FYI Resources, and the entities it controls, believe good corporate governance is essential to the effective establishing and achieving of business objectives and, in turn, the growing of shareholder value.
The Board has adopted a suite of charters and key corporate governance principles which articulate the policies and procedures followed by FYI.
These documents are reviewed regularly to address any changes in governance practices, recommendations by our Auditors and amendments in law. This Corporate Governance Statement outlines how FYI complies with the ASX Corporate Governance Council’s Principles and Recommendations, which are published from time to time.
In addition to the ASX Corporate Governance Council’s Principles and Recommendations the Board includes a number of important internally determined guidelines in its corporate governance policies and procedures, including:
- the nature of our business and operations of the company, which currently only undertakes mineral exploration and development activities;
- cost verses benefit of additional corporate governance requirements or processes
- size and experience of the Board;
- managements’ experience in the exploration and development in the potash sector;
- organisational reporting structure and number of reporting functions, operational divisions and employees and various subsidiary groups; and;
- stakeholder and community feedback and communications