The Chairman and Directors are responsible and committed to maintaining high standards of corporate governance and ESG principles, while promoting the Company’s Code of Business Conduct and Ethics across all operations.
In Zambia, corporate governance for energy companies is mainly regulated by the Energy Regulation Act No. 12 of 2019, along with sector-specific policies aimed at sustainable energy resource development.
Key Regulatory Bodies:
Ministry of Energy:
Sets policy for the energy sector.
Energy Regulation Board (ERB):
Regulates the sector, ensuring quality service, affordability, and fair returns for utilities and IPPs.
Rural Electrification Authority (REA):
Provides electricity infrastructure to rural areas.
ZESCO Limited:
The state-owned electricity company.
Indeni Energy Company Limited:
Manages and supplies petroleum products.
Zambezi River Authority (ZRA):
Manages hydropower resources from the Zambezi River.
The Operations Of The Board & Its Committees
The Board of Directors operates based on established policies and procedures.
The Board Of Directors
The Board meets regularly to review the Company’s activities and has established a formal schedule for reserved matters, including strategy oversight and significant capital expenditures.
It includes the Chairperson, Vice-Chairperson, Independent Directors, and Executive Directors, all of whom have access to the Company Secretary and professional advisors.
Audit & Compliance Committee
The Audit Committee includes the Chairperson, independent Directors, and Executive Directors. It meets at least twice a year and as needed to discuss audit and accounting issues.
The Committee monitors internal controls and ensures proper reporting of the Company’s financial performance. It also meets with auditors to review reports on accounts and internal controls.
Remuneration & Human Capital Development Committee
The Remuneration Committee, consisting of the Chairperson and Independent Directors, recommends remuneration policies for Executive Directors and senior executives to attract and motivate high-quality talent. It also ensures training and development programs align with the Company, employee needs and goals.
The Committee aims to show shareholders that Executive Directors’ remuneration is set impartially, considering shareholder interests. Additionally, it oversees Health, Safety, Environmental, Social, and Governance (HSE and ESG) responsibilities for GEI and its subsidiaries, ensuring compliance across employees, shareholders, contractors, and communities.
Investment Committee
The Investment Committee consists of the Vice-Chairperson, Independent Directors, and Executive Directors.
Its primary role is to oversee the Company’s investment strategy, ensuring alignment with goals and compliance with regulations. The committee sets long-term investment objectives, researches potential opportunities, and regularly reviews performance against benchmarks and industry standards.
