We believe that strong governance practices are necessary to ensure proactive and effective management of opportunities and challenges that may face the Company. We are committed to maintaining a strong corporate governance culture and to further developing and improving our governance practices to achieve our mission statement of "Mining coal to maximize shareholder value while respecting the interests of our stakeholders".
The Board is comprised of a majority of independent directors and is chaired by an independent director. The size and composition of the Board reflects a breadth of skills and experience that is important for effective governance of a high quality metallurgical and thermal coal producer. The Board is not constrained in its access to information, in its deliberations or in its ability to oversee the business and affairs of the Company and believes that there are sufficient systems and procedures in place to allow the Board to be independent from management.
The Board has responsibility for the strategic direction of Western Coal and the stewardship of the resources with which it has been entrusted as well as to oversee the day to day conduct of the business by management. The Board's fundamental objectives are to enhance and preserve long-term shareholder value, to ensure the Company meets its obligations on an ongoing basis and to ensure that it operates in a reliable and safe manner. The Board sets the standards of conduct for the Company, fostering a culture of ethical behaviour, integrity, honesty and respect.
The Board is assisted in meeting its responsibilities by three Board committees: the Health, Safety and Environment Committee, Audit Committee and the Corporate Governance, Nominating and Compensation Committee.
Please refer to the following policies for further information.
- Governance Practices
- Board of Directors Terms of Reference
- Board Chair Terms of Reference
- Individual Director Terms of Reference
- Committee Chair Terms of Reference
- Audit Committee Terms of Reference
- Health Safety & Environment Committee Terms of Reference
- Corporate Governance, Nominating & Compensation Committee Terms of Reference
- CEO Terms of Reference
- Disclosure Policy
- Whistle Blower Policy
- Code of Conduct
The Company's objectives are:
- Produce and sell over 7 million tonnes per year of high quality metallurgical coal to the top steelmakers around the world
- Allocate resources prudently and efficiently for the development of its coal properties, to achieve maximum value for the Company's shareholders
- Demonstrate to regulators, First Nations, local communities and other stakeholders that the Company will safely conduct its operations in an environmentally and socially responsible manner
