Management
Mr Francis Gugen, Executive Chairman, aged 58
Francis Gugen is the founder, majority owner and Executive Chairman of IGas. Francis has over thirty years oil and gas industry experience. Between 1982 and 2000 he helped grow Amerada Hess in North West Europe, ultimately becoming CEO. He is a member of the CBI’s Energy Policy and Economic affairs Committees. He is currently a Non Executive Director, Vice Chairman of the Board and Chairman of the audit committee of Petroleum Geophysical Services ASA and a Non-Executive Director and member of the audit committee of the Britannia Building Society. Mr Gugen is also the non executive chair of Chrysaor Limited a new company focused on developing North Sea oil and gas fields with equity investors Barcap and Natural Gas Partners IX, LP) and of Fraudscreen Limited a new financial services business.
Mr Andrew Austin, Chief Executive Officer, aged 42
Andrew Austin is the Chief Executive Officer of IGas. Mr Austin specialises in energy projects in the gas, electricity and renewables sector. He has been involved in ventures as principal and has also raised substantial funds of private and public equity for clients during the course of his career to date. Mr Austin spent 17 years working in investment banking in the City of London with Merrill Lynch, Nomura, Citibank and Barclays Capital. Latterly he was General Manager of Creditanstalt Investment Bank in London. He also has six years of management and consultancy experience with clean tech companies including Generics Group and Whitfield Solar.
Mr Austin has been an executive director of IGas since 2004 and has been responsible for day to day operations and business development throughout that period.
Mr Brent Cheshire, Executive Technical Director, aged 52
Brent Cheshire is the Technical Director of IGas. After 14 years at Shell, Mr Cheshire joined Amerada Hess in 1991, where he had a range of roles culminating in Senior VP E&P Worldwide Technology and CEO Scandinavia. Mr Cheshire has significant experience in geology, drilling technology and project management and is managing director of DONG E&P (UK) Limited.
Mr Richard Armstrong, Non-Executive Director, aged 59
Mr. Armstrong is an associate with Fiske plc, the AIM quoted stockbrokers. He is a former equity analyst with extensive experience in reconstructing and raising capital for turnaround situations especially in the quoted microcap sector, including Optimisa plc, Weatherly International plc and Artilium plc. (Committee Chairman)
Mr John Bryant, Non-Executive Director, aged 61
Mr Bryant was appointed to the Board of KP Renewables Plc (which aquired IGas in a reverse takeover in December 2007) in May 2004. He is Chairman of Gas Turbine Efficiency plc and is a Non-Executive Director of Weatherly plc. These are both quoted on AIM. He is also a board member of the Attiki Gas Company, which supplies natural gas to Athens and the surrounding districts. John Bryant previously served as President of Cinergy Global Resources Corp, responsible for all international business and global renewable power operations of this US based electricity and gas utility provider. Before joining Cinergy, John was Executive Director with Midlands Electricity plc. He has been involved in developing a number of large gas fired power stations both in the UK and overseas, together with both electricity and gas distribution in Europe and Africa, renewable power in Europe and North America and gas and electricity trading. His prior experience was at British Sugar plc, Drexel Limited, the British Oxygen Company and Unilever plc. Drexel, where he was President, was a global oil and gas equipment manufacturing and servicing company.Mr Bryant holds an MSc from Reading University and a BA from Nottingham University, and is a Fellow of the Institute of Directors and a Fellow of the Royal Society of Arts.
Mr Peter Redmond, Non-Executive Director, aged 61
Mr. Redmond has over 20 years’ experience in corporate finance and venture capital. After leaving Durlacher Limited in 2003, he joined Merchant House Group plc and is now Chief Executive Officer of its corporate finance subsidiary, Merchant Capital Limited. He has been active in reconstructing a number of AIM companies as investing companies in recent years including Optimisa plc, Weatherly International plc and Artilium plc; and each of these have since successfully acquired or established operating businesses. Mr Redmond is a director of AIM quoted Weatherly International plc and BellaMedia plc.
Committees:
The Audit Committee
The audit committee is chaired by Richard Armstrong, and its other members are John Bryant and Peter Redmond. The committee normally meets not less than four times a year and meets the internal, if any, and external auditors at least twice a year without the executive Directors present. The Chief Executive Officer and, because of his financial background, the Chairman of the Company also attends these meetings at the invitation of the committee.
The audit committee is responsible for making recommendations to the Board of Directors on the appointment of the external auditors and their remuneration. The committee keeps under review the external auditors’ independence. The committee considers the nature, scope and results of the auditor’s work and develops a policy on and review (reserving the right to approve) any non-audit services that are provided by the external auditors. It receives and reviews reports from management and the Group’s auditors relating to theGroup’s annual report and accounts. The committee focuses particularly on compliance with legal requirements, accounting standards and the AIM Rules and on ensuring that an effective system of internal financial and non-financial controls is maintained. The ultimate responsibility for reviewing and approving the annual report and accounts remains with the Board of Directors.
The Renumeration Committee
The remuneration committee is chaired by John Bryant and the other members are Richard Armstrong and Peter Redmond. The committee, which normally meets at least twice a year, has responsibility for making recommendations to the Board of Directors on the Company’s policy on the remuneration of the Chairman, executive directors and other senior executives and for determining, within agreed terms of reference, specific remuneration packages for each of the Chairman and the executive directors of the Company and such members of senior management as it is delegated to consider, including pension rights, any compensation payments and the implementation of executive incentive schemes. In accordance with the committee’s terms of reference, no Director may participate in discussions relating to their own terms and conditions of service or remuneration.
The Nomination Committee
The nomination committee is chaired by John Bryant and its other members are Francis Gugen and Richard Armstrong. The committee, which normally meets not less than twice a year, has responsibility for considering the size, structure and composition of the Board of Directors, retirements and appointments of additional and replacement directors and making appropriate recommendations to the Board of Directors. The committee is also tasked with ensuring that plans are in place for orderly succession to the Board of Directors and senior management positions, so as to maintain an appropriate balance of skills and experience within the Company and the Board of Directors. The Chief Executive Officer of the Company is invited to attend meetings of the committee when the committee is discussing matters related to executive management and such other matters as the committee chairman deems appropriate.
