Stemming from a commitment to conduct our business in line with the highest standards of an ethical and responsible organization, PICO Cheiron Group has adopted a proactive approach to corporate governance and put in place a framework in compliance with the corporate governance guidelines of the United Kingdom’s Institute of Directors.

The first step of this process was to appoint a reputable Board of Directors with increased oversight on the company’s operations, as opposed to maintaining a strictly advisory role in the past. The Company Board of Directors is made up of seven members composed of strong independent and non-independent members to maintain a balance in the boardroom and bring impartiality, unique expertise, and effective conflict resolution strategies to the table.

The Group’s has also formed function committees including Audit & Risk, Nomination and Remuneration to assist the Board in delivering on their oversight responsibilities.

For further information on the Group’s corporate governance framework, please email us at board@picocheiron.com

 

Our Board of Directors

Salah Diab

Founder and Shareholder

Salah Diab

Mr. Salah Diab is one of Egypt’s leading entrepreneurs and founder of PICO Group and Al Masry Al-Youm daily independent newspaper and founder and Chairman of the Egyptian Multi-Investments Co. & Egyptian Tourism Company (Cairo Capital Club).

Mr. Diab is Member of the Egyptian Businessmen’s Association (EBA), the American Chamber of Commerce (AmCham) and the British Egyptian Business Association (BEBA).

Tawfik Diab

Chairman and Shareholder

Tawfik Diab

Mr. Tawfik Diab currently occupies the position of PICO Energy Services Holding Company’s Executive Chairman. In his previous role as Managing Director & CEO, Mr. Diab transformed PICO International Petroleum from a national player into a leading independent Egyptian exploration and production company with operations in Egypt, Mexico and Romania and a specialization in revitalizing mature fields.

Mr. Tawfik is a member of the Board of Directors of Al-Ahly for Development and Investments and Cairo Financial Holdings and is a member of the Egyptian Businessmen’s Association (EBA), the American Chamber of Commerce (AmCham) and the Young Professional Organizations (YPO).

Ian Hewitt

Senior Independent Director

Ian Hewitt

Mr. Hewitt spent the last 36 years in the oil and gas sector and has previously served as PICO Cheiron Group’s CEO. He has also worked for major international corporations as a senior executive including BG Group where he ran their regional businesses across North Africa, as well as holding a number of other Executive and Non-Executive Board positions. He has a successful history of building and running oil and gas businesses in the UK and internationally.

David Thomas

Chief Executive Officer

David Thomas

Mr. David Thomas is a seasoned oil and gas industry professional with over 35 years of experience in the sector. He started his career as a petroleum engineer with Conoco, working in the UK and Dubai before moving into reservoir engineering and asset management positions. Subsequently, he joined Lasmo where he became the Group GM Operations and, following the company’s acquisition, held three regional Vice President roles with Eni managing the North Sea, Russia/Asia/Australia and West Africa asset portfolios. Subsequently, David has served on the Board of various public companies including as the President and COO of Centurion Energy, CEO of Melrose Resources and COO of Petroceltic International. He is currently acting as a Non-Executive Director on the Gulf Keystone Board. He has a BSc in Mining Engineering from Nottingham University and an MSc in Petroleum Engineering from Imperial College.

Ahmed Darwish

Non-Executive Director

Ahmed Darwish

Dr. Ahmed Darwish currently holds the position of Chairman for the General Authority for Suez Canal Economic Zone and was previously the Minister of State for Administration Development (2004-2011). He was also a consultant to a number of international organizations (UNDP, UNIDO, UNESCO, FAO, ESCWA, European Union and World Bank), government organizations and companies in Egypt, the Middle East, Africa, Europe and United States. Holds various awards and is a published and internationally recognized professional.

Simon Lockett

Non-Executive Director

Simon Lockett

Mr. Simon Lockett served as CEO of Premier Oil Plc from 2005 to 2014, during a transformational period in the company’s history, and has held various positions from management of investor relations to Commercial Manager in the company all around the world including Indonesia, Iraq and Vietnam. His previous work includes time at Royal Dutch Shell, and he holds a number of executive and non-executive board positions in many oil and gas corporations.

