The Company has adopted a Corporate Governance Plan which provides the written terms of reference for the Company’s corporate governance duties. The Board is committed to administering the policies and procedures with openness and integrity, pursuing the true spirit of corporate governance commensurate with the Company's needs.
Due to the current size and nature of the existing Board and the magnitude of the Company’s operations, the Board does not consider that the Company will gain any benefit from individual Board committees and that its resources would be better utilised in other areas as the Board is of the view that at this stage the experience and skill set of the current Board is sufficient to perform these roles. Under clause 1.21 of the Company’s Board Charter, the duties that would ordinarily be assigned to individual committees are currently carried out by the full Board under the written terms of reference for those committees.
As the Company’s activities develop in size, nature and scope, the size of the Board and the implementation of additional corporate governance structures will be reviewed.