Ervia and its subsidiary companies have instituted appropriate measures to comply with the Code of Practice for the Governance of State Bodies, 2009 (“The Code of Practice”). The Code of Practice sets out principles of corporate governance which the Boards of State Bodies are required to observe.
Furthermore, Ervia continuously reviews and updates its policies and procedures to ensure compliance with best practice.
Ervia is a body corporate established under the Gas Act 1976 and as a result, is not required to adhere to the UK Corporate Governance Code or the Irish Annex. However, the Board is committed to achieving the highest standards of corporate governance and ethical business conduct. The Board is awaiting the finalisation and publication of a revised Code of Practice from the Department of Public Expenditure and Reform. The Board will conduct a full assessment of the impact of that code on Ervia’s governance structures and Ervia’s reporting thereon along with what aspects, if any, of the revised UK Corporate Governance Code Ervia may wish to voluntarily adopt. The assessment will also take into account a review of the provisions of the Companies Act 2014.
Following consideration of all of these matters, Ervia will then set out what steps will need to be taken in order to continue to achieve the highest standards of corporate governance and ethical business conduct.