GLOBAL SPECTRUM ENERGY SERVICES : CORPORATE GOVERNANCE DISCLOSURES

PUBLIC COMPANIES' RETURN ON CORPORATE GOVERNANCE

Section A: Introduction

Corporate Governance is a key driver of corporate accountability and business prosperity. The Nigerian Code of Corporate Governance, 2018 (NCCG 2018) seeks to institutionalize corporate governance best practices in Nigerian companies. It is also aimed at increasing entities' levels of transparency, trust and integrity, and create an environment for sustainable business operations.

The Code adopts a principle-based approach in specifying minimum standards of practice that companies should adopt. Where so required, companies are required to adopt the "Apply and Explain" approach in reporting on compliance with the Code. The 'Apply and Explain' approach assumes application of all principles and requires entities to explain how the principles are applied. This requires companies to demonstrate how the specific activities they have undertaken best achieve the outcomes intended by the corporate governance principles specified in the Code.

This will help to prevent a 'box ticking' exercise as companies deliberately consider how they have (or have not) achieved the intended outcomes. Although, the Code recommends practices to enable companies apply the principles, it recognizes that these practices can be tailored to meet industry or company needs. The Code is thus scalable to suit the type, size and growth phase of each company while still achieving the outcomes envisaged by the principles.

This form seeks to assess the company's level of compliance with the principles in the NCCG 2018. Entities should explain how these principles have been applied, specify areas of deviation from the principles and give reasons for these deviations and any alternative practice(s) adopted.

Please read the instructions below carefully before completing this form:

1. Every line item and indicator must be completed.
2. Respond to each question with "Yes," where you have applied the principle, and "No" where you are yet to apply the principle.
3. An explanation on how you are applying the principle, or otherwise should be included as part of your response.
4. Not Applicable (N/A) is not a valid response.

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Section B - General Information

S/No.	Items	Details
i.	Company Name	GLOBAL SPECTRUM ENERGY
		SERVICES PLC
ii.	Date of Incorporation	14th March, 2006
iii.	RC Number	648014
iv.	License Number	DPR permit number -
		DPR/OGISP/20/2621258/N219139
		DPR permit number-
		NUPRC/OGISP/22/8057951/R263127
		NIMASA License Number-
		00006060
		Nigeria Security & Civil Defence
		Corps-
		FMI/NSCDC/PGC/905/404/Vol.II
v.	Company Physical Address	49, Chris Madueke Drive, Lekki
		Phase 1, Lagos
vi.	Company Website Address	www.globalspectrumplc.com
vii.	Financial Year End	Half year ended 30th June 2022
viii.	Is the Company a part of a Group/Holding Company?	No
	Yes, /No
	If Yes, please state the name of the Group/Holding
	Company
ix.	Name and Address of Company Secretary	Rayfield Associates
		49, Chris Madueke Drive, Lekki
		Phase 1, Lagos.
x.	Name and Address of External Auditor(s)	Olufemi Fajuyi & Co. (Chartered
		Accountants)
		4, Olowu Street, off Obafemi
		Awolowo Way, Ikeja, Lagos.
xi.	Name and Address of Registrar(s)	African Prudential Registrar
		220, Ikorodu Road, Lagos
xii.	Investor Relations Contact Person	Adetola Raheem
	(E-mail and Phone No.)	[e-mail]
		08030660745
xiii.	Name of the Governance Evaluation Consultant	Z.I Osowoh and Associates
		Km 5, No 9, Lasu - Igando Road,
		by Ipaye Bus- Stop,
		2

		Iba Ojo, LGA
		Lagos.
xiv.	Name of the Board Evaluation Consultant	Z.I Osowoh and Associates
		Km 5, No 9, Lasu - Igando Road,
		by Ipaye Bus- Stop,
		Iba Ojo, LGA
		Lagos.

Section C - Details of Board of the Company and Attendance at Meetings

1. Board Details:

S/No.	Names of Board	Designation	Gender	Date First	Remark
	Members	(Chairman, MD, INED,		Appointed/
		NED, ED)		Elected
1.	Osahon Idemudia	Chairman	Male	26th February	Satisfactory
				2018
2.	Wasiu Akindele	Acting Managing	Male	26th August	Satisfactory
		Director		2018
3.	Clement Akanigbo	Non-Executive	Male	22nd July 2018	Satisfactory
		Director
4.	Shauibu Mustapha	Non- Executive	Male	19th May 2016	Satisfactory
		Director
5.	Chidolue Okonkwo	Non-Executive	Male	15th September	Satisfactory
		Director		2020
6.	Comfort Otera Okey	Independent Non-	Female	29th March	Satisfactory
	Chigbue	Executive Director		2021
7.	Dickson Ikechukwu	Independent Non-	Male	29th March	Satisfactory
	Olisemenogor	Executive Director		2021

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2. Attendance at Board and Committee Meetings:

S/No.	Names of	No. of	No. of	Membership	Designation	Number of	Number of
	Board	Board	Board	of Board	(Member or	Committee	Committee
	Members	Meetings	Meetings	Committees	Chairman)	Meetings	Meetings
		Held in	Attended			Held in the	Attended
		the	in the			Reporting	in the
		Reporting	Reporting			Year	Reporting
		Year	Year				Year
1.	Osahon	2	2	None	None	None	None
	Idemudia
2.	Wasiu	2	2	Finance and	Member	1	1
	Akindele			Risk
3.	Clement	2	2	Finance and	Chairman	1	1
	Akanigbo			Risk
				Audit	Chairman	2	2
4.	Chidolue	2	2	Audit	Member	2	2
	Okonkwo
				Governance	Member	1	1
				and
				Remuneration
5.	Shuaibu	2	1	Governance	Member	1	1
	Mustapha			and
				Remuneration
6.	Comfort Otera	2	2	Finance and	Member	1	1
	Okey Chigbue			Risk
				Governance	Member	1	1
				and
				Remuneration
7.	Dickson	2	2	Governance	Chairman	1	1
	Ikechukwu			and
	Olisemenogor			Remuneration

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Section D - Details of Senior Management of the Company
1.	Senior Management:
S/No.		Names	Position Held	Gender
1.		Wasiu Akindele	Acting Managing Director	Male
2.		Colm Doyle	Chief Operations Officer	Male
3.		Augustine Iwuji	Chief Financial Officer	Male
4.		Clifford Obude	Nigerian Content Manager	Male
5.		Chinedu Dike	Head, Strategic Investment &	Male
			Compliance
6.		Adedipe Enitan	Chief Risk Officer/HSSE	Male
			Manager
7.		Ajugo Kingdom	Operations Manager	Male
8.		John Alazor Uche	Business Development	Male
			Manager
9.		Rayfield Associates	Company Secretary	Corporate
10.		Ndu Ufere	Admin Manager	Male
11.		Modesta Iroh	Chief Internal Auditor	Female

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