•  monitoring the effective operation of the risk management and compliance framework; •  reviewing the effectiveness of the Company’s  internal control environment including compliance  with applicable laws and regulations; •  the nomination of the external auditor and the review of the adequacy of the existing external audit arrangements; •  considering whether non-audit services provided  by the external auditor are consistent with maintaining the external auditor’s independence; and •  reviewing and monitoring of related party transactions. •  all Directors and employees are to formally notify the  Company Secretary of their bene fi  cial shareholdings in  the Company and any changes to this within 3 days of each change occurring. The Company Secretary will  maintain a register of interests held by Directors and  employees; •  no Director or any entity controlled by that Director  is allowed to trade in the securities of the Company  without advance noti fi  cation to the Chairman; •  no Director or employee or any entity controlled by  him or her is allowed to engage in the business of active  dealing in the Company’s shares; •  a Director, employee or any entity controlled by him or  her must not trade at any time when he or she possesses  information which is not generally available and if disclosed publicly, would be likely to materially affect the  market price of the Company’s shares; and •  a Director or of fi  cer may trade in the Company’s shares  within a period of 30 days following the release of the  Company’s quarterly, half-yearly or annual results, or  the holding of the Company’s annual general meeting. All directors, executives and employees are expected  to act with the utmost integrity and objectivity, being fair  and honest in dealings, treating all people with dignity and  respect and acting with the best interests of the Company  at all times. Any reports of misconduct are investigated by  the Board. Issues of substance are considered by the Board with  external advice from its professional advisers as required. The Board’s individual members can seek independent  professional advice at the Company’s expense in carrying  out their duties. Prior written approval of the Chairman  is required, but may not be unreasonably withheld. Directors and key executives are remunerated in  accordance with market conditions and performance. The  current Managing Director and CEO’s remuneration and  termination entitlements are referred to in Note 23 and 33  to the Financial Statements. The Company Secretary has responsibility for overseeing  and coordinating disclosure of information to the  Australian Stock Exchange and liaises with the Managing  The Board notes that timely disclosure of price sensitive  information is central to the ef fi  cient operation of the  Australian Stock Exchange’s securities market and has  adopted a policy covering announcements to the Australian  Stock Exchange, prevention of selective or inadvertent  disclosure, conduct of investor and analysts brie fi  ngs,  media communications, commenting on expected earnings,  communications black-out periods and review of brie fi  ngs  and communications. The Board supports the Australasian Investor Relations  Association “Best Practice Guidelines for Communication  between Listed Entities and the Investment Community”  and endorses a culture in favour of continuous disclosure,  recognising the bene fi  ts of consistency to be achieved  through a dedicated communications of fi  cer and authorised  spokesperson.  All risks have been assessed and managed by the full board  and senior executives. The policies for risk oversight and  management are being developed and will be published  on the company website once approved. The Board has adopted communications strategies and  practices to promote communication with shareholders,  in language capable of interpretation, and to encourage  effective participation at general meetings. The external  auditor will attend the Annual General Meeting to respond  to speci fi  c questions from shareholders. The Audit committee is responsible for stating to the Board  that the Company’s  fi  nancial reports present a true and fair  view in all material respects of the Company’s  fi  nancial  condition and operational results, are in accordance with  the relevant Australian Accounting Standards. At present  this function is the responsibility of the entire Board. The external auditor, PricewaterhouseCoopers has  engagement terms refreshed annually and has con fi  rmed  its independence to the Board. The current engagement  partner has conducted the audit since 2001 with rotation  due no later than 2006. Safeguard Integrity in Financial Reporting Respect the Rights of Shareholders  and Stakeholders Risk Management Timely and Balanced Disclosures Access to Professional Advice Ethical Standards Remunerate Fairly and Responsibly Directors, Of fi  cers and Employees dealing  in company shares Director and CEO in relation to continuous disclosure  matters and overseeing and coordinating disclosure of information to analysts, brokers and shareholders. The  Managing Director and CEO is responsible for overseeing  and coordinating disclosure of information to the media. The Company’s continuous disclosure policy is consistent  with ASX Principle 5. Company policy imposes restrictions on personnel trading  in the securities of the Company in order to prevent  trading in contravention of the insider trading provisions of the Corporations Act, with the following key aspects: 15