Page 40 - Sun Resources 2014 Annual Report

Principles Recommendations Complied
Yes/No Reference/ Explanations
Principle 1 Lay solid foundations for management and oversight
Rec 1.1 Companies should establish the functions reserved to the board and
those delegated to senior executives and disclose the functions.
No Website and Governance
Statement
Rec 1.2 Companies should disclose the process for evaluation of the
performance of senior executives.
Yes Website and Governance
Statement
Rec 1.3 Companies should provide the information indicated in the Guide to
reporting to Principle 1.
Yes Website and Governance
Statement
Principle 2 Structure the Board to add value
Rec 2.1 A majority of the Board should be independent Directors. Yes Website and Governance
Statement
Rec 2.2 The Chairperson should be an independent Director. No Website and Governance
Statement
Rec 2.3 The roles of Chairperson and Chief Executive Officer should not be
exercised by the same individual.
Yes Website and Governance
Statement
Rec 2.4 The Board should establish a nomination committee. No Website and Governance
Statement
Rec 2.5 Companies should disclose the process for evaluating the performance
of the Board, its committees and individual Directors.
Yes Website and Governance
Statement
Rec 2.6 Companies should provide the information indicated in the Guide to
reporting to Principle 2.
Yes Website and Governance
Statement
Principle 3 Act ethically and responsibly
Rec 3.1 Companies should establish a code of conduct and disclose the code
or a summary of the code as to:
• the practices necessary to maintain confidence in the company’s
integrity
• the practices necessary to take account of their legal obligations
and reasonable expectations of their stakeholders; and
• the responsibility and accountability of individuals for reporting
and investigating reports of unethical practices.
Yes Website and Governance
Statement
Rec 3.2 Companies should establish a policy concerning diversity and disclose
the policy or a summary of that policy. The policy should include
requirements for the Board to establish measurable objectives for
achieving gender diversity and for the Board to assess annually both
the objectives and progress in achieving them.
Yes Website and Governance
Statement
Rec 3.3 Companies should disclose in each annual report the measurable
objectives for achieving gender diversity set by the Board in accordance
with the diversity policy and progress towards achieving them.
Yes Website and Governance
Statement
Rec 3.4 Companies should disclose in each annual report the proportion
of women employees in the whole organisation, women in senior
executive positions and women on the Board.
Yes Website and Governance
Statement
Rec 3.5 Companies should provide the information indicated in the Guide to
reporting on Principle 3.
Yes Website and Governance
Statement
Principle 4 Safeguard integrity in corporate reporting
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
Yes Website and Governance
Statement
STATEMENT OF CORPORATE GOVERNANCE PRACTICES
38  SUN RESOURCES ANNUAL REPORT 2014