The primary responsibility of the Board is to represent and advance shareholders’ interests and to protect the interests of all stakeholders. To fulfil this role, the Board is responsible for the overall corporate governance of the Company including its strategic direction, establishing goals for management and monitoring the achievement of these goals.
The responsibilities of the Board include:
- Protection and enhancement of Shareholder value;
- Formulation, review and approval of the objectives and strategic direction of the Company;
- Approving all significant business transactions including acquisitions, divestments and capital expenditure;
- Monitoring the financial performance of the Company by reviewing and approving budgets and monitoring results;
- Ensuring that adequate internal control systems and procedures exist and that compliance with these systems and procedures is maintained;
- The identification of significant business risks and ensuring that such risks are adequately managed;
- The review and performance and remuneration of executive directors and key staff;
- The establishment and maintenance of appropriate ethical standards;
- Evaluating and, where appropriate, adopting with or without modification, the ASX Corporate Governance Council’s Principles of Good Corporate Governance and Best Practice Recommendations.
The Board recognises the need for the Company to operate with the highest standards of behaviour and accountability.
Subject to the exceptions outlined below the Company will adopt the ASX Corporate Governance Council’s Principles of Good Corporate Governance and Best Practice Recommendations.
As the Company’s activities develop in size, nature and scope the implementation of additional corporate governance structures will be given further consideration.