47 / 116
CORPORATE
GOVERNANCE
STATEMENT
The ARTC Board currently comprises
six members. The Board is chaired by
an Independent Non-Executive Director
and the roles of the Chair and Managing
Director are separate. The Managing
Director is the only Executive Director on
the Board and is also the Chief Executive
Officer. All of the other Directors are
Independent Non-Executive Directors.
ASX PRINCIPLES OF
GOOD CORPORATE
ARTC’s system of corporate governance
reflects the eight principles enunciated
in the ASX “Corporate Governance
Principles and Recommendations”.
The following table indicates where
specific ASX Principles are dealt with
in this statement:
ASX Principle
Reference
1 Lay solid foundations for management
and oversight
The Board, Board Committees,
Accountability and Audit
2 Structure the Board to add value
The Board,
Board Committees
3 Promote ethical and responsible
decision making
Governance Policies
4 Safeguard integrity in financial reporting The Board, Accountability and Audit,
Board Committees
5 Make timely and balanced disclosure
Our Shareholder
6 Respect the rights of security holders
Our Shareholder
7 Recognise and manage risk
Accountability and Audit
8 Remunerate fairly and responsibly
Board Committees
THE BOARD
Board role and
responsibilities
ARTC recognises the respective roles
and responsibilities of the Board and
Management through its system of
formal delegations and a schedule
of matters reserved to the Board.
This enables the Board to provide
strategic guidance for the company
and effective oversight of Management.
It also clarifies the respective roles and
responsibilities of Board members and
senior executives in order to facilitate
Board and Management accountability
to both the Group and its shareholders.
The major powers the Board has
reserved for itself are:
45