The Company has adopted systems of control and accountability as the basis for the administration of corporate governance. The Board is committed to administering the Company’s policies and procedures with openness and integrity, pursuing the true spirit of corporate governance commensurate with the Company’s needs.
The Company has in place corporate governance practices which are formally embodied in policies and codes adopted by the Board (Policies). The Company’s corporate governance Policies are structured to comply with the majority of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th Edition) (ASX Recommendations) as appropriate for the size and nature of the Company’s operations.
In light of the Company’s size and nature, the Board considers that the current Board is a cost effective and practical method of directing and managing the Company. As the Company’s activities develop in size, nature and scope, the size of the Board and the implementation of additional corporate governance policies and structures will be reviewed, with view to be fully compliant with all recommendations contained within the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th Edition).