Corporate Governance

Corporate Governance

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.

Independence

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 Turner 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:

  1. To act with honesty, integrity and fairness.
  2. To act in accordance with the law.
  3. 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.