Peninsula Energy Limited has strengthened its corporate governance and sustainability practices, including the establishment of a comprehensive code of conduct and the integration of sustainability oversight into its Audit, Risk and Sustainability Committee (ARSC).
Material actions and disclosures
The Company has established a code of conduct requiring directors and employees to act honestly, exercise due care and diligence, avoid conflicts of interest, comply with the law, and encourage the reporting of unlawful and unethical behaviour. Directors are also obliged to ensure due care is taken by the Board in making sound decisions.
Peninsula Energy has adopted a Mission and Values Statement and released its Inaugural Sustainability Report in May 2023. Sustainability Reports are now produced and published annually. During the 2024 financial year, the Board established a Sustainability Committee, which was subsequently integrated into the Audit, Risk and Sustainability Committee (ARSC).
The ARSC, consisting of three Non-Executive Directors, is chaired by an independent director. One of the purposes of the ARSC is to assist the Board in fulfilling its oversight responsibilities in relation to the Company’s sustainability-related matters. Key aspects of this responsibility include matters related to its employees, governance, health and safety, environmental stewardship, community engagement, and sustainability reporting.
The Company has also adopted a Diversity Policy, addressing equal opportunities in hiring, training, and career advancement of directors, officers, and employees. However, given the relatively small size of the Company, the Board has not set measurable objectives for increasing gender diversity.
Peninsula Energy has a formal whistle-blower policy, an anti-bribery and corruption policy, and a Climate Change Policy, an Environmental Policy, and a Human Rights Policy aimed at addressing inherent risks in its activities.
The Company’s external auditors are consulted for advice by the Audit Risk and Sustainability Committee.
The Company’s practices are largely consistent with the ASX Corporate Governance Council’s “Corporate Governance Principles and Recommendations, 4th Edition” (CGC Recommendations).