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  • Corporate Governance

    • Introduction
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    • Principle 1
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    • Principle 2
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    • Principle 4
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    • Principle 5
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    • Principle 10
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• Corporate Governance

•   Introduction
•   Principle 1
•   Principle 2
•   Principle 3
•   Principle 4
•   Principle 5
•   Principle 6
•   Principle 7
•   Principle 8
•   Principle 9
•   Principle 10

Principle 2.      Structure the board to add value

The Board has been structured so that it has effective composition, size and commitment to adequately discharge its responsibilities and duties. Each Director is entitled to receive independent professional advice at the Company's expense.

Given the size and composition of the Board, the Company has not complied with the recommendations that require a Board to be comprised of a majority of independent Directors. Mr Richard Bennett is the managing director of Peak Drilling Services Pty Ltd, which maintains a drilling contract with the Company. Mr Burbury and Mr Griffin are major founding shareholders of the Company. Mr McQuitty is an employee of the Company.

The Board believes that it is able to exercise independence and judgment and does possess the necessary skills, expertise and experience required to effectively discharge their duties. The focus has been on the ability of the Board to add value by effectively exercising independence and discharging their duties, rather than on meeting the independence test in the guidelines. Refer to "About us -The Board" webpage for further details regarding qualifications and experience.

The roles of the Chairman and the Managing Director are exercised by Mr Burbury and Mr McQuitty respectively. The Company has not complied with the recommendation that requires the Chairman to be an independent Director.

The Board has adopted a Remuneration, Nomination and Succession Committee Charter which outlines the appointment of Directors and the procedure for selection and appointment of new Directors. Given the size and composition of the Board, there are only two members of the committee, being Mr Burbury and Mr Bennett (Committee Chairperson).

A copy of the Remuneration, Nomination and Succession Committee Charter can be accessed on the link below.

Remuneration, Nomination & Succession Charter