Corporate Governance
The Board of Directors of Commissioners Gold is responsible for the corporate governance of the Company including its strategic development
| Principle 1 | — Solid foundations for management and oversight |
| Principle 2 | — Structure the Board to add value |
| Principle 3 | — Promote ethical and responsible decision making |
| Principle 4 | — Safeguard integrity in financial reporting |
| Principle 5 | — Make timely and balanced disclosure |
| Principle 6 | — Respect the rights of Shareholders |
| Principle 7 | — Recognise and manage risk |
| Principle 8 | — Remunerate fairly and responsibly |
The Board will be accountable to the Shareholders for the performance of the Company and will have overall responsibility for its operations and strategic direction. To this end Commissioners Gold Limited has adopted systems of control and accountability as the basis for the administration of corporate governance. 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.
As the Company’s activities develop in size, nature and scope then the size of the Board and the implementation of additional corporate governance structures and practices (as established by the 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 has established the following committees as being presently appropriate and adequate:
- An Audit and Risk Management Committee
- A Corporate Governance Committee
- A Remuneration and Nomination Committee
The Board has exclusive responsibility in relation to the following operations of the Company:
- Appointing and removing any executive director and approving their remuneration
- Appointing and removing the Company Secretary and approving their remuneration
- Developing the strategic direction of the Company and assessing the performance of management
- Assessing the adequacy of resources for management to carry out approved strategies
- Reviewing the state of health of the Company
- Adopting operating and exploration expenditure budgets for each financial year and monitoring progress
- Overseeing the management of business risks, safety and occupational health, environmental issues and community liaison
- 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
- Ensuring there are appropriate reporting systems and controls in place to assure proper and functioning operational, financial, compliance, risk management and internal control processes
- Ensuring appropriate audit arrangements are in place
- Ensuring 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
- Ensuring compliance with continuous disclosure obligations