Corporate Governance:Corporate Governance
The following Statement has been extracted from the Company’s 2007 Annual report and sets out the Company’s Corporate Governance policies
Corporate Governance Statement
The Board of Directors of MIKOH Corporation Limited is responsible for the corporate governance of the Group. The Board is responsible for protecting the rights and interests of the shareholders through the implementation of sound strategies and action plans and the development of an integrated framework of controls over the Company’s resources, functions and assets. This process is achieved through the application of appropriate corporate governance policies and procedures given the size of the company and the scale of its operations. The Board guides and monitors the business and affairs of MIKOH Corporation Limited on behalf of the shareholders by whom they are elected and to whom they are accountable.
The Board of MIKOH Corporation Limited is committed to complying with the ‘Principles of Good Corporate Governance and Best Practice Recommendations’ as issued by the ASX Corporate Governance Council, unless it believes compliance with individual guidelines is not appropriate. The Company is currently complying with all aspects of the ‘Principles of Good Corporate Governance and Best Practice Recommendations’ except for the lack of a Nomination Committee and a Remuneration Committee, and the Audit Committee having only two members rather than the recommended three. In each of these cases it is the Board’s view, given the scale of the Consolidated Entity and the size of the Board, that committees of the type and size recommended are impractical.
MIKOH’s Corporate Governance Statement is now structured with reference to the Corporate Governance Council’s principles and recommendations, which are as follows:
Principle 1 – Lay solid foundations for management and oversight
Principle 2 – Structure the board to add value
Principle 3 – Promote ethical and responsible decision making
Principle 4 – Safeguard integrity in financial reporting
Principle 5 – Make timely and balanced disclosure
Principle 6 – Respect the rights of shareholders
Principle 7 – Recognize and manage risk
Principle 8 – Encourage enhanced performance
Principle 9 – Remunerate fairly and responsibly
Principle 10 – Recognize the legitimate interests of shareholders
MIKOH Corporation Limited’s corporate governance practices were in place throughout the current financial year.
