Corporate Governance

Valmec Limited has adopted comprehensive systems of control, accountability and reporting as the basis for the administration of corporate governance.

As the Company's activities develop in size, nature and scope, the Board’s structure and the implementation of additional governance systems will be continuously reviewed.

Board Charter

The Board is responsible for the overall control, accountability systems, operation and stewardship of Valmec and, in particular, is responsible for:

• Strategy
• Risk management
• Reporting and disclosure
• Management
• Performance
• Corporate Governance
• Board committees
• Delegation of authority to management

Board Structure

The Board comprises members with a wide range of skills, experience and attributes appropriate for the company. The Board annually reviews the skills and experience of its members and decides on whether any action needs to be taken to supplement or complement those skills.

Governance Systems

The Board has currently adopted the following Charters, Governance Policies and Management structures in its administration of superior Corporate Governance: