Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 147

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 6
Chunk 147
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 that a majority of the members of the Board should be independent. With the exception of the two Executive Directors (Messrs. Tsakos and Saroglou) and one Non-executive Director (Mr. Jolliffe), the Board believes that each of the other incumbent directors (Messrs. Tommasino, Arapoglou, Mitropoulos and Petropoulos, Dr. Patrinos and Dr. Purnell) is independent under the standards established by the New York Stock Exchange (the “ NYSE”) because none has a material relationship with the Company directly or indirectly or any relationship that would interfere with the exercise of their independent judgment as directors of the Company.

The Board made its determination of independence in accordance with its Corporate Governance Guidelines, which specify standards and a process for evaluating director independence. The Guidelines provide that:

  A director cannot be independent if he or she fails to meet the objective requirements as to “independence” under the NYSE listing standards.  

  If a director meets the objective NYSE standards, he or she will be deemed independent, absent unusual circumstances, if in the current year and the past three years the director has had no rel...  

  If a director who meets the objective NYSE independence requirements either has had a disclosable transaction or relationship or the Corporate Governance, Nominating and Compensation Committee ...  

To promote open discussion among the independent directors, those directors met in regularly scheduled executive sessions in 2024 without participation of the Company’s management and will continue to do so in 2025. Dr. Patrinos serves as the Presiding Director for purposes of these meetings.

Documents Establishing Our Corporate Governance

The Board and the Company’s management have engaged in an ongoing review of our corporate governance practices in order to oversee our compliance with the applicable corporate governance rules of the NYSE and the SEC.

The Company has adopted a number of key documents that are the foundation of its corporate governance, including:

  a Code of Business Conduct and Ethics for Directors, Officers and Employees;  

  a Corporate Governance, Nominating and Compensation Committee Charter; and  

  an Audit Committee Charter.  

These documents and other important information on our governance, including the Board’s Corporate Governance Guidelines, are posted in the “ Investor Relations” section of the Tsakos Energy Navigation Limited website, and may be viewed at http://www. tenn. gr. We will also provide any of these documents in hard copy upon the written request of a shareholder. Shareholders may direct their requests to the