2e731431_rporate_Governance___PepinNini__EXPLANATION_OF_DEPARTURE
[BEST PRACTICE RECOMMENDATION] Principle 2.1 [NOTIFICATION OF DEPARTURE] A majority of directors are not independent [EXPLANATION OF DEPARTURE] 
Currently, two of the four directors satisfy the criteria for independence. The Company considers that the expense involved in the recruitment and employment of an additional independent director is not justified given the present size and complexity of its operations. Together, the current directors have a broad range of experience, expertise, skills, qualifications and contacts relevant to the business of the Company and have demonstrated that they make quality and independent judgments in the best interests of the Company on all relevant issues. Procedures are in place whereby directors having a conflict of interest in relation to a particular item of business must exclude themselves from the meeting before commencement of discussion of the topic. It is intended that, subject to the performance of the Company, new candidates for the board will be considered.
Corporate Governance - PepinNini
EXPLANATION OF DEPARTURE