James Dewar

Non-Executive Director

James Dewar

Mr. James Dewar has over 30 years of international business, finance, accounting and commercial experience. He currently serves as an Independent Non-Executive Director (NED) and Audit Committee (AC) Chair for PICO International Petroleum and Cheiron Petroleum Corporation. He is also a NED and AC Chair for Ambit Energy Corporation, a Nigerian focused E&P company planning a future London listing. Mr. Dewar is also currently the Non-Executive Chairman of lifetile, a technology start up that has raised four rounds of finance for an innovate digital legacy product launched in 2015.

Mr. Dewar previously had a successful executive career to 2011, which included 27 years with BP Plc in senior financial roles, plus a spell as the Group CFO of Dana Gas PJSC.

Maged Shawky

Non-Executive Director

Maged Shawky

Mr. Maged Shawky is currently the CEO of Beltone Financial Holding and was previously the Executive Chairman of the Egyptian Stock Market. He held the position of Senior Assistant to the Minister of Economy and Foreign Trade for Securities Markets issues for 12 years.

Mr. Shawky is a Board Member of Blom Bank Egypt. He plays an instrumental role in promoting corporate governance and corporate social responsibility in Egypt.

Board Secretary

Amina Taha

Board Secretary

Amina Taha

Ms. Amina Taha assumed the role of Board Secretary since March 2016 and Chief Economist for PICO Cheiron Group since 2014.  Prior to her current roles, she was Senior Economist at PICO Investment. Ms. Amina has 16 years of experience in the field of economic research and policy-making having previously worked as Senior Economist at the Ministry of Trade and Industry and held key roles at El Ezz Group, Qatar Foundation for Education, Science and Community Development, and the Egyptian Center for Economic Studies.

Ms. Amina has a BA in Economics from the American University in Cairo and earned a dual Master’s Degree in Economics and Public Policy and Administration from the American University in Cairo in 2009.

 

Audit & Risk Committee

The Audit & Risk Committee is responsible for oversight on the Group’s financial reporting process and risk strategy, including ensuring the independence and performance of internal and external auditors and assessing the nature, probability and impact of risks on Company’s operations. Committee members are as follows:

James Dewar

Committee Chairman

James Dewar

Mr. James Dewar has over 30 years of international business, finance, accounting and commercial experience. He currently serves as an Independent Non-Executive Director (NED) and Audit Committee (AC) Chair for PICO International Petroleum and Cheiron Petroleum Corporation. He is also a NED and AC Chair for Ambit Energy Corporation, a Nigerian focused E&P company planning a future London listing. Mr. Dewar is also currently the Non-Executive Chairman of lifetile, a technology start up that has raised four rounds of finance for an innovate digital legacy product launched in 2015.

Mr. Dewar previously had a successful executive career to 2011, which included 27 years with BP Plc in senior financial roles, plus a spell as the Group CFO of Dana Gas PJSC.

Simon Lockett

Committee Member

Simon Lockett

Mr. Simon Lockett served as CEO of Premier Oil Plc from 2005 to 2014, during a transformational period in the company’s history, and has held various positions from management of investor relations to Commercial Manager in the company all around the world including Indonesia, Iraq and Vietnam. His previous work includes time at Royal Dutch Shell, and he holds a number of executive and non-executive board positions in many oil and gas corporations.

Ahmed Darwish

Committee Member

Ahmed Darwish

Dr. Ahmed Darwish currently holds the position of Chairman for the General Authority for Suez Canal Economic Zone and was previously the Minister of State for Administration Development (2004-2011). He was also a consultant to a number of international organizations (UNDP, UNIDO, UNESCO, FAO, ESCWA, European Union and World Bank), government organizations and companies in Egypt, the Middle East, Africa, Europe and United States. Holds various awards and is a published and internationally recognized professional.

Maged Shawky

Committee Member

Maged Shawky

Mr. Maged Shawky is currently the CEO of Beltone Financial Holding and was previously the Executive Chairman of the Egyptian Stock Market. He held the position of Senior Assistant to the Minister of Economy and Foreign Trade for Securities Markets issues for 12 years.

Mr. Shawky is a Board Member of Blom Bank Egypt. He plays an instrumental role in promoting corporate governance and corporate social responsibility in Egypt.

Nomination and Remuneration Committees

The Nomination Committee is responsible for recommending suitable appointments/re-appointments of Board members as well as recommending and reviewing succession plans for Executive Directors.

The Remuneration Committee sets, reviews and recommends changes to remuneration for Executive Directors, Company Secretary and oversees remuneration for senior management.  They are ad hoc committees formed as required.