WTI $76.57 -2.04
MAHA SEK7.35 0.16

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Corporate Governance

Corporate Governance is an integral part of Maha’s foundation which guides the Company’s corporate culture, business objectives, and enables the accommodation of stakeholder interests. Maha is committed to delivering value to all our stakeholders (including shareholders, employees, contractors, and the communities in which Maha operates) by prioritizing transparency and accountability. For Maha, strong corporate governance ensures anticipation and mitigation of risks, as well as oversight of the Company’s operational protocols and practices to ensure activities are undertaken in an ethical, safe, reliable, and responsible manner.

Since its foundation in 2013, Maha has been guided by its comprehensive Corporate Governance policies and has aligned its business practices to the Swedish Code of Corporate Governance. The Code of Conduct, Anti-Corruption Policy, Whistleblower Policy, HSE Policy, Dividend Policy and Remuneration Policy: these corporate policies outline the general ethical principles and behavior that we expect of our employees. All policies and procedures are readily available to all Maha employees and it is expected that employees must review, understand, and comply with these policies.

General Meeting

The Annual General Meeting (AGM) is the Company’s highest decision-making body where shareholders exercise their rights and influence the business of the Company. Shareholders who are registered in the share register and have given notice to attend in line with the instructions provided in the published Notice for attendance have a right to attend the General Meeting

Board of Directors

The Board is responsible for the strategy and organisation of Maha and its affairs. The Board shall regularly assess Maha’s and the Group’s financial position and ensure that its organisation is formed in such manner that accounting, management of funds and Maha’s and the Group’s finances in general, are monitored in a satisfactory manner. 
The Board shall furthermore provide written instructions regarding when and in which manner such information required for the Board’s assessment shall be compiled and reported to the Board and establish instructions regarding the allocation of work between the Board and the managing director and other organs established by the Board.

Paulo Thiago Mendonça

Paulo Thiago Mendonça

Chairman of the Board of Directors since 2023

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Enrique Peña

Enrique Peña

Member of the Board of Directors since 2022

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Fabio Vassel

Fabio Vassel

Member of the Board of Directors since 2022

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Halvard Idland

Halvard Idland

Member of the Board of Directors since 2023

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Richard Norris

Richard Norris

Member of the Board of Directors since 2022

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Svein Harald Øygard

Svein Harald Øygard

Member of the Board of Directors since September 2023

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Viktor Modigh

Viktor Modigh

Member of the Board of Directors since 2022

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Board Committees

In order to increase the efficiency of its work and enable a more detailed analysis of Company issues, the Board has formed three (3) committees: Audit Committee, Remuneration Committee, and Reserves/HSE Committee. Committee members are appointed by the Board and consist of current Board members. The committee members serve for the year between the Annual General Meetings.

Nomination Committee

In accordance with a resolution at the Annual General Meeting (AGM) of Maha Energy AB, a Nomination Committee is formed. The Nomination Committee shall comprise of four members, being the Chairman of the Board of Directors and three members appointed by the three largest registered shareholders as on 30 September of each calendar year. The appointed members of the Committee are required to promote the interests of all shareholders of the Company.

The aim of the Committee’s work is primarily to create an appropriate composition of the Board of Directors, through which the members’ combined expertise creates a broad base that conforms well to Maha activities. The Board of Directors shall be characterized by diversity, relevant experience and background.

Shareholders who would like to submit proposals to the Nomination Committee can do so via e-mail to nomcom@maha-energy.com marked “Proposal to the Nomination Committee” or by ordinary mail to the address: Maha Energy AB, Nomination Committee, Eriksbergsgatan 10, 4tr, SE-114 30 Stockholm, Sweden.

To ensure that the proposals can be considered by the Nomination Committee, proposals shall be submitted in due time before the AGM 2024, but not later than February 28, 2024.

The Nomination Committee’s members for the AGM 2024 are:

  • Rodrigo Pires, representing Turmalina Fundo de Investimento em Participações Multiestratégia
  • Luis Araujo, representing DBO Invest S.A.
  • Edwyn Neves, representing Banco BTG Pactual
  • Paulo Thiago Mendonça, chairman of Maha Energy AB

The tasks of the Nomination Committee shall be to prepare and submit to the Annual General Meeting proposals in respect of:

  • Number of members of the Board of Directors
  • Remuneration to the Chairman of the Board of Directors, the other members of the Board of Directors and the auditors, respectively
  • Remuneration, if any, for committee work
  • The composition of the Board of Directors
  • The Chairman of the Board of Directors
  • Resolution regarding the process of the Nomination Committee 2024
  • Chairman at the AGM
  • Election of auditors

Auditors

Deloitte AB has been the company’s auditor since 2016. The principal auditor is the authorized public accountant Andreas Frountzos.

Long Term Incentive Plans