Page 41 - Sun Resources 2014 Annual Report

STATEMENT OF CORPORATE GOVERNANCE PRACTICES
Principles Recommendations Complied
Yes/No Reference/ Explanations
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 disclosures
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 Remuneration Committee
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
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 2014  39