Norton Gold Fields
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 ANNUAL REPORT

 

View Norton's 2009 Annual Report

 AUSTRALIAN PROJECTS
 
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Corporate governance  

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The directors and management of Norton Gold Fields Limited are committed to following the Principles issued by ASX underpinning corporate governance best practice.

In responding to the Principles and associated Best Practice Recommendations, Norton has given due and careful regard to its particular circumstances and the best interests of its shareholders.

ASX Listing Rules require listed companies to disclose in their Annual Report the extent to which ASX Best Practice Recommendations have been followed; identify which Recommendations have not been followed; and provide reasons for their decisions.

As detailed in this Corporate Governance Statement, Norton considers its current governance practices comply with 22 of the 27 ASX Recommendations. Where arrangements differ from the Recommendations, the directors and management believe this is appropriate to the Company's individual circumstances and represents good practice. 

Current practices do not comply in the following areas:
                 R2.1   A majority of the board should be independent directors.
                 R2.4   The board should establish a nomination committee.
                 R2.5   Companies should disclose the process for evaluating the performance of the board, its                                 committees and individual directors.
                 R4.2   Structure the audit committee so that it consists of at least 3 members.
                 R8.1   The board should establish a remuneration committee.

The Company will keep the Recommendations in continuous review and as Company circumstances change we expect to move towards full compliance. Decisions will be based on what is in the best interest of shareholders.

The remainder of this statement sets out each Principle, associated Best Practice Recommendations, and the Company's response.

Principle 1 - Lay solid foundations for management and oversight
Principle 1 - click here

Principle 2 - Structure the Board to add value
Principle 1 - click here

Principle 3 - Promote ethical and responsible decision-making
Principle 1 - click here

Principle 4 - Safeguard integrity in financial reporting
Principle 1 - click here

Principle 5 - Make timely and balanced disclosure
Principle 1 - click here

Principle 6 - Respect the rights of shareholders
Principle 1 - click here

Principle 7 - Recognise and manage risks
Principle 1 - click here

Principle 8 - Encourage enhanced performance
Principle 1 - click here

A full copy of Norton's corporate governance statement is available here

Norton's protocols and charters are available by clicking on the following links:

Board Protocol

Audit Committee and Risk Management Committee Charter

Board Nomination Charter


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