Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 912

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 3
Chunk 912
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 a member of management or does not otherwise qualify as
independent, the independent directors of the board may elect a lead director. The lead director’s responsibilities include, but
are not limited to: presiding over all meetings of the board of directors at which the chairman is not present, including any executive
sessions of the independent directors; approving board meeting schedules and agendas; and acting as the liaison between the independent
directors and the chief executive officer and chairman of the board. Our corporate governance guidelines further provide the flexibility
for our board of directors to modify our leadership structure in the future as it deems appropriate.

47

Role
of the Board in Risk Oversight

One
of the key functions of our board of directors is informed oversight of our risk management process. Our board of directors will not
have a standing risk management committee, but will rather administer this oversight function directly through our board of directors
as a whole, as well as through various standing committees of our board of directors that address risks inherent in their respective
areas of oversight. In particular, our board of directors is responsible for monitoring and assessing strategic risk exposure and our
Audit Committee has the responsibility to consider and discuss our major financial risk exposures and the steps our management has taken
to monitor and control these exposures, including guidelines and policies to govern the process by which risk assessment and management
is undertaken. Our Audit Committee also monitors compliance with legal and regulatory requirements. Our Nominating and Corporate Governance
Committee monitors the effectiveness of our corporate governance practices, including whether they are successful in preventing illegal
or improper liability-creating conduct. Our Compensation Committee assesses and monitors whether any of our compensation policies and
programs has the potential to encourage excessive risk-taking. While each committee is responsible for evaluating certain risks and overseeing
the management of such risks, our entire board of directors will be regularly informed through committee reports about such risks.

Board
Committees

We
have the following board of directors committees: an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance
Committee. The composition and responsibilities of each committee are described below. Members will serve on these committees until their
resignation or until otherwise determined by our board of directors. Each committee’s charter is available under the Corporate
Governance section of our website at www.trio-petroleum.com. The reference to our website address does not constitute incorporation
by reference of the information contained at or available through our website, and you should not consider it to be a part of this