PYC THERAPEUTICS LIMITED — Governance Information 2016

Aug 29, 2016

Appendix 4G

Key to Disclosures Corporate Governance Council Principles and Recommendations

Name of entity

PHYLOGICA LIMITED

48 098 391 961 30 June 2016

ABN/ARBN Financial year ended

Our corporate governance statement2 for the above period above can be found at:3

These pages of our annual report: _____________________________________________

This URL on our website:

http://phylogica.com/media/articles/Investors‐‐‐Corporate‐Governance/Corporate‐ Governance‐393/160829‐PYC‐Corporate‐Governance‐Statement.pdf

The Corporate Governance Statement is accurate and up to date as at 29th August 2016 and has been approved by the board.

The annexure includes a key to where our corporate governance disclosures can be located.

Date here: 29th August 2016

Sign here:

Company Secretary

Print name: Graeme R Boden

Under Listing Rule 4.7.4, if an entity chooses to include its corporate governance statement on its website rather than in its annual report, it must lodge a copy of the corporate governance statement with ASX at the same time as it lodges its annual report with ASX. The corporate governance statement must be current as at the effective date specified in that statement for the purposes of rule 4.10.3.

2 "Corporate governance statement" is defined in Listing Rule 19.12 to mean the statement referred to in Listing Rule 4.10.3 which discloses the extent to which an entity has followed the recommendations set by the ASX Corporate Governance Council during a particular reporting period.

3 Mark whichever option is correct and then complete the page number(s) of the annual report, or the URL of the web page, where the entity's corporate governance statement can be found.

1 Under Listing Rule 4.7.3, an entity must lodge with ASX a completed Appendix 4G at the same time as it lodges its annual report with ASX.

Listing Rule 4.10.3 requires an entity that is included in the official list as an ASX Listing to include in its annual report either a corporate governance statement that meets the requirements of that rule or the URL of the page on its website where such a statement is located. The corporate governance statement must disclose the extent to which the entity has followed the recommendations set by the ASX Corporate Governance Council during the reporting period. If the entity has not followed a recommendation for any part of the reporting period, its corporate governance statement must separately identify that recommendation and the period during which it was not followed and state its reasons for not following the recommendation and what (if any) alternative governance practices it adopted in lieu of the recommendation during that period.

ANNEXURE – KEY TOCORPORATE GOVERNANCE DISCLOSURES

l rdaCoGoCoiionattrporevernanceuncecommen		hafollowd thedafullfoheholefWionintr teveerecommenwohed abohadlod …ioWisctperveevese	hafollowd thedaWNOTioninteveerecommenfullfoheholef thed abohaioWtrwoperveevedlodiscse…
PRIN	CIPLELAYSOLIDFOUNDATIONSFORMAN1–	AGEMENTANDOVERSIGHT
1.11.2	ld eholddlosAistityiscntesue:(a)helesdblfiveiiitiestectresproanresponsobodd mditst; aarananagemenn(b)holyd thettteo tsemarsexpressreservebodd thodelegd tatet.aranseo managemenld ehold:Aistityntesu(a) udekeheksbeforiatrtanappropreccefordintingingutttoappoa person, or pwarholdeddaforlecityiiontetsecurrsa cane, asddirectoar; an() pbideityholdeith all mialaterovsecurrswrforlevinioninitsiontt tmapossessreano adehehelecisiontottot ocon wr or ner re‐	hefachafollowhdaisiontt tt wtterecommen:…inCoGoStaORtetemtourrporavernanceenhlocisionattat:locherInsatiertonedforbohelesd rblfinioniveiiitiestuttectanmaaresproanesponso…(bodd mincludingholytttteourarananagemensemarsexpress):dhebod ad thodelegd tto tatetreservearnseo managemenhlocisionattat:htthylogdd‐hadf//pica/mia/1.‐BCrtep:.comeoarr.plocherInsatiertonehefachafollowhdaisiontt tt wtterecommen:…CoGoStaOinRtetemtourrporavernanceenhlocisionattat:_locherInsatiertone	lanhyhaionisinCoatttteanexpsoourrporawOGoStaRtemtvernanceenllyd eityd thisextntweareanernamanageandaheforlbleionis ticatotrecommenree napplanhyhaionisinCoatttteanexpwsoourrporaGoStaORtemtvernanceenllyd ed thityisextntweareanernamanageandaionis theforlicabletotrecommenree napp
1.3	lecdiretctoear.Ald eholdhaistityittntntesuvea wrenagreemehhdd sitireioriveingctotsetteacr anenexecuwhef their ainttttntouerms oppome	hefachafollowhdaisiontt tt wtterecommen:…inCoGoStaORtetemtourrporavernanceenhlocisionattat:	lanhyhaionisinCoatttteanexpwsoourrporaGoStaORtemtvernanceenllyd ed thityisextntweareanernamanageandaheforlbleionis ticatot
		_locherInsatiertone	recommenree napp

