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              [html]<thead><tr><tdrowspan="2">Corporate Governance Practices</td><tdrowspan="2">O approving and monitoring the progress of</td><tdrowspan="2">other Drector who has held office ( without needsory to their years or more must also has and and allowed and allowed by and allowed allowed and allowed and allowed and allowed and allowed and allowed allowed and allowed and allowed and allou</td></tr><tr><td>This statement provides an outline of the main corporate governance policies and practices that the Company had in place during the financial year.</td></tr></thead><tbody><tr><tdrowspan="4">* ment and acquisitions and divestitures ;</td><td>·) approving and monitoring financial and other reporting :</td><tdrowspan="2">The Board places considerable importance on high standards of ethical behaviour, governance and accountability. The Board is committed to ensuring tis cooporate governance policies adhere, as much as is practicable, to the ASXCorpov</td></tr><tr><td>3 appointing, terminating and reviewing the performance of the Managing Director ;</td></tr><tr><td>3 ratifying the appointment and the termination of senior executives ;</td><tdrowspan="2">3 monitoring senior executives ' performance and implementation of strategy ; and</td></tr><tr><td>The Board has recognised the need for the continual development of the Company ’ s corporate governance policies and practices, particularly in view of the Australian Securities Exchange Corporate Governance Principles and Recommend</td></tr><tr><tdrowspan="2">to senior executives. Responsibility for the day - to - day management</td><td>The Managing Director is not subject to retirement by rotartion and along with any Director appointed as an additional or cassal Director, is not to be taken into account in determining the number of Directors regured to retire by rotatior</td><tdrowspan="2">of the Company is delegated to the Managing Director and the senior executives.</td></tr><tr><td>In carrying out its duties the Board meets formally at least nine times per year. Additional</td></tr><tr><tdrowspan="2">Roles and Responsibilities</td><td>In carrying out its duties the Board meets formally at least nine times per year. Additional meetings are held to address specific issues or</td><tdrowspan="2">The Board considers that independence from management and non - alignment with other interests or relationships with the Company is essential for impartial decision making and effective governance.</td></tr><tr><td>of the Board</td></tr><tr><tdrowspan="2">The Board of Directors is accountable to share - holders for the proper and prudent investment and preservation of shareholder funds.</td><td>In the financial year ending 30 june 2013, the Board met eleven times and there were four Committee meetings.</td><tdrowspan="2">The Board is responsible for :</td></tr><tr><td>Directors are deemed to be independent if they are independent of management and have no material business or other relationship with the Company that could materially impede their objectivity or the exercise of independent judge menty</td></tr><tr><tdrowspan="2">3 overseeing the Company, including its control and accountability systems ;</td><td>Controlled to the board maxin accordance with the</td><tdrowspan="2">> providing leadership of the Company within</td></tr><tr><td>Company ' s constitution, be comprised of a</td></tr><tr><tdrowspan="2">controls which enable risks to be asses and managed ;</td><td>Directors. The roles of the Non - Executive Chairman ar</td><tdrowspan="2">3 providing input into and final approval of management ' s development of corporate strategy and performance objectives ;</td></tr><tr><td>the Managing Director / Chief Executive Officer are exercised by different individuals.</td></tr><tr><tdrowspan="2">For the 2013 financial year, four of the Company ’ s five Directors ( including the Nior - Executive Chairman ) were considered by the Board to be independent throughout the year. Those Directors were Mi Rbos Smyth - Kirk, Meter MicAller, Mer</td><td>During the 2013 financial year there were five Directors. Details of the Directors who held office during the 2013 financial year, including</td><tdrowspan="2">· reviewing, ratifying and monitoring syster of risk management and internal control, codes of conduct and legal compliance ;</td></tr><tr><td>Directors. Details of the Directors who held office during the 2013 financial year, including their qualifications, experience and the period</td></tr><tr><tdrowspan="2">• setting the Company ' s direction, strategies</td><td>run enricin electricium mean intervention relevant. out on page 48 of this Report.</td><tdrowspan="2">and financial objectives ;</td></tr><tr><td>≥ 3 ensuring compliance with regulatory and</td></tr><tr><tdrowspan="2">At each Annual General Meeting of the Company, one third of the Directors ( or the number nearest : one - third ) must retire from office. In addition any</td><tdrowspan="2"</tr><tr></tr><tr><tdrowspan="2"<tdrowspan="2"</tr><tr></tr></tbody>
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