This statement is a summary of the main corporate governance policies, which the Directors have adopted.
Commissioners Gold Ltd has adopted systems of control and accountability as the basis for the administration of corporate governance. Commissioners Gold Ltd is committed to administering the policies and procedures with openness and integrity, pursuing the true spirit of corporate governance commensurate to Commissioners Gold Ltd's needs.
The Directors play a vital role in driving the performance of the company as well as ensuring compliance with all its contractual, statutory and any other legal obligations, including the requirements of any regulatory body. However, due to Commissioners Gold Ltd's size, it may not be appropriate or practicable for Commissioners Gold Ltd to comply with all the Principles of Good Corporate Governance and Best Practice Recommendations of ASX Corporate Governance Council.
As Commissioners Gold Ltd activities develop in size, nature and scope, the size of the Board, the implementation of additional corporate governance structures and the adoption of corporate governance policies and practices established by ASX Corporate Governance Council will be given careful consideration. This will be done with a view to maintaining a Board that can adequately and appropriately supervise the Company’s activities.
The Board is responsible for assessing and establishing and updating the strategic direction of the Company, establishing corporate objectives and monitoring the progress of these objectives.
The Board has exclusive responsibility in relation to the following:
- Appointing and removing any Executive Director and approving their remuneration;
- Appointing and removing the Company Secretary and approving their remuneration;
- Developing corporate objectives and the strategic direction of the Company and assessing the performance of management against the Board’s strategies;
- Assessing the adequacy of resources for management to properly carry out approved strategies;
- Monitoring actual performance against defined performance expectations and reviewing operating information to understand at all times the state of health of the company;
- Adopting operating and exploration expenditure budgets at the commencement of each financial year and monitoring the progress by both financial and non-financial key performance indicators;Overseeing the management of business risks, safety and occupational health, environmental issues and community development;
- Satisfying itself that the financial statements of the company fairly and accurately set out the financial position and financial performance of the company for the period under review;
- Satisfying itself that there are appropriate reporting systems and controls in place to assure the board that proper operational, financial, compliance, risk management and internal control processes are in place and functioning appropriately. Further, approving and monitoring financial and other reporting;
- Assuring itself that appropriate audit arrangements are in place;
- Ensuring that the company acts legally and responsibly on all matters and assuring itself that the company has adopted, and that the company's practice is consistent with, this Corporate Governance Statement;
- Reporting to and advising shareholders.
Once listed on the ASX, the Company will put into place mechanisms to ensure compliance with continuous disclosure obligations. Those mechanisms will be adopted to ensure the gathering, assessment and co-ordination of the disclosures of information on a timely and transparent basis and in a balanced manner, and ensure the Company’s employees, consultants and advisors understand the obligation to bring material information to the attention of the Company. Visit the home page for regular updates on Commissioners Gold Ltd tenements
