Corporate Governance Statement
The directors are committed to fulfilling their responsibilities individually, and as a board, for the benefit of all the Company’s stakeholders. On 31 March 2003, the ASX Corporate Governance Council (“CGC”) released its Principles of Good Corporate Governance and Best Practice Recommendations.
The CGC Principles, in conjunction with the ASX Listing Rules, require companies to disclose whether their corporate governance practices follow the CGC Principles on an “if not, why not” basis. This statement outlines the main corporate governance practices in place throughout the year, which comply with the CGC Principles and Best Practice Recommendations, unless otherwise stated.
Given the size and structure of the Company, the nature of its business activities, the stage of its development and the cost of strict compliance with all of the recommendations, it has adopted a range of modified systems, procedures and practices which it considers will enable it to operate in a manner consistent with the principles of good corporate governance.
The governance practices adopted by the board seek to follow the principles articulated in the CGC Principles of Good Corporate Governance and Best Practice Recommendations and where they do not correlate with the recommendations in the guidelines the Company considers that its adopted practices are appropriate to it.
The Company’s practices in complying with the overriding principles, including any departure from the CGC Recommendations are set out under the following headings.