The Board is committed to maintaining the highest standards of Corporate Governance. Corporate Governance is about having a set of core values and behaviours that underpin the Company's activities and ensure transparency, fair dealing and protection of the interests of stakeholders.
The Board of Directors supports the Principles of Good Corporate Governance and Best Practice Recommendations developed by the ASX Corporate Governance Council. The Company's practices are largely consistent with the Council's guidelines - the Board considers that the implementation of some recommendations are not appropriate having regard to the nature and scale of the Company's activities and size of the Board.
As ensuring consistency with the guidelines has been a gradual and on-going process, where the Company did not have certain policies or committees recommended by the Council in place during the year, the Board has identified such policies or committees. The Board uses its best endeavours to ensure exceptions to the Council's guidelines do not have a negative impact on the Company and the best interests of shareholders as a whole.
Details of all of the Council's recommendations can be found on the ASX website at http://www.asx.com.au/supervision/governance/index.htm