In mid 2007, the ASX Corporate Governance Council released revised Corporate Governance Principles and Recommendations. To the extent they are applicable, the Company has adopted the second edition of the Corporate Governance Principles and Recommendations (“Recommendations”) as published by the ASX Corporate Governance Council.
Copies of the Company’s corporate governance policies are set out in the “Corporate Governance Policies”. The Company has therefore adopted systems of control and accountability as the basis for the administration of corporate governance.
The Board is committed to administering the policies and procedures with openness and integrity, pursuing the true spirit of corporate governance commensurate with the Company’s needs. 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 given further consideration.
In view of the size of the Company and the nature of its activities, the Board considers that the current board is a cost effective and practical method of directing and managing the Company.