Renegade Exploration Limited
ABN 92 114 187 978
CORPORATE GOVERNANCE STATEMENT
Renegade Exploration Limited
Corporate Governance Statement
(current as at 29 September 2020)
The Board of Directors are responsible for the overall strategy, governance and performance of Renegade Exploration Limited (the Company). The Board has adopted a corporate governance framework which it considers to be suitable given the size, nature of operations and strategy of the Company.
To the extent that they are applicable, and given its circumstances, the Company adopts the eight essential Corporate Governance Principles and Best Practice Recommendations ('Recommendations') published by the Corporate Governance Council of the ASX. Where the Company's corporate governance practices follow a recommendation, the Board has made appropriate statements reporting on the adoption of the recommendation. Where, after due consideration, the Company's corporate governance practices depart from a recommendation, the Board has offered full disclosure and reason for the adoption of its own practice, in compliance with the "if not, why not" regime.
As the Company's activities develop in size, nature and scope, the implementation of additional corporate governance structures will be afforded further consideration.
Corporate Governance Council Recommendation | Comply | Explanation | ||||||
(Yes / No) | ||||||||
PRINCIPLE 1: Lay solid foundation for management and oversight | ||||||||
1.1 | A listed entity should disclose; | Yes | The Board has adopted a formal Board Charter which sets out the respective roles and responsibilities of | |||||
(a) the respective roles and responsibilities of its board and management; and | the Board and management and those matters expressly reserved to the Board and those delegated to | |||||||
(b) those matters expressly reserved for the board and those delegated to | management. | |||||||
The Board is responsible for the general supervision of the management of the Company's business and | ||||||||
management. | ||||||||
affairs with the objective of enhancing shareholder value. The Board fulfills its mandate at regularly | ||||||||
scheduled meetings or as required. Frequency of meetings may be increased and the nature of the agenda | ||||||||
items may be changed depending upon the state of the Company's affairs and in light of opportunities or | ||||||||
risks which the Company faces. The directors are kept informed of the Company's operations at these | ||||||||
meetings as well as through reports and discussions with management on matters within their particular | ||||||||
areas of expertise. | ||||||||
The Board is responsible for approving long-term strategic plans and annual operating plans and budgets | ||||||||
recommended by management. The Board delegates to management responsibility for implementation of | ||||||||
these objectives and for the day-to-day operations of the Company, including, managing the Company's | ||||||||
operations and cash flow, evaluating new business opportunities, recruiting staff and complying with | ||||||||
applicable regulatory requirements. | ||||||||
The Board Charter is available on Renegade's website at www.renegadeexploration.com | ||||||||
1.2 | A listed entity should: | Yes | Prior to the putting forward of a candidate for election as a director by shareholders, as a minimum | |
(a) undertake appropriate checks before appointing a person, or putting forward | requirement, Renegade makes inquiries as to the person's character, experience and education. | |||
to security holders a candidate for election, as a director; | Criteria considered when appointing a new director include: | |||
and | • | quality of the individual; | ||
(b) provide security holders with all material information in its possession | • | background of experience and achievements to date; | ||
relevant to a decision on whether or not to elect or re-elect a director. | • | compatibility with other board members; | ||
• | compatibility with the Company's business activities; and | |||
• | ability to contribute. | |||
All material information relevant to whether or not to elect or re-elect a director is provided to the Company's | ||||
shareholders as part of the Notice of Meeting and Explanatory Statement for each annual general meeting | ||||
of the Company. | ||||
1.3 | A listed entity should have a written agreement with each director and senior | Yes | Non-Executive Directors are required to sign a letter of appointment. | |
executive setting out the terms of their appointment. | Executive Directors are required to enter into service agreements or consulting agreements and other | |||
senior executives are required to enter into employment or consulting agreements setting out the terms of | ||||
their appointment. | ||||
1.4 | The Company Secretary of a listed entity should be accountable directly to the | Yes | The appointment of the Company Secretary is approved by resolution of the Board. The Company | |
Board, through the Chair, on all matters to do with the proper functioning of the | Secretary is accountable to the Board, through the Chairman, and is responsible for supporting the proper | |||
board. | functioning of the Board which includes, but is not limited to, providing advice on governance and | |||
procedural issues, and the preparation of Board papers and minutes, attendance at Board meetings and | ||||
maintaining policies and procedures. | ||||
1.5 | A listed entity should: | No | Explanation for Departure | |
(a) have a diversity policy which includes requirements for the board or a | The Company has not yet established a formal policy on diversity and has not established or reported | |||
relevant committee of the board to set measurable objectives for | measurable objectives for achieving gender diversity. | |||
achieving gender diversity and to assess annually both the objectives and | The Company makes its appointment decisions based on merit, by assessing whether a person's skills | |||
the entity's progress in achieving them; | and experience are appropriate for particular roles. It does not discriminate based on gender, age, ethnicity | |||
(b) disclose that policy or a summary of it; and | or cultural background. | |||
(c) disclose as at the end of each reporting period the measurable objectives | Given the Company's size and stage of development, it does not believe that a formal diversity policy will | |||
for achieving gender diversity set by the board or a relevant committee of | provide any measurable benefit to the Company that is not already provided by its existing practices in this | |||
the board in accordance with the entity's diversity policy and its progress | area. However, as the Company's operations develop, it will consider the adoption of a formal diversity | |||
towards achieving them, and either: | policy and the setting of measurable objectives for achieving gender diversity. | |||
(i) the respective proportions of men and women on the board, in senior | The Company provides the following information regarding gender diversity as at 29 September 2020: | |||
executive positions and across the whole organisation (including how | Category | Proportion of females | ||
the entity has defined "senior executive" for these purposes); or | Whole organisation | Nil | ||
(ii) if the entity is a "relevant employer" under the Workplace Gender | ||||
Senior Executives | Nil | |||
Equality Act, the entity's most recent "Gender Equality Indicators", as | ||||
Board | Nil | |||
defined in and published under that Act. | ||||
1.6 | A listed entity should: | Yes | The Board assesses, from time to time, the effectiveness of the Board as a whole and the contribution of | |
(a) have and disclose a process for periodically evaluating the performance | individual directors, including considering the appropriate size of the Board. Given the size of the Company | |||
of the board, its committees and individual directors; and | and the management team, this process is managed informally by Directors. | |||
(b) disclose, in relation to each reporting period, whether a performance | ||||
evaluation was undertaken in the reporting period in accordance with that | ||||
process. | ||||
1.7 | A listed entity should: | Yes | During the reporting period performance reviews of senior executives were carried out on an informal basis. | |
(a) have and disclose a process for periodically evaluating the performance of | As the activities of the Company develop, it will consider the establishment of more formal evaluation | |||
its senior executives; and | procedures, including quantitative measures of performance. | |||
(b) disclose, in relation to each reporting period, whether a performance | ||||
evaluation was undertaken in the reporting period in accordance with that | ||||
process. | ||||
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Renegade Exploration Limited published this content on 30 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 October 2020 03:54:01 UTC