Fortis Mining Limited (“Fortis” or “the Company”) is committed to principles of best practice in corporate governance.
The Board will conduct itself in accordance with the ASX Corporate Governance Principles and Recommendations, 2nd Edition (2007) (“Recommendations”) as issued by the ASX Corporate Governance Council (“the Council”), to the extent that such principles and recommendations are applicable to an entity of the size and structure of the Company.
The ASX Recommendations are not prescriptions, they are guidelines. The Council recognise that the range in size and diversity of companies is significant and that smaller companies from the outset may face particular issues in following all the Recommendations. If a company considers that a recommendation is inappropriate to its particular circumstances, it has the flexibility not to adopt it.
The Board has adopted the best practice recommendations as outlined by the Council to the extent that is deemed appropriate considering the current size and operations of Fortis. Therefore, where the Board considers that the cost of implementing a recommendation outweighs any potential benefits; those recommendations have not been adopted.
The Board will review on an ongoing basis the corporate governance policies and structures that the Company has in place to ensure that these are appropriate for the size of the Company and nature of its activities, and that these policies and structures continue to meet the corporate governance standards that the Board is committed to.
