Hurricane Energy Plc (LON:HUR) saw its shares rise today as it updated on the ongoing review being conducted by its recently formed Listing and Governance Committee (LGC), as it continues to prepare for promotion to a ‘premium’ segment of a recognised stock exchange.
In late afternoon trading, Hurricane shares were up 5.9%, or 2.18p at 39.14p.
In a statement, as part of this process, the company confirmed that it transitioning corporate governance policies and procedures towards best practice, which includes benchmarking against the policies and structures of premium listed companies.
READ: Hurricane Energy gearing up for a potentially transformational year
It means the company will become compliant with the UK Corporate Governance Code, which is not required for AIM-quoted companies.
Hurricane continues to advance the recruitment of a new non-executive chairman, and it will subsequently also hire a new independent non-executive directors.
Changes are also being made to ensure current non-executive directors can be recognised as being independent (for example, they have relinquished previously granted awards under the share option plan), and in the future it will not have incentive awards for non-executive directors.
The company has also reconstituted membership of its Audit and Risk, Remuneration and Nominations committees.
It is now planning a ‘corporate governance roadshow’ with investors and proxy advisers to discuss the changes it is making.
READ: Broker upgrade sees 125% upside for Hurricane Energy shares
"I am pleased to report that Hurricane's corporate governance practices continue to be enhanced based on recommendations of the listing and governance committee,” said interim chairman John van der Welle.
“We look forward to discussing our plans for further changes with major shareholders on the upcoming corporate governance roadshow as we transition our disclosure, reporting and corporate governance standards towards best practice, commensurate with a premium Listed business."
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