r personal use only
SIREN GOLD LIMITED
ACN 619 21 826
(Company)
CORPORATE GOVERNANCE STATEMENT
This Corporate Governance Statement is current as at 23 March 2022 and has been approved by the Board of the Company on that date.
This Corporate Governance Statement discloses the extent to which the Company will, as at the date it is admitted to the official list of the ASX, follow the recommendations set by the ASX Corporate Governance Council in its publication Corporate Governance Principles and Recommendations - 4th Edition (Recommendations). The Recommendations are not mandatory, however the Recommendations that will not be followed have been identified and reasons provided for not following them along with what (if any) alternative governance practices the Company intends to adopt in lieu of the recommendation.
The Company has adopted a Corporate Governance Plan which provides the written terms of reference for the Company's corporate governance duties.
Due to the current size and nature of the existing Board and the magnitude of the Company's operations, the Board does not consider that the Company will gain any benefit from individual Board committees and that its resources would be better utilised in other areas as the Board is of the strong view that at this stage the experience and skill set of the current Board is sufficient to perform these roles. Under the Company's Board Charter, the duties that would ordinarily be assigned to individual committees are currently carried out by the full Board under the written terms of reference for those committees.
The Company's Corporate Governance Plan is available on the Company's website at https://www.sirengold.com.au/site/About- Us/corporate-governance.
RECOMMENDATIONS (4TH EDITION) | COMPLY | EXPLANATION | |||||||||
Principle 1: Lay solid foundations for management and oversight | |||||||||||
Recommendation 1.1 | The Company has adopted a Board Charter that sets out the | ||||||||||
(a) | A listed entity should have and disclose a board | YES | specific roles and responsibilities of the Board, the Chair and | ||||||||
management and includes a description of those matters | |||||||||||
charter which sets out the respective roles and | |||||||||||
expressly reserved to the Board and those delegated to | |||||||||||
responsibilities of the Board, the Chair and | |||||||||||
management. | |||||||||||
management, and includes a description of those | |||||||||||
matters expressly reserved to the Board and those | |||||||||||
delegated to management. | |||||||||||
/1257_7 | 1 |
RECOMMENDATIONS (4TH EDITION) | COMPLY | EXPLANATION | |||||||||||||||||
The Board Charter sets out the specific responsibilities of the Board, | |||||||||||||||||||
requirements as to the Board's composition, the roles and | |||||||||||||||||||
only | responsibilities of the Chairman and Company Secretary, the | ||||||||||||||||||
establishment, | operation | and | management | of Board | |||||||||||||||
Committees, Directors' access to Company records and | |||||||||||||||||||
information, details of the Board's relationship with management, | |||||||||||||||||||
details of the Board's performance review and details of the | |||||||||||||||||||
Board's disclosure policy. | |||||||||||||||||||
A copy of the Company's Board Charter, which is part of the | |||||||||||||||||||
Company's Corporate Governance Plan, is available on the | |||||||||||||||||||
Company's website. | |||||||||||||||||||
use | Recommendation 1.2 | (a) | The Company has guidelines for the appointment and | ||||||||||||||||
A listed entity should: | YES | selection of the Board and senior executives in its | |||||||||||||||||
Corporate Governance Plan. The Company's Nomination | |||||||||||||||||||
(a) | undertake appropriate checks before appointing | ||||||||||||||||||
Committee | Charter | (in | the | Company's | Corporate | ||||||||||||||
a director or senior executive or putting someone | |||||||||||||||||||
Governance Plan) requires the Nomination Committee (or, | |||||||||||||||||||
forward for election as a Director; and | |||||||||||||||||||
in its absence, the Board) to ensure appropriate checks | |||||||||||||||||||
(a) | provide security holders with all material | ||||||||||||||||||
(including | checks in | respect of | character, experience, | ||||||||||||||||
information in its possession relevant to a decision | |||||||||||||||||||
