Corporate Governance

The Board of the Company is responsible for ensuring the existence of the effective corporate governance environment to safeguard the interests of the Company and its Shareholders. This statement outlines the main corporate governance practices that have been adopted.


Independent Professional Advice

Each Director has the right to seek independent professional advice at the Company's expense given prior approval by the Chairman, such approval not to be unreasonably withheld.


Identifying and Managing Business Risks

The Board regularly monitors the operational and financial performance of the Company and economic entity, and also reviews and (where necessary) receives independent external advice on areas of operational and financial risks. Appropriate risk management strategies are developed to mitigate all identified risks of the business.


Composition of the Board of Directors

The Board of Directors consists of a non-executive Chairman and three non-executive Directors and the Managing Director. The Board will meet regularly and will be responsible for providing strategic direction, identifying significant business risk, approving major investment proposals and acquisitions, establishing goals and monitoring the achievement of these goals.

The full Board is responsible for establishing criteria for Board membership, reviewing Board membership and nominating directors for appointment to the Board. Candidates are initially appointed by the Board and must stand for election at the next general meeting of Shareholders.

Directors are selected on the basis of ensuring that the Board has an appropriate mix of qualifications, skills and experience, and are subject to retirement by rotation in accordance with the Company's Constitution.


Audit Committee

The Company presently has an Audit committee composed of three non-executive directors.


Ethical Standards

All Directors are expected to act with the utmost integrity and objectivity in the performance of their duties, striving at all times to enhance the reputation and performance of the Company.


Code of Conduct

The Company has established a corporate code of conduct which sets out the standards which the board, management and employees of the Company are encouraged to comply with when dealing with each other, shareholders and the broader community.