Although the Company is not yet listed on the Australian Stock Exchange, the Board has adopted formal corporate governance policies and procedures in general accordance with the ASX Principles of Good Corporate Governance and Best Practice.
Recommendations to the extent that they are considered applicable to the Company are currently under review. As a result of the changes proposed to the Company’s business operations and intended listing on the ASX, the Board is reviewing its policies and procedures and, in accordance with the ASX Principles of Good Corporate Governance, full information on the Company’s corporate governance practices will be available on the Company’s website once the review is complete.
Generally, the Board has responsibility for protecting the rights and interests of shareholders and is responsible for the overall direction, monitoring and governance of the Company. Responsibility for managing the business of the Company on a day-to-day basis has been delegated to the Executive Directors and the management team. The Directors’ responsibilities include:
- setting the strategic direction and objectives of the Company and establishing defined goals to assist and ensure these strategic objectives are met;
- monitoring the performance of management against the established goals and overall strategic objectives of the Company;
- ensuring that there are adequate internal controls and ethical standards of behaviour adopted and complied with within the Company;
- ensuring that the business risks of the Company are identified and understood and that appropriate monitoring and reporting procedures and controls are in place to manage these risks, while acknowledging that such risks may not be totally eliminated;
- ensuring the risk management function includes mechanisms to review and monitor corporate performance across a broad range of risk and compliance issues affecting assets, business operations, finance, occupational health and safety, management, environmental issues, native title and heritage issues and corporate governance; and
- appointing the executive Directors, evaluating the performance and determining the remuneration of the executive Directors and senior executives and ensuring that appropriate policies and procedures are in place for recruitment, training, remuneration and succession planning.
The Directors monitor the business affairs of the Company on behalf of Shareholders and are committed to the principles underpinning best practice in corporate governance, which best addresses their accountability to shareholders. This is supported by an overriding organization-wide commitment to the highest standards of legislative compliance and financial and ethical behaviour.
