The Board is responsible for the overall corporate governance of the Company, and it recognises the need for the highest standards of behaviour and accountability. The Board will develop strategies for the Company, review strategic objectives, and monitor performance against those objectives. The overall goals of the corporate governance process are to:
- drive Shareholder value;
- assure a prudential and ethical base to the Company's conduct and activities; and
- ensure compliance with the Company's legal and regulatory obligations.
Consistent with these goals, the Board assumes the following primary responsibilities:
- formulation and approval of the strategic direction, objectives and goals of the Company;
- monitoring the financial performance of the Company, including approval of the Company's financial statements;
- ensuring that adequate internal control systems and procedures exist and that compliance with these systems and procedures are mantained;
- the indetification of signifcant business risks and ensuring that such risks are adequately managed;
- the review of performance and remuneration of executive Directors; and
- the establishment and maintenance of appropriate ethical standards.
The Board is committed to the adoption of corporate governance policies and practises consistent with the ASX Corporate Governance Council's 'Principals of Good Corporate Governance and Best Practice Recommendations', which are appropriate for a company of Comet's size and nature. Such policies include, but are not limited to, the Board charter, Board code of conduct, Board committee charters, continuous disclosure, trading in securities and risk management policies. Copies of these policies will be posted on the Company's website.
The Board also recognises its duty to ensure that its Shareholders and other stakeholders are informed of all major developments affecting the Company's state of affiars.