Corporate Governance
PanAust is committed to best practice corporate governance practices. This commitment is based on a culture of integrity, rather than a "tick a box" mentality.
As an ASX listed public company, the relevant corporate governance reporting guidelines are the Australian Securities Exchange Corporate Governance Council's "Principles of Good Corporate Governance and Best Practice Recommendations". The fundamental principles are as follows:
- Lay solid foundations for management and oversight
- Structure the Board to add value
- Promote ethical and responsible decision making
- Safeguard integrity in financial reporting
- Make timely and balanced disclosure
- Respect the rights of shareholders
- Recognise and manage risk
- Remunerate fairly and responsibly
A number of recommendations are attached to these principles. However, there is recognition that not all of the recommendations will be appropriate for all companies at all times in their evolution. In its annual report, PanAust details its adherence to the principles and recommendations in a corporate governance statement. Any departure from the guidelines is explained.
For further information, refer to the Corporate Governance Statement on pages 27-30 in PanAust's 2008 Statutory Annual Report.
The Board and Committees
The Board has adopted a charter which sets out the responsibilities and functions of the Board. In addition, the Board has established a number of committees which play a key role in PanAust’s corporate governance structures. In particular, the Board has established an Audit Committee, a Nominations Committee, a Remuneration Committee and a Sustainability Committee. Each committee has its own charter which sets out the responsibilities and functions of the committee.For further information, refer to the:
- PanAust Board Charter
- Charter of the Audit Committee
- Charter of the Remuneration Committee
- Charter of the Nominations Committee
- Charter of the Sustainability Committee
Securities Trading Policy
PanAust has adopted a policy with respect to the trading in securities by Directors and employees. This policy provides corporate governance procedures for securities trading.
For further information, refer to: