OGA Strategy specific principles
- A commitment by the RB to take appropriate steps to assist the UK Government in meeting its net zero target, to align to a common standard of climate reporting and to give due consideration to its corporate social responsibilities
- How the OGA will monitor compliance with this proposed Guidance including by requiring the RB to account for how it has met, and will in future meet, this Guidance
Written responses to the consultation should have been sent to:
OGA Governance Consultation
Oil and Gas Authority
48 Huntly Street