education, | criminal | record | and | bankruptcy | history (as | ||||||||||||||
on whether or not to elect or re-elect a Director. | |||||||||||||||||||
appropriate)) are undertaken before appointing a person, | |||||||||||||||||||
personalr | |||||||||||||||||||
or putting | forward to security holders a candidate for | ||||||||||||||||||
election, as a Director. In the event of an unsatisfactory | |||||||||||||||||||
check, a Director is required to submit their resignation. | |||||||||||||||||||
(b) | Under the Nomination Committee Charter, all material | ||||||||||||||||||
information relevant to a decision on whether or not to | |||||||||||||||||||
elect or re-elect a Director must be provided to security | |||||||||||||||||||
holders in the Notice of Meeting containing the resolution | |||||||||||||||||||
to elect or re-elect a Director. | |||||||||||||||||||
Recommendation 1.3 | The Company's Nomination Committee Charter requires the | ||||||||||||||||||
A listed entity should have a written agreement with each | YES | Nomination Committee (or, in its absence, the Board) to ensure | |||||||||||||||||
that each Director and senior executive is personally a party to a | |||||||||||||||||||
Director and senior executive setting out the terms of their | |||||||||||||||||||
written agreement with the Company which sets out the terms of | |||||||||||||||||||
appointment. | |||||||||||||||||||
that Director's or senior executive's appointment. | |||||||||||||||||||
The Company has written agreements with each of its Directors | |||||||||||||||||||
and senior executives. | |||||||||||||||||||
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RECOMMENDATIONS (4TH EDITION) | COMPLY | EXPLANATION | |||||||||||||||||||||
Recommendation 1.4 | The | Board | Charter | outlines | the | roles, responsibility | and | ||||||||||||||||
The Company Secretary of a listed entity should be | YES | accountability of the Company Secretary. In accordance with | |||||||||||||||||||||
this, the Company Secretary is accountable directly to the Board, | |||||||||||||||||||||||
accountable directly to the Board, through the Chair, on all | |||||||||||||||||||||||
through the Chair, on all matters to do with the proper functioning | |||||||||||||||||||||||
matters to do with the proper functioning of the Board. | |||||||||||||||||||||||
of the Board. | |||||||||||||||||||||||
Recommendation 1.5 | (a) | The Company has adopted a Diversity Policy which | |||||||||||||||||||||
A listed entity should: | PARTIALLY | provides a framework for the Company to establish, | |||||||||||||||||||||
achieve and | measure | diversity objectives, including in | |||||||||||||||||||||
(a) | have and disclose a diversity policy; | ||||||||||||||||||||||
respect of gender diversity. The Diversity Policy is available, | |||||||||||||||||||||||
(b) | through its board or a committee of the board set | ||||||||||||||||||||||
as part of the Corporate | Governance Plan, on | the | |||||||||||||||||||||
measurable | objectives | for | achieving | gender | |||||||||||||||||||
Company's website. | |||||||||||||||||||||||
diversity | in | the composition | of its board, senior | ||||||||||||||||||||
(b) | The Diversity Policy allows the Board to set measurable | ||||||||||||||||||||||
executives and workforce generally; and | |||||||||||||||||||||||
gender diversity objectives and to continually monitor both | |||||||||||||||||||||||
(c) | disclose in relation to each reporting period: | ||||||||||||||||||||||
the objectives if any have been set and the Company's | |||||||||||||||||||||||
(i) | the measurable objectives set for that | ||||||||||||||||||||||
progress in achieving them. | |||||||||||||||||||||||
period to achieve gender diversity; | (c) | Given the current small size of the Board and Company's | |||||||||||||||||||||
(ii) | the | entity's progress | towards | achieving | |||||||||||||||||||
operations, the Board does not presently intend to set | |||||||||||||||||||||||
those objectives; and | measurable gender diversity objectives because: | ||||||||||||||||||||||
(iii) | either: | (i) | the Board does not anticipate there will be a need | ||||||||||||||||||||
(A) | the respective proportions of men | to appoint any new Directors or senior executives | |||||||||||||||||||||
and women on the Board, in | due to the limited nature of the Company's existing | ||||||||||||||||||||||
