b'3Governance In 2021 the Corporate Governance structure of Corporate Governance at Staatsolie aimsStaatsolie was solidified by the installation of to support and protect the company and itsthe following subcommittees of thestakeholders. It allows Staatsolie to workSupervisory Board: efficiently by establishing clear understanding1. Audit Committeeof the distribution of roles, responsibilities,2. Risk and Compliance Committeerights and accountabilities for everyone, and it3. Nomination and Remuneration Committeealso gives meaning to the following principles: long-term value creation, good governance andFor the first time, a report of theeffective oversight, integrity, transparency andSupervisory Board is included in therisk management.Annual Report of 2021.Corporate Governance allows Staatsolie toThe Code of Conduct and the Whistleblower help build an environment of trust, transparencyPolicy are key policies associated with and accountability necessary for fostering long- Corporate Governance. We have an online term investment, financial stability and businessannual sign-off for the Code of Conduct, which integrity, thereby supporting stronger growth.supplies the thread for the desired behavior. Our valuesZero-harm, Integrity, Excellence,As an improvement, we have made the Code Teamworkunderpin how we work and areof Conduct more visual, by introducing a short reflected in our culture. The Executive Boardvideo followed by an online test.recognizes that continual efforts need to beThe Whistleblower Policy in practice is put into investing in the workforce, and for thisfacilitated by the Integrity Committee. reason has conducted a BBetter2gether surveyThrough our intranet, Barreltje, this Policy in first quarter of 2022 as part of the Staatsoliewas highlighted. The Committee receives Engagement Program (STEP).and investigates complaints. In 2021, four The following Corporate Governance charterscases were reported and concluded by the were established in 2020 and will be reviewedCommittee. Actions resulting from theseand updated where needed in 2022:cases are also well monitored.1. Supervisory Board2. Audit, Risk & Compliance3. Nomination & Remuneration4. Executive Board5. Integrity Committee54 STAATSOLIE 2021 ANNUAL REPORT'