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Corporate Directory
Directors
Company Information

General Principles

The Directors(the Board) of Beta Pharmaceutical Limited supports the principles and is committed to achieving high standards of corporate governance. As a company which is intending to list on the Australian Securities Exchange (ASX) it seeks to comply with those provisions which are most required under Australian law given the size of the group and the nature of its operations.

Board of Directors

The Board presently consists of three Directors. The Board meets on a regular basis and is responsible for the strategy and development of the group and the efficient management of its resources. It is supplied in a timely manner prior to meetings with information on financial, business and corporate matters which enables it to discharge its duties. Appropriate training is given as and when required. The group has a schedule of matters which are reserved for decision by the Board.

Auditor Independence

The Board meets as a whole to review the nature and extent of non-audit services supplied by the external auditors to the group, seeking to balance objectivity and value for money. In determining the policy, the Board has taken into account relevant ethical guidance regarding the provision of non-audit services by the external audit firm, and does not agree to the auditor providing a service if, having regard to the ethical guidance, the result is that:

• the external auditor audits its own firm's work;
• the external auditor makes management decisions for the group;
• a mutuality of interest is created; or
• the external auditor is put in the role of advocate for the group.

The Board as a whole reviews accounting matters, financial reporting and internal controls together with the interim and annual results announcements.

Remuneration

The Board as a whole reviews and makes recommendations regarding the terms and conditions of employment of the Directors including performance related bonuses and share options, and intends in the future to set the framework for the remuneration of other senior executives.

Internal Control

The Board of Directors is responsible for the group's system of internal control and for reviewing its effectiveness. Such a system however is designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. The Board is in the process of establishing a continuous process for identifying, evaluating and managing the group's significant risks. This process involves the monitoring of all controls including financial, operational and compliance controls and risk management. It is based principally on reviewing reports from senior management and professional advisers to ensure that any significant weaknesses are promptly remedied and to indicate a need for more extensive monitoring.

Relationship with Shareholders

The Board attaches a high importance to maintaining good relationships with shareholders and seeks to keep them fully updated on the group's performance, strategy and management. In addition the Board welcomes as many shareholders as possible to attend the Annual General Meeting and encourages open discussion after the formal proceedings.