The Board of Strike Energy Limited (the Company) is responsible for the corporate governance of the Company. The Board has adopted the corporate governance policies summarised below and the Company’s corporate governance statement disclosing the extent to which the Company has followed the recommendations set by the ASX Corporate Governance Council during the last financial year is available here (2015)
The Board is responsible for setting the strategic direction of the company, selecting and appointing the Managing Director and overseeing Strike’s business activities and strategies. The responsibility for implementing the objectives and day to day management of the company is delegated to management, through the Managing Director, subject to limits set under approved delegation of authority, budgets and strategies.
COMPOSITION OF THE BOARD
The composition of the Board is set by the following principles:
- A majority of independent non-executive directors;
- Managing Director should be a full-time employee of the company;
- A non-executive director as Chairman;
- Role of the Chairman and Managing Director should not be filled by the same person;
- Board members possess a broad range of qualifications, experience and expertise considered of benefit to the company; and
- Subject to re-election every three years (except for Managing Director).
The Board operates under a Charter which sets out additional information on powers and responsibilities of the Board. Click to view Board Charter)
The Board has established the following Board Committees to assist with specific corporate governance duties:
- Audit & Risk Committee (click to view Audit & Risk Committee Charter)
- Nomination & Remuneration Committee (click to view Nomination & Remuneration Committee Charter)
CODE OF CONDUCT
A code of conduct has been adopted by all directors and employees. It requires all business affairs to be conducted legally, ethically and with integrity. The code provided for reporting of breach of the code by others. (Click to view Code of Conduct)
SHARE TRADING POLICY
The Board has adopted a policy and procedure on dealing in the company’s securities which prohibits dealing in the company’s securities when individuals are in possession of inside information. Key Management Personnel (directors and senior management personnel) may only trade Strike’s securities if they have requested and received approval from the Chairman or other members of the Board (as specified) and employees, consultants and contractors of Strike only upon receipt of approval from the Managing Director or Company Secretary. The Policy places clear restrictions on the timing of when transactions may occur. Click to view Share Trading Policy.
POLICY & PROCEDURES FOR COMPLIANCE WITH CONTINUOUS DISCLOSURE REQUIREMENTS
Strike has implemented mechanisms designed to ensure compliance with ASX Listing Rule requirements so that all investors will have equal and timely access to material information concerning Strike, including its financial situation, performance, ownership and governance. These processes also ensure that public announcements are factual and presented in a clear and balanced way, disclosing both positive and negative information. Click here to view Continuous Disclosure and Shareholder Communication policies.
OTHER GOVERNANCE POLICIES AND PROCEDURES
Separately the group has policies relating to:
- guidance for identifying disclosure material and monitoring share price movements
- guide for use of trading halts
- guide for decision making process
- details on record keeping
- education of Board and management
- release of disclosure material
- identification, monitoring and management of risk
- updating of compliance policies and procedures
Strike recognises that diversity in the workforce results in greater organisational strength and innovation, deeper problem solving ability and the generation of a wider range of new business opportunities. Strike is committed to attracting and retaining a diverse range of individuals to work in all levels of its business and has put in place a policy to achieve this. Click to view Diversity Policy.