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For personal use only Mineral Commodities Limited
Statement of Corporate Governance
Statement of Corporate Governance
The Board of Directors of Mineral Commodities Limited (MRC) is responsible for the corporate governance of the Company. The Board
guides and monitors the business and affairs of the Company on behalf of the shareholders by whom they are elected and to whom they
are accountable.
In accordance with the Australian Securities Exchange (ASX) Corporate Governance Council’s (“CGC”) “Principles of Good Corporate
Governance and Best Practice Recommendations” the Corporate Governance Statement must contain certain specific information and
must disclose the extent to which the Company has followed the guidelines during the period. Where a recommendation has not been
followed, that fact must be disclosed together with the reasons for the departure.
The Company’s corporate governance practices were in place throughout the year and are compliant, unless otherwise stated, with the
Corporate Governance Council’s principles and recommendations, which are noted below.
Principle 1.
Principle 2.
Principle 3.
Principle 4.
Principle 5.
Principle 6.
Principle 7.
Principle 8.
Lay solid foundations for management and oversight
Structure the Board to add value
Promote ethical and responsible decision making
Safeguard integrity in financial reporting
Make timely and balanced disclosure
Respect the rights of shareholders
Recognise and manage risk
Remunerate fairly and responsibly
A summary of the corporate governance policies and practices adopted by MRC is set out below.
Role of the Board of Directors
The Board of MRC is responsible for setting the Company’s strategic direction and providing effective governance over MRCs’ affairs in
conjunction with the overall supervision of the Company’s business with the view of maximising shareholder value. The Board's key
responsibilities are to:
(a) chart the direction, strategies and financial objectives for MRC and monitor the implementation of those policies, strategies and
financial objectives;
(b) monitor compliance with regulatory requirements, ethical standards and external commitments;
(c) appoint, evaluate the performance of, determine the remuneration of, plan for the succession of and, where appropriate, remove the
Chief Executive Officer if in place or similar person acting in the executive capacity; and
(d) ensure that the Board continues to have the mix of skills and experience necessary to conduct MRCs' activities, and that appropriate
directors are selected and appointed as required.
In accordance with MRCs’ Constitution, the Board delegates responsibility for the day–to–day management of MRC to the Managing
Director (subject to any limits of such delegated authority as determined by the Board from time to time). Management as a whole is
charged with reporting to the Board on the performance of the Company.
Board structure and composition
The Board currently is comprised of 3 directors, none of which are independent non–executive Directors. Details of each directors skill,
expertise and background are contained within the directors report included with the company’s annual financial statements.
Independence, in this context, is defined to mean a non–executive Director who is free from any interest and any business or other
relationship that could, or could reasonably be perceived to, materially interfere with the Director's ability to act in the best interests of MRC.
The definition of independence in ASX Recommendation 2.1 is taken into account for this purpose.
It is the Board’s intention to increase the size of the Board as the scale of activities develops, and such expansion will see an introduction
of independent non-executive directors. In the absence of such scale, the Board does not believe that the existence of further independent
non-executive directors would be of benefit to the Company.
Details of directors’ shareholdings are disclosed in the directors’ report and financial report. There are no retirement schemes other than
the payment of statutory superannuation contributions.
- 52 -
For personal use only
Mineral Commodities Limited
Statement of Corporate Governance
Statement of Corporate Governance (Cont’d)
Any equity based compensation of directors is required to be approved in advance by shareholders.
Presently, the roles of Chairman and Managing Director have been separated.
The Managing Director is responsible for supervising the management of the business as designated by the Board. This ensures the
appropriate independent functioning of the Board and management.
MRCs’ non–executive Directors may not hold office for a continuous period in excess of three years or past the third annual general
meeting following their appointment, whichever is longer, without submitting for re–election. Directors are elected or re–elected, as the case
may be, by shareholders in a general meeting. Directors may offer themselves for re–election. A Director appointed by the Directors (e.g.,
to fill a casual vacancy) will hold office only until the conclusion of the next annual general meeting of MRC but is eligible for re–election at
that meeting.
Under MRCs’ Constitution, voting requires a simple majority of the Board. The Chairman holds a casting vote.
