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THE BOARD CONTINUES TO REVIEW ITS CORPORATE GOVERNANCE POLICIES AND PROCEDURES TO ENSURE THEY ARE APPROPRIATE FOR THE GROUP AT THIS TIME, THAT IT FULFILS ITS OBLIGATIONS AND CONTINUES TO MEET THE EXPECTATIONS OF STAKEHOLDERS
CORPORATE GOVERNANCE
THE BOARD OF DIRECTORS OF GLOBAL CONSTRUCTION SERVICES LIMITED (GCS) IS RESPONSIBLE FOR THE CORPORATE GOVERNANCE OF THE CONSOLIDATED ENTITY. THE BOARD GUIDES AND MONITORS THE BUSINESS AND AFFAIRS OF GCS ON BEHALF OF THE SHAREHOLDERS BY WHOM THEY ARE ELECTED AND TO WHOM THEY ARE ACCOUNTABLE.
IN ACCORDANCE WITH THE ASX CORPORATE GOVERNANCE COUNCILÕS CORPORATE GOVERNANCE GUIDELINES CONTAINED IN CORPORATE GOVERNANCE PRINCIPLES AND RECOMMENDATIONS (SECOND EDITION CORPORATE GOVERNANCE GUIDELINES), THE GCS CORPORATE GOVERNANCE STATEMENT CONTAINS CERTAIN SPECIFIC INFORMATION AND DISCLOSES THE EXTENT TO WHICH THE COMPANY HAS FOLLOWED THE GUIDELINES DURING THE PERIOD. WHERE A RECOMMENDATION HAS NOT BEEN FOLLOWED IT IS DISCLOSED TOGETHER WITH REASONS FOR THE DEPARTURE.
THE GCS CORPORATE GOVERNANCE STATEMENT IS STRUCTURED WITH REFERENCE TO THE SECOND EDITION CORPORATE GOVERNANCE GUIDELINES, WHICH ARE AS FOLLOWS:
PRINCIPLE 1 PRINCIPLE 2 PRINCIPLE 3 PRINCIPLE 4 PRINCIPLE 5 PRINCIPLE 6 PRINCIPLE 7 PRINCIPLE 8
FOR FURTHER
LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT STRUCTURE THE BOARD TO ADD VALUE PROMOTE ETHICAL AND RESPONSIBLE DECISION MAKING SAFEGUARD INTEGRITY IN FINANCIAL REPORTING
MAKE TIMELY AND BALANCES DISCLOSURE RESPECT THE RIGHTS OF SHAREHOLDERS RECOGNISE AND MANAGE RISK REMUNERATE FAIRLY AND RESPONSIBLY
INFORMATION ON CORPORATE GOVERNANCE POLICIES ADOPTED BY GCS, REFER TO OUR WEBSITE WWW.GCS-GROUP.COM.AU
18 GLOBAL CONSTRUCTION SERVICES LIMITED - 2009 ANNUAL REPORT
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