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Corporate Governance

The Board of the Company recognises the importance of maintaining appropriately high standards of corporate governance and has put in place governance structures that would typically be expected in light of the Group’s size, stage of development and resources. It is the duty of the Board to oversee the management of the Company’s business and ensure that the Company as a whole and its representatives behave in a manner that is fitting of the Company’s high corporate and social responsibilities.

In accordance with the requirements of Rule 26 to the AIM Rules for Companies (the “AIM Rules”), the Board has reviewed which recognised corporate governance code to apply to the Company on a comply or explain basis. Accordingly, the Company has adopted the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, 3rd edition (the “ASX Principles”) and has followed each recommendation to the extent considered appropriate for the Company’s corporate governance practices. Where the Company’s corporate governance practices follow a recommendation, the Board has made appropriate statements reporting on the adoption of the recommendation. Where, after due consideration, the Company’s corporate governance practices depart from a recommendation, the Board has made full disclosure and reasoning for the adoption of its own practice, in compliance with the ASX “if not, why not” regime and the comply or explain basis required by AIM Rule 26.

The Company’s latest Corporate Governance Statement will be updated annually in conjunction with the preparation of the Group’s Annual Report.