The Company has procedures enabling any director or committee of the board to seek external professional advice as considered
necessary, at the Company’s expense subject to prior consultation with the Chairman. A copy of any advice sought by a director would be
made available to all directors.
Board and management effectiveness
Responsibility for the overall direction and management of MRC, its corporate governance and the internal workings of MRC rests with the
Board notwithstanding the delegation of certain functions to the Managing Director and management generally (such delegation effected at
all times in accordance with MRC’ Constitution and its corporate governance policies).
An evaluation procedure in relation to the Board, individual Directors and Company Executives has not taken place since the inception of
the Company. Given the small scale of the Company’s current activities, the performance of the executives and directors is easily
monitored and discussed in Board meetings. Once the nature and scale of activities increases, the Company will initiate formal evaluation
procedures.
Financial reporting, Internal Control and Risk Management
The Board has overall responsibility for MRC’ systems of internal control. These systems are designed to ensure effective and efficient
operations, including financial reporting and compliance with laws and regulation, with a view to managing risk of failure to achieve
business objectives. It must be recognized however that internal control systems provide only reasonable and not absolute assurance
against the risk of material loss.
The Board reviews the financial position of MRC on a weekly basis. For annual financial statements, the Managing Director and the
Company Secretary are required to state in writing that:
•
•
the Company’s financial reports present a true and fair view, in all material respects, of the Company’s financial condition and
operational results in accordance with the relevant accounting standards; and
are founded on a system of risk management and internal compliance and control and the Company’s risk management and
internal compliance and control system is operating efficiently and effectively in all material respects.
Management has not formally reported to the Board on the effectiveness of the Company’s management of material business risk.
Management and the Board interact on a day to day basis and risk is currently being considered on an informal day to day basis across the
financial, operational and organisation aspects of the Company’s business.
Committees of the Board of Directors
The Board has not established any permanent committees, namely an Audit and Risk Committee and a Remuneration and Nomination
Committee. The Board and scale of actives is not of a sufficient size to warrant separate committees in this regard.
- 53 -
For personal use only
Mineral Commodities Limited
Statement of Corporate Governance
Statement of Corporate Governance (Cont’d)
In the absence of an audit committee, the entire Board undertakes the function of an audit committee. The duties of this committee
include:
•
•
•
•
•
•
•
•
to be the focal point of communication between the Board, management and the external auditor;
to recommend and supervise the engagement of the external auditor and monitor auditor performance;
review the effectiveness of management information and other systems of internal control;
review all areas of significant financial risk and arrangements in place to contain those to acceptable levels;
review significant transactions that are not a normal part of the Company’s business;
review the year end and interim financial information and ASX reporting statements;
to monitor the internal controls and accounting compliance with the Corporations Act, ASX Listing Rules, external audit reports and
ensure prompt remedial action where required; and
review the Company’s financial statements and accounting procedures.
The Company’s auditor is invited to attend the annual general meeting and the Company supports the principle of the auditor being
available to answer questions on the conduct of the audit and the content of the audit report.
Timely and balanced disclosure
MRC is committed to promoting investor confidence and ensuring that shareholders and the market have equal access to information and
are provided with timely and balanced disclosure of all material matters concerning the Company. Additionally, MRC recognises its
continuous disclosure obligations under the ASX Listing Rules and the Corporations Act.
The Company’s shareholders are responsible for voting on the appointment of directors. The Board informs shareholders of all major
developments affecting the Company by:
• Preparing half yearly and annual financial reports and making these available to all shareholders.
• Preparing quarterly activity and cash flow reports.
• Advising the market of matters requiring disclosure under Australian Stock Exchange Continuous Disclosure Rules.
• Maintaining a record of significant ASX announcements on the Company’s website.
• Submitting proposed major changes in the Company’s affairs to a vote of shareholders, as required by the Corporation Law.
• Reporting to shareholders at annual general meetings on the Company’s activities during the year. All shareholders that are unable to
attend these meetings are encouraged to communicate issues or ask questions by writing to the Company.
