Corporate Governance
The Directors of Buru have adopted the corporate governance policies summarised below:
Board responsibilities
The Board is responsible for setting the direction and objectives of Buru. The Board delegates to management the responsibility for implementing the objectives of Buru and the day to day management of Buru, subject to certain limitations on such delegations. The limitations are primarily imposed by approved corporate budgets and corporate strategy which are set by the Board.
Composition of the Board
The composition of the Board is determined using the following principles:
- a minimum of 3 Directors, with extensive knowledge relevant to the conduct of the Company’s business;
- an Executive Director with overall supervisory resposibility for the company;
- a majority of independent Non-executive Directors;
- an independent Non-executive independent Director as Chairperson; and
- subject to re-election every 3 years (except for the Executive Director).
Buru has put in place a policy setting out the processes followed by the Company in relation to Board renewal and Board performance evaluation. This can be found here.
Board Committees
The Board, as a whole, acts as the Nominations Committee, Remuneration Committee and the Audit Committee. Due to Buru's size, the Board does not consider that a separate Nominations Committee, Remuneration Committee or Audit Committee is necessary.
Code of Conduct
Given Buru's size and scale, it does not have a formal code of conduct. All Directors, and employees are expected to act with the utmost integrity and objectivity, striving at all times to enhance the reputation and performance of the Group. A code of conduct will be formalised in due course as the Company grows.
Share Trading Policy
Directors, officers, employees, consultants and contractors of Buru may only trade in Buru's securities if they have requested and received the approval of the Executive Director prior to purchasing or selling securities. Clear restrictions are also placed on timing of when transactions may occur. These restrictions are detailed in Buru's share trading policy which can be found here.
Continuous Disclosure and Market Communications Policy
Buru has put in place mechanisms designed to ensure compliance with ASX Listing Rule requirements so that all investors will have equal and timely access to material information concerning Buru, 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. You can view a copy of the policy here.
Diversity Policy
Buru is committed to attracting and retaining a diverse range of talented people to work in all levels of its business and has put in place mechanisms to achieve this. A copy of Buru’s Diversity Policy can be viewed here.