Morning Star Gold NL (ASX: MCO) (Administrators Appointed)
6 Bridge Street Woods Point VIC 3723
T 61 3 5777 8268 F 61 3 5777 8109
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6 Bridge Street Woods Point VIC 3723
284,318,462 Ordinary Shares (ASX: MCO)
1,800 Shareholders as at Nov 2012
Top 20 Shareholders hold ~56%
Top 50 Shareholders hold ~70%
Top 100 Shareholders hold ~80%
Chillee Limited ~13.7%
NM Garling (indirect holdings) ~12.5%
Yarandi Investments (and related nominees) ~11.1%
Shandong Tianye Group ~9.8%
Computershare Investor Services Pty Ltd
60 Carrington Street, Sydney NSW 2000
T 02 8234 5000 F 02 8234 5200
Send an Email to Computershare (Share Registry)
61 (0)419 220 171
Sydney, Melbourne, Gold Coast, London
Unless disclosed below, all the best practice recommendations of the ASX Corporate Governance Council are always applied for the each financial year & annual periods ending 30th June.
All directors, officeholders, employees and consultants are expected to act with the utmost integrity and objectivity and to enhance the reputation and performance of the company overall and in accordance with the Corporations Act and all other relevant corporate rules such as the ASX listing rules.
The skills, experience and expertise relevant to the position of each director who is in office, are detailed elsewhere in this website under the heading "About MCO; Our Team; Directors & CEO". The board generally holds at least 6 formal or informal meetings throughout each financial year. At the present time, the board comprises 4 directors; 1 executive director and 3 non-executive directors, (incl. 2 independent directors). Each director receives an annual directors fee of $36,000 and is excpected to contribute significantly towards efficient strategy and management of the company in return.
The Board of Morning Star Gold NL is currently as follows:
Nicholas Mark Garling - Chairman, Executive Director (appointed as a Director on 20th March, 2007). Mr Garling has an employment contract with MCO as its executive director.
Noel Robert Laidlaw - Non-Executive, Independent Director (appointed as a Director on 1st July, 2011).
Peter Gilbert Jackson - Non-Executive, Independent Director (appointed as a Director on 10th March, 2008).
Zhaoqin Zeng - Non-Executive Director (appointed as a Director on 1st Feb 2011).
Noel Robert Laidlaw & Peter Gilbert Jackson are considered to be independent directors as they are not substantial shareholders in the company and are remunerated as non-executive Directors.
The board is responsible for the overall Corporate Governance of the company and its primary functions include:
The company does not comply with best practice recommendations 2.1: "A majority of the board should be independent directors"; 2.2: "The chairperson should be an independent director"; and 2.4: "The board should establish a nomination committee". However, the board believes that for a company of its size and considering the extent of its operations that its present composition provides for efficient decision making required by the company in its current circumstances. Also, the board does not believe that the formal establishment of a nomination committee is warranted by its size, as in effect, the board as a whole acts as the nomination committee. The board's nomination of directors and executive officers and other managers, is dependent on the candidate's range of skills and experience relevant to the business of the company. The Chairman - in conjunction with external and independent consultants - conducts a performance evaluation for the board and its members and the CEO and other senior managers during each annual period using generally accepted and current industry practices.
Morning Star Gold's Securities Trading Policy was publicly released via the ASX on 31st December 2010 in line with ASX Listing Rules and Guidelines.
This policy can be read at the following link: Morning Star Gold's Revised Securities Trading Policy_Dec_2010
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