Coatrpor	l rdaGoCoiiontevernanceuncecommen	hafollowd thedafullfoheholefWionintr teveerecommenwoheiod aboWhadisclodtperveevese…	hafollowd thedaWNOTioninteveerecommenfullfoheholef theiod aboWhatrwoperveevedlodiscse…
T1.4behetfunA	hef ald eholdistityretntcompanysecaryoesubledlyhebod,hrhiretacttottaccounaroughall mdoh their,itatttoconaerswproperf thebod.ioningctoarld ehold:istityntesu	hefachafollowhdaisiontt tt wtterecommen:…inCoGoStaORtetemtourrporavernanceenhlocisionattat:_locherInsatiertonehefachahadlhalhiveityicyiesittt tt wtt cevearspoompw…	lanhyhaionisinCoatttteanexpsoourrporawGoStaORtemtvernanceenllyd ed thityisextntweareanernamanageandaheforlbleionis ticatotrecommenree napp
1.5(a)(b(c)	hadlhhludeiveityicyicincvearspowsforhebodlevirentttrequmesarorareanf thebodbleitttosetcommeeoarmeasurabforhdeddjiveievingiveityectosacgenrrsanllybohhebjivedtottectassessannuaos anhe's phheityinievingtntterogressacm;)dloshalfdiscicyit;e tt poora summaryoandloshedfhiscingattorteasenoeacrepdheblebforiojivetectpermeasuraoshdedbyhebodievingiveitysettacgenrrsarlevf thebodittintorareancommeeoardahhe'sdlitityiveityicyttaccorncweenrspoddshheditsievings ttanprogresowaracmanheiter:(1)hef mdiveiontectortresppropsoenanhebod,inioriven ttwomeonarsenexecudheholeitiontpossanacrossw(isaionincludinghoheitytttorganwenhadefd"se"forheineiorivettsnexecuse); opurposesr(2)fhe"relevloy"iityistttenaanemperdehekplacGedelWEqitytunrorenruahe's"GdeAcityt,ttsttenmorecenenrlitydica",definedindEqIntoruasasanblhed udehaisAcr ttt.pun	h(a):paragrapinCoGoStaORtetemtourrporavernanceenhlocisionattat:locherInsatiertoned af odlfiveityicyit:ancopyourrspoora summaryo…hlocisionattat:locherInsatiertoneheblebforhdedbyhejiveievingiveitytectsettmeasuraosacgenrrs…bodlevf theboddah oittinitt caror areanommeeoaraccornce wurdld odshheiveityicyievings ttrspoanurprogresowaracm:CoGoStaOinRtetemtourrporavernanceenhlocisionattat:locherInsatiertone(c)(1) o(2):d theforferd thsinionintanmarereoparagrapr…OinCoGoStaRtetemtourrporavernanceenhislocionattat:locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStaORtemtvernanceenllyd eityd thisextntweareanernamanageandaheforlbleionis ticatotrecommenree napp

Corp	GoCoil rdaionattorevernanceuncecommen	hafollowd thedaioninfullfoheholefWtr teveerecommenwohed abohadlod …ioWisctperveevese	haOfollowd thedaioninWNTteveerecommenfullfoheholef thed abohaioWtrwoperveevedisclodse…
61.	ld ehold:Aistityntesu(a)haddlosfordllyiscioicaveane aprocessperluaingheforf thebod,itsttevapermance oardddulddittiniviirectocommeeasnars;an()bdloslathiscinioningtoorte,reeacrepd,heheforluaioionttperwrapermanceevadekehediningioinrtatortwausnnrepperdahhaittt paccorncerocess.w	heluaferd th(a):ioninttevaprocessrereoparagrap…inCoGoStaORtetemtourrporavernanceenhlocisionattat:htthylogdb.‐losfor//pica/mia/Disc‐Pp:.comeure‐‐ermance‐luadfEvionta.plocherInsatiertone():d theforferd thbinionintanmarereoparagrap…inCoGoStaORtetemtourrporavernanceenhlocisionattat:locherInsatiertone	lanhyhaCoionisinatttteanexpwsoourrporaGoStaORtemtvernanceenllyd ed thityisextntweareanernamanageandaheforlbleionis ticatotrecommenree napp
1.7	ld ehold:Aistityntesu(a)haddisclosforiodicallyveane aprocessperluaheforfingitsiorttevapermanceosendivetexecus; an(b)dloslathiscinioningtoorte,reeacrepd,heheforluaioionttperwrapermanceevadekehediningioinrtatortwausnnrepperdahhaittt paccorncwerocess.	(a):heluaferd thioninttevaprocessrereoparagrap…inCoGoStaORtetemtourrporavernanceenhlocisionattat:htthylogdb.‐losfor//pica/mia/Disc‐Pp:.comeure‐‐ermance‐luadfEvionta.pInslocatiherertoned theforferd th(b):inionintanmarereoparagrap…inCoGoStaORtetemtourrporavernanceenhlocisionattat:locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStaORtemtvernanceenllyd ed thityisextntweareanernamanageandaheforlbleionis ticatotrecommenree napp

l rdaCoGoCoiionattrporrnanunommenevececec	hafollowd thedafullfoheholefWionintr tremmeneveecowoheiod abohadisclod …Wtperveevese	hafollowd thedaWNOTionintremmeneveecofullfoheholef theiod abohaWtrwoperveevedlodiscse…
PRINCIPLESTRUCTURETHEBOARDTOADDV2‐	ALUE
hebod of ald ehold:Tistityntaresu2.1(a)hahh:inaionittictvea nomcommeew(1)haleahrbefjitytstts aeememrs,a maorohodededdinirentctomarepenrs;anw(2)hadbydededisireinirentctocanpenr,ddlosiscane:(3)hehaf theitttrtecr ocommee;(4)hebef theditttmemrsocommee; an(5) ahedf ehd,ingiot torts aenoacrepperhebef theimitttttnumr oescommeemehrhoheddheiotutttougperandduldaf thebeinivitteaanncesomemrshoingORatteetsems;()bfdohaiitinaionittttesnovea nomcommee,dloshafacdheiscitttt atenprocessesloyddrbod sionisss tempo aessaruccessuesdhahebodhahete tt ts tano ensurarbalanf sklls,knledgiatiappropreceoowe,dededdieniniveitytoexpercepennce anrs,bleit tdischaitsduiesdtenaorgeanblffecly.iiitiesivetresponse	(a):[f thelh ph]Iityiesittencompwaragraphefachahahalhinaionittiesittt tt wttt cevea nomcommeeompw…(1) a(2):hsdparagrapnCoGoStaOinRtetemtourrporavernanceenhlocisionattat:locherInsatiertoned af thehaf theittrteancopyocr ocommee:…hlocisionattat:hthylogd//pica/mia/4Noinion‐Citttpat:.comemommee.‐‐hadfCrter.plocherInsatiertone(4) a(5):d theforferd thsdinionintanmarereoparagrapn…inCoGoStaORtetemtourrporavernanceenhlocisionattat:f thellPa&6AnFinaiaStatemtsge 49o201nuancenlocherInsatiertone():[f thelh phb]Iityiesittencompwaragraphefachadohad theinaionitttt tt wttenovea nomcommeean…loyddrbod sd tionisstoprocesses we empaessaruccessues anohahebodhahebalanf sklls,iatitt ts tensurearappropreceoknledgdededdbleieniniveityit ttoowe,expercepennce anrsenao,dhadud rblffeclyiscitsiesiiitiesivettrgeanesponse:inCoGoStaORtetemtourrporavernanceenhlocisionattat:locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStaORtemtvernanceenllyd eityd thisextntweareanernamanageandaheforlbleionis ticatotrecommenree napp

