The Directors of Crest Minerals are committed to maintaining high standards of corporate governance. Our corporate governance practices are the responsibility of the Board of Directors and are consistent with the guidelines for effective governance set out by Australian Stock Exchange (ASX). All corporations listed on the Australian Stock Exchange must annually disclose their approach to corporate governance with respect to these specific guidelines.
The Board oversees Crest Minerals business strategy, operating strategy and business practices. The Board meets regularly and is consulted with on major issues such as planning, acquisitions and divestitures and its focus is the protection of our assets and shareholder value. The Board has established two standing committees to facilitate the carrying out of the Board's duties and responsibilities and meeting applicable statutory and regulatory requirements.
These two committees are the Audit and Compensation Committee. In addition, from time to time, ad hoc committees may be appointed when special circumstances dictate, with specific assignments for a limited duration.
With respect to corporate governance, the role of the Board is to determine the overall approach to addressing corporate governance issues. The Board monitors, assesses and reviews matters pertaining to the organization and the composition of the Board of Directors, the organization and conduct of Board Meetings, and the effectiveness and independence of the Board, its committees and individual directors. The Board and Advisors also monitors matters pertaining to standards of business and ethical conduct.
In relation to audit matters, the Audit Committee is responsible for overseeing the nature and scope of the annual audit, managements reporting on internal accounting standards and practices, financial information and accounting systems and procedures, and financial reporting and statements. They also recommend, for approval of the Board, the audited financial statements, interim financial statements and other mandatory disclosure releases containing financial information. The Audit Committee when formed will be headed up by Auditors Grant Thorton, Australia.
The role of the Compensation Committee is to assist the Board of Directors of the Company in fulfilling its responsibility by reviewing matters relating to the human resource policies and compensation of the directors, officers and employees of the Company and its subsidiaries within the context of the budget and business plan of the Company when applicable. This includes matters such as compensation philosophy and remuneration policy, Board retainer fees, performance objectives and evaluation of the Chief Executive Officer, compensation and benefit package for senior officers, proposed stock option or share purchase plans, bonuses, and the annual disclosure of compensation information required by securities law. This committee consists of the Chairman Angus Middleton, Non-Executive Director Jonathon Trewartha, Non-Executive Director Andrew Kuzemko, and others that will be appointed on a yearly basis to support this committee as needed.
To the extent applicable, in light of the Crest Minerals size and nature, the Company has adopted The Corporate Governance Principles and Recommendations (2nd Edition) as published by ASX Corporate Governance Council. To read the full Corporate Governance - please click here
|Maximise shareholder value and look after shareholder interests|
|Seek profitability and efficiency|
|Integrity and accountability|
|Look after all stakeholder interests, especially public|
|Look for survival, long term growth, and stability|
|Less concerned with profit than value for money|