In August 2002, the ASX convened the ASX Corporate Governance Council to develop recommendations for listed companies that reflect international best practice in order to promote and restore investor confidence.
In March 2003, the Council issued a publication entitled "Principles of Good Corporate Governance and Best Practice Recommendations", which lists essential Corporate Governance Principles and Best Practice Recommendations which are designed to optimise corporate performance and accountability in the interests of shareholders and the broader economy. The recommendations were updated by the ASX Corporate Governance Council in August 2007.
The recommendations are guidelines for companies to assess and, where necessary, improve their corporate governance practices. The Council recognises the significant range in size and activities of companies listed on the ASX and that smaller companies may face particular issues in attaining all of the recommendations from the outset. Accordingly companies are not obliged to adopt a recommendation where it is not considered appropriate for its particular circumstances.
Under ASX Listing Rule 4.10 companies are required to provide a statement in their Annual Reports disclosing the extent to which they have followed the Council’s Best Practice Recommendations during the reporting period. Where companies have not followed a particular recommendation, they must provide the reasons for this. Companies are also required to publicly disclose, preferably through their web sites, details of their corporate governance policies and practices.
During the 2011/12 financial year, the Company again conducted a thorough review of its corporate governance practices.
In some areas due to the current size and operations of the Company, the board has resolved not to adopt some of the best practice recommendations at this stage.
The following documents summarise the Company’s corporate governance practices with reference to the essential Corporate Governance Principles and set out the Codes, Policies and Strategies that have been adopted by the Company:
Corporate Governance Statement
Code of Ethics and Conduct
Code of Ethics and Conduct for Directors and Executives
Audit Committee Charter
Securities Trading Policy
Shareholder Communications Strategy
Continuous Disclosure Policy
Remuneration Committee Charter