The Company has adopted a formal disclosure policy. The Board and management are aware of their responsibilities in respect of
identifying material information and coordinating disclosure of that information where required by the ASX Listing Rules.
Ethical and responsible decision–making
Code of Conduct
The Board has created a framework for managing the Company including internal controls, business risk management processes and
appropriate ethical standards.
The Board has adopted practices for maintaining confidence in the Company's integrity including promoting integrity, trust, fairness and
honesty in the way employees and Directors conduct themselves and MRCs' business, avoiding conflicts of interest and not misusing
- 54 -
For personal use only
Mineral Commodities Limited
Statement of Corporate Governance
Statement of Corporate Governance (Cont’d)
company resources. A formal Code of Conduct has not been adopted for all employees and Directors of MRC due to the total number of
employees and director’s only being 5.
Diversity
The Company only consists of 5 employees and directors. Where possible and when the Company expands, the Company will employ a
broad mix of individuals reflecting its philosophy of hiring the best candidate for all positions at all levels irrespective of race, religion or
gender. In terms of the composition of the Board and Board nominations, the Board will consider the requirements of the Davies Report
and the Australian Stock Exchange Corporate Governance Principles as part of the overall Board appointment process of determining the
composition of the Board that is the most appropriate for the Group.
At present, the Company does not have a diversity policy and employs 1 female, representing 20% of the total employees and directors.
Securities Trading Policy
A Securities Trading Policy has been adopted by the Board to set a standard of conduct, which demonstrates MRC’s commitment to
ensuring awareness of the insider trading laws, and that employees and Directors comply with those laws. The Securities Trading Policy
imposes additional share trading restrictions on Directors, the Company Secretary, executives and employees involved in monthly financial
accounting processes ("specified persons").
Under the Securities Trading Policy, specified persons are only permitted to buy and sell securities if they do not possess non–public price
sensitive information and trading occurs outside of specified restricted periods. These periods are the periods commencing on the first day
of the month before the end of the half–year or full year period and ending on the next business day after the announcement of the results
for that period. In addition, before a specified person can deal in MRC’s securities they must obtain clearance from the appropriate officer,
confirming that there is no reason why they cannot trade.
Other Information
The ASX guidelines also prescribe that the Company should maintain a dedicated corporate governance information section on its website.
Such a dedicated information section is not presently available on the Company’s website, although the annual financial report will be
posted to the website and the Statement of Corporate Governance can be viewed there.
- 55 -
For personal use only
Mineral Commodities Limited
Shareholder Information
Additional information required by the Australian Stock Exchange Ltd Listing Rules and not disclosed elsewhere in this report. This
information is current as at 23 March 2012.
Twenty Largest Shareholders
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
17
17
17
17
17
18
19
20
Name
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
ZURICH BAY HOLDINGS PTY LTD
J P MORGAN NOMINEES AUSTRALIA LIMITED
MR KENG HENG GOH
