The Board is committed to represent and advance shareholders' interests for the long term and to protect the interests of all stakeholders. It recognises the need for the company to operate with the highest standards of ethical behaviour and accountability.
To fulfil this role the Board is responsible for the company’s strategic direction, establishing goals for management and monitoring the achievement of these goals.
The Board’s responsibilities are to:
protect and enhance shareholder value
formulate, review and approve the company’s objectives and strategic direction
approve all significant business transactions including acquisitions, divestments and capital expenditure
monitor the company’s financial performance by reviewing and approving budgets and monitoring results
ensure that adequate internal control systems and procedures exist, and compliance with these systems and procedures is maintained
identify significant business risks and ensure that such risks are adequately managed
review the performance and remuneration of executive directors and key staff
establish and maintain appropriate ethical standards
evaluate and, where appropriate, adopt with or without modification the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations.
Subject to the exceptions outlined below, the company has adopted the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations to determine an appropriate system of control and accountability that best fits its business and operations commensurate with these guidelines.
The following statements, policies and procedures set the framework for the company’s corporate governance practices: