Page 44 - Sun Resources Annual Report 2013

STATEMENT OF CORPORATE GOVERNANCE PRACTICES
Principles Recommendations
Compiled
Yes/No
Reference/
Explanations
Rec 4.1 The board should establish an audit committee. Yes Website and
Governance Statement
Rec 4.2 The audit committee should be structured so that it:
• consists only of non-executive Directors;
• consists of a majority of independent Directors;
• is chaired by an independent chair, who is not the chair of the board; and
• has at least three members.
Yes Website and
Governance Statement
Rec 4.3 The audit committee should have a formal charter. Yes Website and
Governance Statement
Rec 4.4 Companies should provide the information indicated in the Guide to reporting on
Principle 4
Yes Website and
Governance Statement
Principle 5 Make timely and balanced disclosure
Rec 5.1 Companies should establish written policies designed to ensure compliance with
ASX Listing Rule disclosure requirements and to ensure accountability at a senior
level for that compliance and disclose those policies or a summary of those
policies.
Yes Website and
Governance Statement
Rec 5.2 Companies should provide the information indicated in the Guide to reporting on
Principle 5.
Yes Website and
Governance Statement
Principle 6 Respect the rights of shareholders
Rec 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.
Yes Website and
Governance Statement
Rec 6.2 Companies should provide the information indicated in the Guide to reporting on
Principle 6.
Yes Website and
Governance Statement
Principle 7 Recognise and manage risk
Rec 7.1 Companies should establish policies for the oversight and management of
material business risks and disclose a summary of those policies.
Yes Website and
Governance Statement
Rec 7.2 The board should require management to design and implement the risk
management and internal control system to manage the company’s material
business risks and report to it on whether those risks are being managed
effectively. The board should disclose that management has reported to it as to
the effectiveness of the company’s management of its material business risks.
Yes Website and
Governance Statement
Rec 7.3 The board should disclose whether it has received assurance from the chief
executive officer (or equivalent) and the chief financial officer (or equivalent) that
the declaration provided in accordance with section 295A of the Corporations
Act is founded on a sound system of risk management and internal control
and that the system is operating effectively in all material respects in relation to
financial reporting risks.
Yes Website and
Governance Statement
Rec 7.4 Companies should provide the information indicated in the Guide to reporting on
Principle 7.
Yes Website and
Governance Statement
Principle 8 Remunerate fairly and responsibly
Rec 8.1 The board should establish a remuneration committee. Yes Website and
Governance Statement
Rec 8.2 The remuneration committee should be structured so that it:
• consists of a majority of independent Directors
• is chaired by an independent Director
• has at least three members
Yes Website and
Governance Statement
Rec 8.3 Companies should clearly distinguish the structure of non-executive Directors’
remuneration from that of executive Directors and senior executives
Yes Website and
Governance Statement
Rec 8.4 Companies should provide the information indicated in the Guide to reporting on
Principle 8.
Yes Website and
Governance Statement
SUN RESOURCES ANNUAL REPORT 2013 42