| ASX Principle |
2008 Annual Report Page Reference |
Compliance |
| Principle 1: Lay solid foundations for management and oversight |
| 1.1 |
Establish the functions reserved to the board and those delegated to senior executives and disclose those functions. |
27 |
comply |
| 1.2 |
Disclose the process for evaluating the performance of senior executives. |
28 |
comply |
| 1.3 |
Provide the information indicated in the Guide to reporting on Principle 1. |
27 & 28 |
comply |
| Principle 2: Structure the board to add value |
| 2.1 |
A majority of the board should be independent directors. |
29 |
comply |
| 2.2 |
The chair should be an independent director. |
29 & 30 |
do not comply |
| 2.3 |
The roles of chair and chief executive officer should not be exercised by the same individual. |
30 |
comply |
| 2.4 |
The board should establish a nomination committee. |
30 |
comply |
| 2.5 |
Disclose the process for evaluating the performance of the board, its committees and individual directors. |
31 |
comply |
| 2.6 |
Provide the information indicated in the Guide to reporting in Principle 2. |
28 to 31 |
comply |
| Principle 3: Promote ethical and responsible decision-making |
| 3.1 |
Establish a code of conduct and disclose the code or a summary of the code as to:
- the practices necessary to maintain confidence in the company's integrity
- the practices necessary to take into account their legal obligations and the reasonable expectations of their stakeholders
- the responsibility and accountability of individuals for reporting and investigating reports of unethical practices.
|
32 |
comply |
| 3.2 |
Establish a policy concerning trading in company securities by directors, senior executives and employees and disclose the policy or a summary of that policy. |
33 |
comply |
| 3.3 |
Provide the information indicated in Guide to reporting on Principle 3. |
33 & 33 |
comply |
| Principle 4: Safeguard integrity in financial reporting |
| 4.1 |
The board should establish an audit committee. |
33 |
comply |
| 4.2 |
The audit committee should be structured so that it:
|
33 |
comply |
| 4.3 |
The audit committee should have a formal charter. |
33 |
comply |
| 4.4 |
Provide the information indicated in Guide to reporting on Principle 4. |
33 & 34 |
comply |
| Principle 5: Make timely and balanced disclosure |
| 5.1 |
Establish written policies designed to ensure compliance with ASX Listing Rule disclosure requirements and to ensure accountability at a senior executive level for that compliance and disclose those policies or a summary of those policies. |
34 |
comply |
| 5.2 |
Provide the information indicated in Guide to reporting on Principle 5. |
34 |
comply |
| Principle 6: Respect the rights of shareholders |
| 6.1 |
Design a communications policy for promoting effective communication with shareholders and encouraging their participation at general meetings and disclose the policy or a summary of that policy. |
35 |
comply |
| 6.2 |
Provide the information indicated in the Guide to reporting on Principle 6. |
35 |
comply |
| Principle 7: Recognise and manage risk |
| 7.1 |
Establish policies for the oversight and management of material business risks and disclose a summary of these policies. |
35 |
comply |
| 7.2 |
Tje board should require management to design and implement the risk and management and internal control system to manage the company's material business risks and report to it on whether those risks are being managed effectively. The board should disclose that management has reported to it as to the effectivness of the company's management of its material business risks. |
35 & 36 |
comply |
| 7.3 |
The board should disclose whether it has received assurance from the chief executive officer (or equivalent) and the chief financial officer (or equivalent) that the declaration provided in accordance with section 295A of the Corporations Act is founded on a sound system of risk management and internal control and that the system is operating effectively in all material respects in relation to financial reporting risks. |
36 |
comply |
| 7.4 |
Provide the information indicated in the Guide to reporting on Principle 7. |
35 & 36 |
comply |
| Principle 8: Remunerate fairly and responsibly |
| 8.1 |
The board should establish a remuneration committee. |
36 |
comply |
| 8.2 |
Clearly distinguish the structure of non-executive director's remuneration from that of exeutive directors and senior executives. |
36 |
comply |
| 8.3 |
Provide the information indicated in the Guide to reporting on Principle 8. |
36 |
comply |
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