Acting Chief Executive Officer Nicolae Luca explained that the board of directors of ERHC will evaluate future candidates for positions on the board to determine whether they satisfy these independence standards.
"We believe that independent directors play a crucial role in ensuring that the board of directors carries out its responsibilities in a manner consistent with its duties to shareholders," said Mr. Luca. "In coordination with the adoption of these revisions to the Committee Charters, efforts are underway to recruit three additional board members."
ERHC's board also approved a new Charter for the Audit Committee, as well as Corporate Governance Guidelines to supplement the Board Committee Charters and the Company's corporate governance policies.
Additionally, the board approved management's recommendation to reformulate the Company's business plan. The reformulated plan will permit ERHC's management to expand the Company's business focus beyond the Gulf of Guinea. Under Mr. Luca's leadership during the past year, ERHC's management has reaffirmed the Company's rights in the Nigeria-Sao Tome & Principe Joint Development Zone (JDZ), strengthened relationships with governments and regulators in the region, stabilized the Company's finances and put strict controls in place to keep expenses in check.
In coordination with the board meeting, ERHC's management met with leaders of the Joint Development Authority (JDA), which oversees activities in the JDZ. During informal discussions with the JDA Chairman Ado Wanka at the JDA's offices in Abuja, Nigeria, ERHC's representatives reiterated the Company's commitment, in conjunction with its technical partners, to fulfill its obligations in terms of exploration and production activities and community relations initiatives. ERHC representatives left with an expectation of the JDA's continuing cooperation with ERHC and other holders of rights in the JDZ. ERHC holds rights to participate in exploration and production activities in six of the JDZ Blocks.
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