MR ANTHONY GRANT MELVILLE & MRS ELAINE SANDRA MELVILLE
MISS KATHRYN YULE
JP MORGAN NOMINEES AUSTRALIA LIMITED
INTERNATIONAL MINING SERVICES LIMITED
MR KEVIN ANTHONY LEO & MRS LETICIA LEO
MR DAVID GEOFFREY VINCENT & MRS GIUSEPPINA ANTONINA VINCENT
IEC INVESTMENTS PTY LTD
INTERNATIONAL MINING SERVICES LTD
NATIONAL NOMINEES LIMITED
MR ROBERT CAMERON GALBRAITH
MS KATHRYN YULE
MR DAVID GEOFFREY VINCENT
MR EMANUEL RICHARD BRIAN DILLON
ZURICH BAY HOLDINGS PTY LTD
MR WILLIAM DAVIDSON MEEK
MR ASHLLEY WALLISS
MR IAN THOMPSON
KINGARTH PTY LTD
MR DONALD BOYD
CITICORP NOMINEES PTY LIMITED
MR GRANT MENHENNETT
TOTAL
Twenty Largest Option Holders
Rank
1
2
3
4
5
6
7
8
9
10
10
10
11
12
13
14
15
16
Name
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
ZURICH BAY HOLDINGS PTY LTD
J P MORGAN NOMINEES AUSTRALIA LIMITED
KATHRYN YULE
CHARLIV INVESTMENTS PTE LTD
MR CHRISTOPHER VICTOR CARUSO
MR DAVID GEOFFREY VINCENT & MRS GIUSEPPINA ANTONINA VINCENT
MR KEVIN ANTHONY LEO & MRS LETICIA LEO
DR ROSAMUND JULIAN BANYARD & MR PHILLIP STANLEY HOLTEN
MR EMANUEL RICHARD BRIAN DILLON
KEVIN LEO
INTERNATIONAL MINING SERVICES PTY LTD
JP MORGAN NOMINEES AUSTRALIA LIMITED
NATIONAL NOMINEES LIMITED
CHETAN ENTERPRISES PTY LTD
MR KEVIN ANTHONY LEO & MRS LETICIA LEO
MR ROBERT CAMERON GALBRAITH
OHS GLOBAL PTY LTD
- 56 -
Shares
30,778,852
20,605,988
12,039,402
5,175,000
5,150,000
4,884,500
3,794,343
3,150,000
2,950,000
2,170,000
2,147,596
1,500,000
1,476,442
1,459,221
1,282,500
1,036,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
900,000
852,200
763,585
%IC
20.07%
13.43%
7.85%
3.37%
3.36%
3.18%
2.47%
2.05%
1.92%
1.41%
1.40%
0.98%
0.96%
0.95%
0.84%
0.68%
0.65%
0.65%
0.65%
0.65%
0.65%
0.65%
0.59%
0.56%
0.50%
108,115,629
70.48%
Options
7,575,813
6,980,396
4,815,760
3,403,000
3,000,000
1,700,000
1,626,000
1,565,344
1,430,000
1,400,000
1,400,000
1,400,000
1,198,076
1,107,200
1,000,000
784,833
583,689
515,132
%IC
13.21%
12.17%
8.40%
5.93%
5.23%
2.96%
2.83%
2.73%
2.49%
2.44%
2.44%
2.44%
2.09%
1.93%
1.74%
1.37%
1.02%
0.90%
For personal use only
Mineral Commodities Limited
Shareholder Information
Rank
17
17
17
17
18
18
18
19
20
Name
MR ROSS NICHOLAIDIS
IAN RANDAL THOMPSON
ARIE VROLIJK
DIRECT MINING SERVICES PTY LTD
MR IAN THOMPSON
MR WILLIAM DAVIDSON MEEK
ZURICH BAY HOLDINGS PTY LTD
CHURCHLAND NOMINEES PTY LTD
MR ALEXANDER MEARS
TOTAL
Range of holdings
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 – and over
138
375
179
368
123
42,857
1,303,851
1,498,445
14,106,696
136,441,172
Options
500,000
500,000
500,000
500,000
400,000
400,000
400,000
397,780
391,052
%IC
0.87%
0.87%
0.87%
0.87%
0.70%
0.70%
0.70%
0.69%
0.68%
45,474,075
79.28%
24
85
41
120
59
329
12,766
234,040
297,327
5,068,325
51,744,750
57,357,208
Number of
shareholders
Number of
shares
Number of
option holders
Number of
Options
Total holders
1,183
153,393,021
Marketable Parcels
Number of shareholders holding less than a marketable parcel of ordinary shares is 525.
Voting Rights
Every ordinary shareholder present in person or by proxy at meetings of shareholders shall have one vote for every share held.
Option holders have the right to attend meetings but have no voting rights until the options are exercised.
Substantial shareholders
The following shareholders are considered substantial shareholders:
•
•
•
M&G Investment Management Limited. 7.7% of the issued ordinary shares
Mirabaud Investment Limited holding approximately 10.0% of the issued ordinary shares based on their disclosure in their last
substantial interest notice to the Company.
Zurich Bay Holdings Pty Ltd holding
13.43% of the issued ordinary shares.
Restricted securities
There are no restricted securities.
Share buy backs
There is no current on market share buy back.
- 57 -
For personal use only