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Corporate Governance

The primary responsibility of the Board is to represent and advance Shareholders' interests and to protect the interests of all stakeholders. To fulfil this role the Board is responsible for the overall corporate governance of the Company including its strategic direction, establishing goals for management and monitoring the achievement of these goals.

The responsibilities of the Board include:

  • Protection and enhancement of Shareholder value;
  • Formulation, review and approval of the objectives and strategic direction of the Company;
  • Approving all significant business transactions including acquisitions, divestments and capital expenditure;
  • Monitoring the financial performance of the Company by reviewing and approving budgets and monitoring results;
  • Ensuring that adequate internal control systems and procedures exist and that compliance with these systems and procedures is maintained;
  • The identification of significant business risks and ensuring that such risks are adequately managed;
  • The review and performance and remuneration of executive directors and key staff;
  • The establishment and maintenance of appropriate ethical standards; and
  • Evaluating and, where appropriate, adopting with or without modification, the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations.

The Board recognises the need for the Company to operate with the highest standards of behaviour and accountability. Subject to the exceptions outlined below the Company has adopted the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations to determine an appropriate system of control and accountability to best fit its business and operations commensurate with these guidelines.

The following statements, policies and procedures set the framework for the Company's corporate governance practices:

BOARD CHARTER

POLICY AND PROCEDURES FOR SELECTION AND APPOINTMENT OF NEW DIRECTORS

CODE OF CONDUCT FOR COMPANY EXECUTIVES

SECURITIES TRADING POLICY

AUDIT COMMITTEE CHARTER

SUMMARY OF PROCEDURE FOR SELECTION OF EXTERNAL AUDITOR AND ROTATION OF EXTERNAL AUDITOR

CONTINUOUS DISCLOSURE POLICY

SHAREHOLDER COMMUNICATION STRATEGY

RISK MANAGEMENT PROGRAM

PROCESS FOR PERFORMANCE EVALUATION OF THE BOARD, BOARD COMMITTEES, INDIVIDUAL DIRECTORS AND KEY EXECUTIVES

GENDER DIVERSITY POLICY

As the Company’s activities develop in size, nature and scope the implementation of additional corporate governance structures will be given further consideration.

In addition to the above, Latitude is:

  • Committed to operating in a safe and responsible manner, respecting the health of our employees, the environment, and the communities in which we operate.
  • Committed to the highest standards of personal, professional and ethical behaviour.

The Board sets out below its "if not, why not" report in relation to those matters of corporate governance where the Company's practices depart from the recommendations.

Recommendation reference:-

Guidelines Notification of Departure Explanation of Departure
2.1 The Board should establish a nomination committee. Given the size of the Board there is no formal nomination committee.  Acting in its ordinary capacity from time to time as required, the Board carries out the process of determining the need for, screening and appointing new Directors. In view of the size and resources available to the Company, it is not considered that a separate nomination committee would add any substance to this process.

2.4 - 2.5

A majority of the Board should be independent Directors and the chair should be an independent Director.

Given the Company’s present size and scope, it is currently not company policy to have a majority of independent Directors.  Directors have been selected to bring specific skills and industry experience to the Company. Mr Roger Steinepreis is considered not to be independent by virtue of being a partner of a material adviser to the Company (legal), Mr Timothy Moore and Mr Morgan Barron are deemed not to be independent by virtue of being substantial shareholders of the Company.

 

The Chairman, Mr Timothy Moore, does not meet the definition of an independent Director under the definition in the ASX Corporate Governance Guidelines. The Board believes the alignment of the interests of Directors with those of shareholders as being the most efficient way to ensure shareholders’ interests are protected. The Board believes that this is both appropriate and acceptable at this stage of the Company’s development

4.1

The Board should establish an audit committee.

The Company does not have an Audit Committee. The Board believes that, with only three Directors on the Board, the Board itself is the appropriate forum to deal with this function.

7.2

The Board should establish a risk committee.

The Company does not have a risk committee. The Board believes that, with only three Directors on the Board, the Board itself is the appropriate forum to deal with this function. The board continuously reviews and addresses risks facing the Company.

8.1 The Board should establish a remuneration committee. Given the current size of the Board, the Company does not have a remuneration committee.  The Board as a whole reviews remuneration levels on an individual basis, the size of the Company making individual assessment more appropriate than formal remuneration policies.  In doing so, the Board seeks to retain professional services as it requires, at reasonable market rates, and seeks external advice and market comparisons where necessary.