Page 40 - Bauxite Resources Annual Report 2014

38 | Bauxite Resources Annual Report 2014
CORPORATE GOVERNANCE STATEMENT
Corporate Governance Statement cont.
Annual Report 2014 Bauxite Resources 38
ASX Principle Status Reference/comment
Principle 2 been addressed.
Principle 3: Promote ethical and responsible
decision-making
3.1 Companies should establish a code of
conduct and disclose the code or a
summary of the code as to:
A The company has formulated a Code of Conduct which can be
viewed on the company’s website under Corporate Governance
Policies.
ï‚· the practices necessary to maintain
confidence in the company’s integrity
ï‚· the practices necessary to take into
account their legal obligations and the
reasonable expectations of their
stakeholders
ï‚· the responsibility and accountability of
individuals for reporting and
investigating reports of unethical
practices
3.2 Companies should establish a policy
concerning diversity and disclose the policy
or a summary of that policy. The policy
should include requirements for the Board
to establish measurable objectives for
achieving gender diversity for the Board to
assess annually both the objectives and
progress of achieving them
A The Company has formulated a Diversity Policy, which can be
viewed on its website. The Board has not established measurable
objectives for achieving gender diversity at this stage of the
Company’s development due to the size and nature of the
Company’s activities. The Policy focusses on identifying and
removing any barriers to diversity to create a workplace culture of
inclusion and equal opportunities.
3.3 Companies should disclose in each annual
report the measurable objectives for
achieving gender diversity set by the Board
in accordance with the diversity policy and
progress towards achieving them.
N/A Refer comments above. Gender diversity objectives have not
been set.
3.4 Companies should disclose in each annual
report the proportion of women employees
in the whole organisation, women in senior
executive positions and women on the
Board
A Proportion of women employees in the whole organisation 33%,
women in senior executive positions 0% and women on the Board
0%.
3.5 Companies should provide the information
indicated in the Guide to reporting on
Principle 3
A Refer comments above.
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
Lithgow Chairman, Mr Nash (neither of whom are independent)
and Mr Sibly (who is 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.
4.2 The audit committee should be structured
so that it:
ï‚· consists only of non-executive directors A Refer comments above
ï‚· consists of a majority of independent
directors
N/A Refer comments regarding independence above under
Recommendation 2.1
ï‚· is chaired by an independent chair,
who is not chair of the Board
N/A Refer comments above