This principle requires that the level and composition is sufficient and reasonably set to attract and retain appropriately qualified and experienced Directors and executives.
The Board has not established a Remuneration Committee because of the limited size and nature of operations of the Company and the Board has resolved that the functions of a remuneration committee are best undertaken by the full Board.
Full details regarding the Company’s remuneration amounts and policies are disclosed in the audited Remuneration Report of the Company’s Annual Report.
The Board acknowledges that the Company does not fully comply with Principle 8 of the ASX Corporate Governance Practices and recommendations.
As stated above the Board has resolved that in view of the limited size of the Company’s business operations the functions of the Remuneration Committee are best to be undertaken by the full Board.