Foran Energy strengthens governance with new accountability and ESG frameworks

Foran Energy Group has implemented a new accountability system for major errors in annual report information disclosure, effective from the date of board approval in December 2025. This system aims to improve the truthfulness, accuracy, completeness, and timeliness of annual reports by defining responsibilities for directors, senior management, and other personnel. It outlines specific conditions for culpability, ranging from violations of accounting laws to significant discrepancies in financial data, and includes various disciplinary actions for non-compliance.

Concurrently, the company also unveiled its related party transaction management system, effective upon shareholder approval in December 2025, to regulate associated transactions and protect shareholder interests. This system mandates strict approval processes and disclosure requirements for related party transactions, with thresholds for board and shareholder review depending on the transaction value.

Furthermore, Foran Energy established a board of directors environment, social, and governance (ESG) committee, with its working rules effective from board approval in December 2025. Comprising five directors, including independent directors, the ESG committee will focus on integrating ESG strategies into the company’s operations, monitoring environmental and social impacts, and ensuring compliance with sustainability regulations. This move underscores the company's commitment to high-quality sustainable development and transparent corporate practices.