Corporate Governance

The Board of Directors of Newport will be responsible for the corporate governance of the Company including its strategic development. The format of this Section is guided by the ASX Corporate Governance Council’s best practice recommendations. The Company’s corporate governance principles and policies are therefore structured as follows:

Principle 1 Lay solid foundations for management and oversight
Principle 2 Structure the Board to add value
Principle 3 Promote ethical and responsible decision making
Principle 4 Safeguard integrity in financial reporting
Principle 5 Make timely and balanced disclosure
Principle 6 Respect the rights of Shareholders
Principle 7 Recognise and manage risk
Principle 8 Encourage enhanced performance
Principle 9 Remunerate fairly and responsibly
Principle 10 Recognise the legitimate interests of stakeholders

With the exception of the departures from the Corporate Governance Council recommendations in relation to the establishment of a nomination committee and that management report in writing to the Board regarding the integrity of the Company’s financial reports as detailed below,the corporate governance practices of Newport are compliant with the Council’s best practice recommendations.