MLA's corporate governance practices are based on the Australian Stock Exchange's (ASX) Principles of Good Corporate Governance and Best Practice Recommendations.
Code of Business Conduct and Ethics
The Code of Business Conduct and Ethics embodies MLA's values and provides guidelines to ensure the company:
- Acts with openness, integrity and fairness.
- Protects MLA's business and uses MLA's assets appropriately.
- Protects confidential information.
- Acts responsibly with regard to individuals, safety, health and the environment.
- Avoids conflicts of interest.
- Acts responsibly with respect to members, stakeholders, customers, suppliers, competitors, the community and others.
- Complies with the law in all the jurisdictions in which MLA operates.
All MLA management and employees are required to confirm their knowledge of and compliance with the code annually.
The MLA Board Charter outlines the duties of the Board.
Audit, Finance and Risk Committee Charter
An Audit, Finance and Risk Committee comprising non-executive Directors assists the Board with:
- Financial reporting.
- Internal control structure.
- Risk management.
- Appointing, assessing and ensuring the independence of external auditors and internal audit functions.
- Receiving complaints in relation to controls and accounting matters.
- Receiving reports in connection with breaches of the Corporations Act.
Remuneration Committee Charter
A Remuneration Committee, comprising three non-executive Directors, reviews procedures for establishing compensation levels for all staff.
Selection Committee Charter
A Board Selection Committee endorses candidates for election to the Board based on skills, experience and industry knowledge. The Selection Committee comprises:
- Four members elected by producers.
- Three members appointed by industry peak councils.
- Two MLA Directors.
Encouraging board performance
Each year, the MLA Board's performance is evaluated through:
- Peer review.
- Individual assessment by the chairman.
Directors also undertake an external review using the AICD GAT which is reported back to the MLA Chair and the Board as a whole through an external advisor. New directors are given an induction and the Board has access to continuing education in relation to Board responsibilities, as well as to independent advice.