senior executive positions and | and proposed activities and the Board's view that | ||||||||||||||||||||||
across | the | whole | workforce | the existing Directors and senior executives have | |||||||||||||||||||
(including how the entity has | sufficient skill and experience to carry out the | ||||||||||||||||||||||
defined | "senior executive" for | Company's plans; | |||||||||||||||||||||
these purposes); or | (ii) | if it becomes necessary to appoint any new | |||||||||||||||||||||
(B) | if the entity is a "relevant | Directors or senior executives, the Board will | |||||||||||||||||||||
employer" under the Workplace | consider the application of the measurable | ||||||||||||||||||||||
Gender Equality Act, the entity's | diversity objectives and determine whether, given | ||||||||||||||||||||||
most recent | "Gender | Equality | the small size of the Company and the Board, | ||||||||||||||||||||
Indicators", as defined in the | requIring specified objectectives to be met will | ||||||||||||||||||||||
Workplace Gender Equality Act. | unduly limit the Company from applying the | ||||||||||||||||||||||
Diversity Policy as a whole and the Company's | |||||||||||||||||||||||
policy of appointing the best person for the job; and | |||||||||||||||||||||||
RECOMMENDATIONS (4TH EDITION) | COMPLY | EXPLANATION | |||||||||||||
If the | entity was in the S&P / ASX | 300 Index at the | (iii) | the respective proportions of men and women on | |||||||||||
commencement of the reporting period, the measurable | the Board, in senior executive positions and across | ||||||||||||||
only | objective for achieving gender diversity in the composition | the whole organisation (including how the entity | |||||||||||||
of its board should be to have not less than 30% of its | has defined "senior executive" for these purposes) | ||||||||||||||
directors of each gender within a specified period. | for each financial year will be disclosed in the | ||||||||||||||
Company's Annual Report. | |||||||||||||||
Recommendation 1.6 | (a) | The Company's Nomination Committee (or, in its absence, | |||||||||||||
A listed entity should: | YES | the Board) is responsible for evaluating the performance of | |||||||||||||
the Board, its committees and individual Directors on an | |||||||||||||||
(a) | have and disclose a process for periodically | ||||||||||||||
annual basis. It may do so with the aid of an independent | |||||||||||||||
evaluating the performance of the Board, its | |||||||||||||||
advisor. The process for this is set out in the Company's | |||||||||||||||
committees and individual Directors; and | |||||||||||||||
Corporate Governance Plan, which is available on the | |||||||||||||||
use | (b) | disclose for each reporting | period whether a | ||||||||||||
Company's website. | |||||||||||||||
performance evaluation has been undertaken in | |||||||||||||||
(b) | The Company's Corporate Governance Plan requires the | ||||||||||||||
accordance with that process during or in respect | |||||||||||||||
Company to disclose | whether or not | performance | |||||||||||||
of that period. | |||||||||||||||
evaluations were conducted during the relevant reporting | |||||||||||||||
period. The Company has completed performance | |||||||||||||||
evaluations in respect of the Board, its committees (if any) | |||||||||||||||
and individual Directors for this financial year in | |||||||||||||||
personalr | accordance with the above process. | ||||||||||||||
Recommendation 1.7 | (a) | The Company's Nomination Committee (or, in its absence, | |||||||||||||
A listed entity should: | YES | the Board) is responsible for evaluating the performance of | |||||||||||||
the Company's senior executives on an annual basis. The | |||||||||||||||
(a) | have and disclose a process for evaluating the | ||||||||||||||
Company's Remuneration Committee (or, in its absence, | |||||||||||||||
performance of its senior executives at least once | |||||||||||||||
the Board) is responsible for evaluating the remuneration of | |||||||||||||||
every reporting period; and | |||||||||||||||
the Company's senior executives on an annual basis. A | |||||||||||||||
(b) | disclose for each reporting | period whether a | |||||||||||||
senior | executive, for | these purposes, | means key | ||||||||||||
performance evaluation has been undertaken in | |||||||||||||||
