corporate governance

Is Biota misunderstood, or do Biota's Directors simply misunderstand? They are certainly underdelivering on their Corporate Governance - and that is putting it nicely - shoddy at best.


From the new (updated) Biotapharma website:

Summary of Biota's Corporate Governance

Biota has adopted corporate governance practices to achieve compliance with the ASX Corporate Governance Council best practice principles and recommendation guidelines in a manner appropriate for listed entities such as Biota.

Biota's Directors have an overriding objective of increasing shareholder value while still protecting the rights and interests of shareholders and ensuring the Company is properly managed.

The Board of Directors are responsible for:

Approving corporate strategies, the annual budget and financial plan;
Monitoring financial performance including approval of the annual and half-year financial results and liaising with the Company's auditors;
Appointing and assessing the performance of the CEO;
Monitoring managerial performance;
Establishing policies on risk oversight and management with appropriate mechanisms in place;
Reporting to shareholders and regulatory authorities.

The Directors are committed to the principles of best practice in corporate governance and to being accountable to shareholders and other stakeholders.

The Board contains a majority of independent directors including an independent Chairman. A non-executive director is not regarded as independent if they are associated with, or related to, a substantial shareholder or supplier.