
Burmarrad Group Assets p.l.c.
Statement of compliance with code of principles of good governance
5
Pursuant to Capital Markets Rules 5.94 and 5.97 issued by the Malta Financial Services Authority (the
“Rules”), Burmarrad Group Assets p.l.c. (the “Company”) should endeavour to adopt the Code of Principles
of Good Corporate Governance contained in Appendix 5.1 to Chapter 5 of the Rules (the “Code”), and
accordingly, is hereby reporting on the extent of its adoption of the Code for the year ended 31 December
2024.
The Company acknowledges that although the Code does not dictate or prescribe mandatory rules,
compliance with the principles of good corporate governance recommended in the Code is in the best
interests of the Company, its shareholders, bondholders and other stakeholders, and that compliance with
the Code, is not only expected by investors but also evidences the directors’ and the Company’s
commitment to maintaining a high standard of good corporate governance.
The Company has only issued debt securities which have been admitted to trading on the Malta Stock
Exchange, and accordingly, in terms of Rule 5.101, is exempt from reporting on the matters prescribed in
Rules 5.97.1 to 5.97.3, 5.97.6 and 5.97.8 in this corporate governance statement (the “Statement”).
Except where it is hereby noted, the Company confirms that it has complied with all applicable provisions
of the Capital Markets Rules 5.94 and 5.97 for the year ended 31 December 2024, in accordance with the
following:
The Board
The Board is responsible for setting the Company’s strategy and overseeing the Company’s financial
statements and annual report. The Board carries out these duties in a way that ensures effective supervision
of the Company’s operations and protects the interests of stakeholders, including Bondholders. During the
financial year under review, the directors have provided strong leadership in the direction of the Company
and fulfilled their responsibilities with honesty, competence, and integrity. Individually and collectively, the
directors possess the necessary skills and experience to contribute effectively to the Company’s decision-
making processes and the implementation of its strategy and policies. The Board is well-informed of the
statutory and regulatory requirements relevant to the Company’s business. The Board is accountable to
shareholders and other stakeholders for its own performance and that of its delegates.
The executive directors allow the Board to be given direct information regarding the Company’s
performance and business activities.
In addition to its statutory mandate to conduct the administration and management of the Company, the
Board acknowledges that in terms of the Code it is responsible to:
i. appoint the Chief Executive Officer (‘CEO’);
ii. actively participate in the appointment of senior management;
iii. ensure that there is adequate training in the Company for the Directors and senior management;
iv. establish a succession plan for senior management; and
v. ensure that all Directors are supplied with precise, timely and clear information so that they can
effectively contribute to board decisions.
The Company's Chairperson and Chief Executive Officer (CEO)
With effect from the Company’s conversion to a public limited liability company (as of 12th March 2024),
the roles of Chairman of the Board and CEO were held by separate individuals, ensuring a clear distinction
between the Chairman’s responsibility for leading the Board and the CEO’s role in managing the Company’s
operations, while maintaining a strong and collaborative working relationship between the two.