management personnel (as defined in the Corporations | |||||||||||||||
accordance with that process during or in respect | |||||||||||||||
Act) other than a non-executive Director. | |||||||||||||||
of that period. | |||||||||||||||
The applicable processes for these evaluations can be | |||||||||||||||
found in the Company's Corporate Governance Plan, | |||||||||||||||
which is available on the Company's website. | |||||||||||||||
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RECOMMENDATIONS (4TH EDITION) | COMPLY | EXPLANATION | ||||||||||||||||||||
(b) | The Company's Corporate Governance Plan requires the | |||||||||||||||||||||
Company to disclose whether or not performance | ||||||||||||||||||||||
evaluations were conducted during the relevant reporting | ||||||||||||||||||||||
period. The Company has completed performance | ||||||||||||||||||||||
evaluations in respect of the senior executives (if any) for | ||||||||||||||||||||||
this financial year in accordance with the applicable | ||||||||||||||||||||||
processes. | ||||||||||||||||||||||
Principle 2: Structure the Board to be effective and add value | ||||||||||||||||||||||
Recommendation 2.1 | (a) | The Company does not have a Nomination Committee. | ||||||||||||||||||||
The Board of a listed entity should: | PARTIALLY | The Company's Nomination Committee Charter provides | ||||||||||||||||||||
for | the creation | of | a Nomination | Committee | (if | it is | ||||||||||||||||
(a) | have a nomination committee which: | |||||||||||||||||||||
considered it will benefit the Company), with at least three | ||||||||||||||||||||||
(i) | has at least three members, a majority of | |||||||||||||||||||||
members, a majority of whom are independent Directors, | ||||||||||||||||||||||
whom are independent Directors; and | ||||||||||||||||||||||
and which must be chaired by an independent Director | ||||||||||||||||||||||
(ii) | is chaired by an independent Director, | |||||||||||||||||||||
(b) | The Company does not have a Nomination Committee as | |||||||||||||||||||||
and disclose: | ||||||||||||||||||||||
the Board considers that the Company will not currently | ||||||||||||||||||||||
(iii) | the charter of the committee; | benefit from its establishment. In accordance with the | ||||||||||||||||||||
(iv) | the members of the committee; and | Company's Board Charter, the Board carries out the duties | ||||||||||||||||||||
that would ordinarily be carried out by the Nomination | ||||||||||||||||||||||
(v) | as at the end of each reporting period, the | |||||||||||||||||||||
Committee under the Nomination Committee Charter, | ||||||||||||||||||||||
number of times | the committee | met | ||||||||||||||||||||
including the following processes to address succession | ||||||||||||||||||||||
throughout the period and the individual | ||||||||||||||||||||||
issues and to | ensure the Board | has the appropriate | ||||||||||||||||||||
attendances of the members at | those | |||||||||||||||||||||
balance | of | skills, | experience, | independence | and | |||||||||||||||||
meetings; or | ||||||||||||||||||||||
knowledge of the entity to enable it to discharge its duties | ||||||||||||||||||||||
(b) | if it does not have a nomination committee, | |||||||||||||||||||||
and responsibilities effectively: | ||||||||||||||||||||||
disclose that fact and the processes it employs to | (i) | devoting time at least annually to discuss Board | ||||||||||||||||||||
address Board succession issues and to ensure that | ||||||||||||||||||||||
succession | issues and updating the Company's | |||||||||||||||||||||
the Board has the appropriate balance of skills, | ||||||||||||||||||||||
Board skills matrix; and | ||||||||||||||||||||||
knowledge, experience, | independence | and | ||||||||||||||||||||
(ii) | all | Board | members being | involved | in | the | ||||||||||||||||
diversity to enable it to discharge its duties and | ||||||||||||||||||||||
Company's nomination process, to the maximum | ||||||||||||||||||||||
responsibilities effectively. | ||||||||||||||||||||||
extent permitted under the Corporations Act and | ||||||||||||||||||||||
ASX Listing Rules. | ||||||||||||||||||||||
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Siren Gold Ltd. published this content on 23 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 March 2022 23:07:06 UTC.