The Board of Directors is accountable to shareholders for the proper and prudent investment and preservation of shareholder funds.

The Board is responsible for:

• overseeing the Company, including its control and accountability systems;
  
• providing leadership of the Company within a framework of prudent and effective controls which enable risks to be assessed and managed;
• providing input into and final approval of management’s development of corporate strategy and performance objectives;
• reviewing, ratifying and monitoring systems of risk management and internal control, codes of conduct and legal compliance;
• setting the Company’s direction, strategies and financial objectives;
• ensuring compliance with regulatory and ethical standards;
• approving and monitoring the progress of major capital expenditure, capital management and acquisitions and divestitures;
• approving and monitoring financial and other reporting;
• appointing, terminating and reviewing the performance of the Managing Director;
• ratifying the appointment and the termination of senior executives;
• monitoring senior executives’ performance and implementation of strategy; and
• ensuring appropriate resources are available to senior executives.

Responsibility for the day-to-day management of the Company is delegated to the Managing Director and the senior executives.  In carrying out its duties, the Board meets formally at least nine times per year. Additional meetings are held to address specific issues or are held as the need arises. Directors also participate in meetings of various Board committees. In the financial year ending 30 June 2009, the Board met nine times and there were six Committee meetings.