| |
Corporate
Governance Policy |
|
| |
The Directors are responsible for the corporate governance of
Essential Petroleum and for protecting the rights and interests
of shareholders. The Board, when appointing committees, will determine
the terms of reference and reporting accountability. In general
terms, all committees will be responsible to the Board which will
ratify committee findings and decisions. It is the policy of the Board to maintain at least a balance of
executive and non–executive Directors and implement a number
of corporate governance practices through the following specialist
committees: |
|
| • |
Audit and Compliance Committee
This Committee is chaired by Mr J W Cornelius, and comprises non-executive
director Mr G R Higgins and Mr C Bryan of BDO, the Company’s external
auditor. |
|
| |
|
| • |
Remuneration and Benefits Committee
This Committee comprises Mr J W Cornelius and Mr G R Higgins and reviews remuneration
packages and policies. It also seeks external advice, as required, and monitors
practices of similar companies. |
|
|
|
| • |
Governance Committee
This Committee comprises Mr J W Cornelius, Mr G R Higgins and Mr J G Remfry
and is responsible for reviewing the effectiveness and structure of the Board
and the nature and the probity of management practices and disclosures. |
|
| |
|
| • |
Environment and Cultural Heritage Committee
This committee comprises Mr J W Cornelius, Mr J G Remfry and Mr
Allan Bremner of Bremner Corporation and reviews the Company’s
compliance and practice with respect to Environmental and Cultural
Heritage obligations and responsibilities. |
|
| |
|
| • |
Other Committees
From time to time, additional ad hoc or permanent committees will be appointed
to overview functions or make findings on behalf of the Company. |
|
| |
|
|
|
|
