Given that we are on the topic of Corporate Governance.
Note the areas where they do not meet the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations.
1.6 (no evaluation measures for the directors or the Board)
1.7 (no evaluation measures for its senior executive). Despite the exorbitant management services cost to AGMPL
2.1 (there is no nomination committee)
2.4 (majority of the Board is not independent)
2.5 (the chair of the Board is not independent)
2.6 (there is no induction program for directors to develop their skills and knowledge) Again, despite the exorbitant cost of the Management Services Agreement charged by AGMPL
4.1 (there is no seperate Audit and Compliance Committee)
8.1 (the Board does not have remuneration committee)
The reasons given for non compliance with the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations are not sustainable in my view. Interesting rationales against all of those outstanding issues.
"The following table discloses the extent to which QBL has followed the best practice recommendations set by the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (2nd Edition).
Source :
https://www.queenslandbauxite.com/corporate-governance