At Gulf Keystone’s Annual General Meeting (“AGM”) held on 16 June 2023, all resolutions were successfully passed. However, resolutions 7 and 8, being the re-election of the Chief Financial Officer, Ian Weatherdon, and the approval of the Directors’ Remuneration Report, failed to attain the support of 80% of the shareholders who voted. Voting turnout continued to be low relative to prior years, with approximately 48% of the total shareholder register voting. The Company continues to look at ways to increase voting turnout at future general meetings.

Substantially all the votes against resolutions 7 and 8 were from two shareholders in each case. In accordance with Provision 4 of the 2018 UK Corporate Governance Code, the Board has consulted with the shareholders, and, as part of this exercise, also sought the views of other major investors. There was no change to the feedback received during our previous consultation following the 2022 Annual General Meeting.

The Board has carefully considered all feedback and has addressed issues, to the extent possible or necessary. The independent members of the Board continue to hold every confidence in the Chief Financial Officer, recognising the value and contribution he brings to the Company. The Board continually strives to ensure its remuneration policies support the Company’s strategy, are appropriate, and remain in line with market practice.