Annual Report p17 CORPORATE GOVERNANCE The Board of Directors of Albidon are responsible for the corporate governance of the Group. The Board guides and monitors the business affairs of Albidon on behalf of shareholders by whom they are elected and to WHOM THEY ARE ACCOUNTABLE. In accordance with the Australian Stock Exchange Corporate Governance Council‟s (the Council‟s) �Principles of Good Corporate Governance and Best Practice Recommendations� (the Recommendations), the Company will disclose the extent to which it has followed the guidelines and any reasons for departure from these. The Board will continue to review and respond to corporate governance requirements.
http://www.albidon.com/corporate-profile/corporate-governance.html Role of the Board The primary role of the Board of Directors is the protection and enhancement of long-term shareholder value. YES, SERIOUSLY.
The Albidon website states here http://www.albidon.com/corporate-profile/board-and-management.html Mr (Sanlin)Zhang joined Jinchuan Group (JNMC) in July 1985 Mr (Sanlin) Zhang is now Vice President of JNMC & Mr Gao has been employed by JNMC for the past 26 years. JNMC as in Jinchuan the majority shareholder in Albidon plc
Annual Report p15 Mr (Yimin) Zhang is an employee of Jinchuan Group Limited (Jinchuan) and is Jinchuan‟s chief representative in Australia
There it is in the company's own words, 3 of the 4 board members headed by the Chairman are directly employed by Jinchuan.
Let us have a look at some of the Principles in - ASX Corporate Governance Principles and Recommendations with 2010 Amendments
Principle 1 � Lay solid foundations for management and oversight Recommendation 1.1: Companies should establish the functions reserved to the board and those delegated to senior executives and disclose those functions. Recommendation 1.2: Companies should disclose the process for evaluating the performance of senior executives.
Principle 2 - Structure the board to add value Recommendation 2.1: A majority of the board should be independent directors Recommendation 2.2: The chair should be an independent director Recommendation 2.5: Companies should disclose the process for evaluating the performance of the board, its committees and individual directors
Principle 5 - Make timely and balanced disclosure Recommendation 5.1: Companies should establish written policies designed to ensure compliance with ASX Listing Rule disclosure requirements and to ensure accountability at a senior executive level for that compliance and disclose those policies or a summary of those policies
Principle 6 - Respect the rights of shareholders Companies should respect the rights of shareholders and facilitate the effective exercise of those rights. Recommendation 6.1: Companies should design a communications policy for promoting effective communication with shareholders and encouraging their participation at general meetings and disclose their policy or a summary of that policy
Principle 8- Remunerate fairly and responsibly Recommendation 8.2: The remuneration committee should be structured so that it: consists of a majority of independent directors is chaired by an independent chair
HOW DO YOU THINK THE CURRENT STATE OF ALBIDON STACKS UP AGAINST THAT LOT.
NINE CENTS
Email the company & tell them what you think. ALL the Convertible Notes to go now. CEO Jian Hua Sang to go now. Useless board members to go now.
albidon dot action at hotmail dot com
ALB Price at posting:
9.2¢ Sentiment: Buy Disclosure: Held
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