What is Corporate Governance?

"Corporate governance is the system by which companies are directed and managed ... Good corporate governance structures encourage companies to create value ... and provide accountability and control systems commensurate with the risks involved". (*1)

Corporate Governance Practices of Beach Petroleum Limited

As a company listed on the Australian Stock Exchange Limited (ASX) Beach Petroleum Limited must provide a corporate governance statement in its annual report disclosing the extent to which it has complied with the Principles of Good Governance and Best Practice Recommendations published by the ASX's Corporate Governance Council (Recommendations). The Company's most recent corporate governance statement can be viewed here.

The Board and management have established a range of policies, practices and arrangements that reflect the Recommendations.

Those policies, practices and arrangements are reviewed regularly. Some of those arrangements are set out below:

• Board Charter and the Role of Management
• Audit Committee - Committee Charter
• Corporate Governance Committee - Committee Charter
• Continuous Disclosure Policy
• Description of Performance Evaluation Process
• Selection and Appointment of Directors
• Share Trading Policy
• Shareholder Communications
• Summary of Risk Management Policy
• Code of Conduct
• Remuneration/Nomination/Litigation Committee

 

(*1) ASX Corporate Governance Council, Principles of Good Corporate Governance and Best Practice Recommendations March 2003 at p3.