The Board is responsible for setting the Company’s strategic direction and it strives to create shareholder value and to ensure shareholders funds are adequately protected. Its functions include:
- approving corporate strategies, financial budgets and group policies;
- assessing actual performance against budgets in order to monitor the suitability of corporate strategy and to assess the performance of the management team;
- review operational performance to ensure a clear understanding of the financial health of the Company;
- ensure the Company always acts with a high level of ethical standards and in a legal and responsible way;
- appointing, evaluating and rewarding the senior executives of the management team.
The non-executive directors, being Reginald Webb, Lachlan Given, Stuart Grimshaw and Kevin Dundo, are independent, having no business or other relationships, which could compromise their autonomy. If a potential conflict of interest does arise, the director concerned does not receive the associated board papers and leaves the board meeting while the issue is considered. Directors must keep the Board advised on any matters that may lead to a conflict of interest. A formal Board Charter has been adopted by the Board (PDF).