In 2012, Talisman sold a 49% equity interest in its main UK operating subsidiary, which owned substantially all of Talisman’s UK assets, to Addax Petroleum UK Limited, a wholly-owned subsidiary of the Sinopec Group. The UK operating subsidiary was renamed Talisman Sinopec Energy UK Limited (TSEUK) and is now owned indirectly by Talisman and Sinopec. TSEUK is governed through its Executive Committee and Board of Directors. The Executive Committee, comprised of shareholder representatives, is the primary decision-making body for items beyond the authority limit of TSEUK’s management team. TSEUK’s board of directors, comprised of an equal number of shareholder representatives plus an independent director, is the decision-making body for items beyond the authority limit of the Executive Committee. As a shareholder, Talisman does not have control of the day-to-day operations of TSEUK.
Description and data as of March 3, 2014. For more information please visit Talisman's 2013 Annual Information Form for more information.