Corp	l rdaGoCoiionattorevernanceuncecommen	hafollowd thedafullfoheholefWionintr teveerecommenwohed abohadlod …ioWisctperveevese	hafollowd thedaWNOTioninteveerecommenfullfoheholef thed abohaioWtrwoperveevedlodiscse…
2.2	ld eholdhaddlosbodAistityiscntesuveane aarkillsixingheixf skillsdatrettt tsmsoumoandhahebod clyhaiveityistt ttrsarurrens orlookhbehingievinitsip.toacememrs	bod skllsiix:trourarma…inCoGoStaORtetemtourrporavernanceenhlocisionattat:_locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStaORtemtvernanceenllyd ed thityisextntweareanernamanageandaheforlbleionis ticatotrecommenree napp
2.3	ld eholddlosAistityiscntesue:(a)hef theddedbyheireitctotnames orsconsrebodbededediniretntctoaropenrs;()bfdhaiireintitionctost,arsanerepos,lathfheiationionipttyassocorresopedebedbuhebodf theiinBoist tscrx 2.3arohadoheinionitisettttopesnocompromdedef thedhefinirectotturpennce or,nae oheintitioniationtst,ereposassocor,lathdlanionipinionionstatresqueananexpfhyhebodf thadisiniontt ooarop; anw(c)helenh of sf ehdiceirettctogervoacr.	hef theddedbyhebod tbeireitctotnames orsconsrearo…dededinirentctopenrs:inCoGoStaORtetemtourrporavernanceenhlocisionattat:locherInsatiertone():helble,heforferd thbicainioninttwreappmarereoparagrap…CoGoStaOinRtetemtourrporavernanceenhislocionattat:locherInsatiertonehelenh of sf ehdiceirettctogervoacr:…CoGoStaOinRtetemtourrporavernanceenhlocisionattat:f thellPa&J6AnFinaiaStatemtsge 2, 34o30une 201nuancen_locherInsatiertone	lanhyhaionisinCoatttteanexpsoourrporawGoStatemtvernanceen
2.4	f thebod of ald eholdAjityistityntmaoroaresubedededinirentctopenrs.	hefachafollowhdaisiontt tt wtterecommen:…inCoGoStaORtetemtourrporavernanceenhislocionattat:_locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStaORtemtvernanceenllyd eityd thisextntweareanernamanageandaheforlbleionis ticatotrecommenree napp

Corp	GoCoil rdaionattorevernanceuncecommen	hafollowd thedaioninfullfoheholefWtr teveerecommenwohed abohadlod …ioWisctperveevese	haOfollowd thedaioninWNTteveerecommenfullfoheholef thed abohaioWtrwoperveevedisclodse…
2.5	hehaf thebod of ald eholdTir oistityntcaresubedededd,larinireinicuntctoartanpenr anp,holdbehehefCEOotttsunsame personasoheitytnte	hefachafollowhdaisiontt tt wtterecommen:…inCoGoStaORtetemtourrporavernanceenhlocisionattat:_locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStaORtemtvernanceenllyd ed thityisextntweareanernamanageandaionis theforlicabletotrecommenree napp
62.	ldholdhaforAistityteensuveaprograminduingdiredidectctonewrsanprovfesldelopiationntappropreprosavemeforddelopditiesireortctotooppunrsveanhekllsdknledgdedintinittomaasanoweneeforheledffecly.ir rireivetctotpermoasrse	hefachafollowhdaisiontt tt wtterecommen:…inCoGoStaORtetemtourrporavernanceenhlocisionattat:_locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStaORtemtvernanceenllyd ed thityisextntweareanernamanageandaheforlbleionis ticatotrecommenree napp
PRIN	OCIPLEACTETHICALLYANDRESPNSIBLY3–
3.1	Alistd eityhold:ntesu(a)hadef cduforditsirectctoveacooonrs,dloydiorivetsenexecuasnempees; an()bdloshadefiscit.e tt coora summaryo	def cdufit:ctour cooonora summaryo…inCoGoStaORtetemtourrporavernanceenhlocisionattat:htt//phylogica/mdia/a.‐CCodef‐Codudfte‐ct.p:.comeorpora‐onp_locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStatemtvernanceen
PRIN	CSAGAGCOOIPLEFEURDINTERITYINRP4–	AOGRTEREPRTIN
4.1	hebod of ald ehold:Tistityntaresu(a)hadhh:it citticveanauommeew(1)haleahrbell of whotstts aeememrs,amivediredtctoarenon‐execursanafhodedejityinntmaorowmarependdirectors;an(2)hadbydededisireinirentctocanpenr,hohehaf thebod,isir ot twnocarddlosiscane:	[f thelh ph(a):]Iityiesittencompwaragraphefachahadhalhit cittiesittt tt wtt ceveanauommeeompw…hs(1) ad(2):paragrapninCoGoStaORtetemtourrporavernanceenhlocisionattat:_locherInsatiertoned af thehaf theittrteancopyocr ocommee:…	lanhyhaionisinCoatttteanexpwsoourrporaGoStatemtvernanceen
	(3)hehaf theitttrtecr ocommee;(4)helevlfdiicaiontttreanquasanfhebefheienttexperceomemrso	hlocisionattat:htthylogddhadf//pica/mia/2.‐Ait‐CoittCrtep.comeumme‐r.p:

