Notes to the Financial Statements 30 June 2008 - Abterra

Corporate GovernanceIntroductionThe Board of Directors (“Board”) and the Management of Abterra Ltd. (the “Company”) are committed tomaintaining a high standard of corporate governance. Underlying this commitment is the belief that goodcorporate governance will help to enhance corporate performance and accountability. We strongly believe thatthe integrity and professionalism of our Board Members and employees, governed by a system of policies, willenable the Company to achieve greater heights and greater returns for our shareholders.In line with the objective of the company to instill strong corporate governance practices, the Company hasintroduced the Whistle Blowing Policy to enable all employees to raise concerns about malpractice(s) inthe Company. The Whistle Blowing Policy is intended to help employees who have major concerns over anywrongdoing within the Company relating to unlawful conduct, financial malpractice or dangers to the public orthe environment.This report will help shareholders better understand the Company’s practices which were in place throughoutthe financial year and guided by the Code of Corporate Governance (the “Code”).Board of DirectorsPrinciple 1 - The Board’s Conduct of AffairsRole of the BoardThe Board’s primary role is to protect and enhance long-term shareholders’ value. To fulfil this role, the Board isresponsible for the overall corporate governance of the Group including setting its strategic direction, establishinggoals for management and monitoring the achievement of these goals. As part of its responsibility in dischargingits duty, the Board also:• oversees risk management and internal control processes, financial reporting and compliance, including therelease of financial results and announcements of material transactions;• approves major funding investment and divestment proposals;• approves the nominations to the Board of directors and appointments to the various Board committees; andapproves the framework of remuneration for the Board and key executives as recommended by theRemuneration Committee.22ABTERRAAnnual Report 2008