Page 38 - Bauxite Resources Annual Report 2013

Corporate Governance Statement cont.
ASX Principle Status Reference/comment
Principle 4: Safeguard integrity in financial
reporting
4.1 The Board should establish an audit
committee
A The Board has established an audit committee comprised of Mr
Carbon and Mr Lithgow (neither of whom are independent). The
Audit Committee follows the Audit Committee charter and there were
two meetings held during the year so as to ensure the integrity of
the Financial Statements of the Company and the independence of
the external auditor. Following the retirement of Mr Carbon the audit
committee has been reconstituted on 23 August 2013 with Mr Lithgow
as Chairman, and Mr Sibly and Mr Nash being members.
4.2 The audit committee should be structured
so that it:
• consists only of non-executive directors A Refer comments above
• consists of a majority of independent
directors
N/A Refer comments regarding independence above under Recommendation 2.1
• is chaired by an independent chair,
who is not chair of the Board
N/A Refer comments above
• has at least three members N/A Refer comments above
4.3 The audit committee should have a formal
charter
A Refer Company Website
4.4 Companies should provide the information
indicated in the Guide to reporting on
Principle 4
A Refer comments above
Principle 5: Make timely and balanced disclosure
5.1 Companies should 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
A The company has formulated a Continuous Disclosure Policy, which can
be viewed on its website.
5.2 Companies should provide the information
indicated in the Guide to reporting on
Principle 5
A
Principle 6: Respect the rights of shareholders
6.1 Companies should design a communications
policy for promoting effective
communication with shareholders and
encouraging their participation at general
meetings and disclose their policy or a
summary of that policy
A The Company has formulated a Shareholders Communication Policy
which can be viewed on the Company website.
6.2 Companies should provide the information
indicated in the Guide to reporting on
Principle 6
A
36 Bauxite Resources Annual Report 2013