The board of directors of IMX Resources is responsible for the corporate governance of the Group including the strategic direction, establishing goals for management and monitoring the achievement of these goals. An audit committee has been established to assist the board in the execution of its responsibilities.
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.
The main responsibilities of the audit committee are to:
- review and report to the board on the annual report and financial statements;
- provide assurance to the board that it is receiving adequate, timely and reliable information;
- assist the board in reviewing effectiveness of the Group’s internal control environment covering:
- compliance with applicable laws and regulations;
- reliability of financial reporting; and - liaise with the external auditors and ensure that the annual audit and half-year review are conducted in an efficient manner.
The audit committee reviews the performance of the external auditors on an annual basis, and a representative of the committee meets with them during the year to discuss the external audit plan, any significant problems that may arise, and to review the fees proposed for the audit work to be performed. Any written matters raised by the auditors are discussed and dealt with at full board meetings. The auditors, by request, may attend audit committee meetings and board meetings to discuss any matter that they believe warrants attention by the board. The auditors also attend shareholder meetings of the Group.
The Group seeks to follow the best practice recommendations for listed companies where appropriate for its size and operations. In cases where the Group determines it would be inappropriate to follow the principles because of its circumstances, it will provide reasons for not doing so in its Annual Report. To view a full list of IMX's Corporate Governance Statement and responses to ASX recommendations, refer to Reports - Annual under the heading 'Investors & Media'.