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The Board of Highlands Pacific is committed to achieving a high standard in the areas of accountability and corporate governance. In this was the Company can ensure transparency and fair dealings with all stakeholders, which must be in the interest of shareholders.
The Board is aware of developments in Australia and overseas in relation to corporate governance “best practice”. In Australia, the ASX Corporate Governance Council has a framework detailing “Principles of Good Corporate Governance and Best Practice Recommendations”. Whilst there is no obligation to adopt all the principles and recommendations, the ASX does require companies to explain the reasons should they elect not to comply.
The Highlands Pacific Board has adopted the ASX’s principles and recommendations, to the extent that they are considered applicable, even though Highlands Pacific is incorporated and domiciled in Papua New Guinea.
The Corporate Governance Council’s principles are as follows:
Principle 1 Lay solid foundations for management and oversight Principle 2 Structure the Board to add value Principle 3 Promote ethical and responsible decision making Principle 4 Safeguard integrity in financial reporting Principle 5 Make timely and balanced disclosure Principle 6 Respect the rights of shareholders Principle 7 Recognise and manage risk Principle 8 Encourage enhanced performance Principle 9 Remunerate fairly and responsibly Principle 10 Recognise the legitimate interests of stakeholders
Summaries of Highlands Pacific’s main corporate governance policies are: The Corporate Governance statement as disclosed in the Company’s latest Annual Report is also available. |
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