Legacy Iron's Board of Directors
aims for the highest standards of corporate governance and has
established policies and procedures in line with the ASX Corporate
Governance Council's publication Principles of Good Corporate
Governance and Best Practice Recommendations.
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Board of Directors - Role of the Board
The Board's primary role is the
protection and enhancement of long-term shareholder value and
recognises the need for the highest standards of behaviour and
accountability for managing the company's business and affairs.
The Board has an executive director
and four other non-executive directors. Three of the
non-executive directors are not considered to be independent as
they are employees of NMDC Limited, the company's largest
shareholder. Mr Ramachandran is considered to be independent. The
Board (and each individual director) is entitled to seek
independent professional advice at the company's expense (subject
to the reasonableness of the costs and board consent) in the
conduct of their duties for the company.
Ethical Standards: Code of Conduct
The Board recognises the need to
observe the highest standards of corporate governance practice,
business and ethical conduct by all directors, employees,
consultants and contractors.
Accordingly, the Board has adopted
a formal code of conduct:
- To act with honesty, integrity and fairness.
- To act in accordance with the law.
- To use company resources and property appropriately.
Communications to Shareholders
The Board aims to ensure that
shareholders are informed of all major developments affecting the
company's state of affairs. Information is communicated to
shareholders through the annual report, annual general meeting,
half-yearly results and other ASX announcements.