l rdaCoGoCoiionattrporrnanunommenevececec		hafollowd thedafullfoheholefWionintr tremmeneveecowoheiod abohadisclod …Wtperveevese	hafollowd thedaWNOTionintremmeneveecofullfoheholef theiod abohaWtrwoperveevedlodiscse…
	dittcommee; an(5)inlationhingiod,hetoorttreeacrepperbefheimitttttnumroescommeemehrhoheddheiotutttougperandduldaf thebeinivitteaanncesomemrshoingORatteetsems;(b)fdohadiitititttesnoveanaucommee,dloshafacdheiscittttteanprocessesloyhadedelyfydinittntempspenveranfegdhefintityitsttesauaregrocorporaludheforheingincingortttrepprocesses,dl of thelintntextappomeanremovaernaddhefheditoionittrotattauranoaut partengagemenner.	Inslocatiherertoned theforferd ths(4) ad(5):inionintanmarereoparagrapn…inCoGoStaORtetemtourrporavernanceenhlocisionattat:f thellPa&J6AnFinaiaStatemtsges2,34o30une 201nuancenlocatiherInsertone[():]f theityliesith phbItencompwaragraphefachadohadd theit citttt tt wtenoveanauommeeanprocesses…loyhadedelyfyd sfegd thefiniintityttntweemppenveranauaregroludheforheingincingintteortttntoucrorporarepprocessesappome,dl of thel add thef theditoionitextrotatanremovaernaur anoaut partengagemenner:inCoGoStaORtetemtourrporavernanceenhlocisionattat:_Inslocatiherertone
4.2	hebod of ald ehold,beforTistityitntaresuehe'sfl sforityinaiatttattsapprovesenncemenafld,frodinaiaioiveitsCEOCFOncperrecemandelarhaheheflioninir oinioninaiaattt,ttacpnc,dsf thehabelyityntrecoroeveenproperdd thahefl sintineinaiat ttattsmaaanncemenlyh theitiatingtcompwappropre accoundadsddfaf theiveir viewstaa tnrangrue anofld pforf theinaiaitionitytncposanermance oendhahehabeford oheiniontt tn tanopsenmebaf adf rk mdisisstet asosounsymoanagemennll whhffecly.inticisingivetrotternaconoperae	hefachafollowhdaisiontt tt wtterecommen:…inCoGoStaORtetemtourrporavernanceenhlocisionattat:_Inslocatiherertone	lanhyhaCoionisinatttteanexpwsoourrporaGoStatemtvernanceen

l rdaCoGoCoiionattrporevernanceuncecommen		hafollowd thedafullfoheholefWionintr teveerecommenwohed abohadlod …ioWisctperveevese	hafollowd thedaWNOTioninteveerecommenfullfoheholef thed abohaioWtrwoperveevedlodiscse…
4.3	ld ehahahold eAistityAGMntttes ansunsurehaitsl aditodsitsAGdisMttxtetteernaur ananlablefroiionitytstavaaonswer quesmsecurholdelevhedit.t ttrsreanoau	hefachafollowhdaisiontt tt wtterecommen:…inCoGoStaORtetemtourrporavernanceenhlocisionattat:_locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStaORtemtvernanceenllyd ehadoityextntttweareanernamanageesholdl gl md thingisteetnoaannnuaeneraandaheforlbleionis ticatotrecommenree napp
PRIN	CIPLEMAKETIMELYANDBALANCEDDISC5–	LOSURE
5.1	Ald ehold:istityntesu(a)halforlyhitticyingititsvea wrenpocompwdlosbldeheinuiscigionntatr tcoousuroes unlesdListingRu; an(b)dloshalfiscicyit.e tt poora summaryo	dlosllfinuiscianicyit:tour conousure compcepoora summaryo…inCoGoStaORtetemtourrporavernanceenhlocisionattat:htt//phylogica/mdia/c.‐Disclos‐Cinutp:.comeure‐‐onous‐losdfDiscure.p_locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStatemtvernanceen
PRIN	CIPLE6 –RESPECTTHERIGHTSOFSECURITY	HOLDERS
6.1	ld ehold pdeforAistityiinionnttesurovmaboitslf aditsinviauttoestaengovernanceorsvbsitsitewe	forbod obsinionitetutmaausanurgovernanceonour we:…hlocisionattat:htthylogdlayde//pica/isp/in/cote‐p.comrporagovernance:x_locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStatemtvernanceen
6.2	ld eholddedlemAistityigimntt aesusn anpennlatfaclffecinvioniitaiveesttotetorrepsrogramehicaionitinvtwtesto‐waycommunorsw	hefachafollowhdaisiontt tt wtterecommen:…inCoGoStaORtetemtourrporavernanceenhlocisionattat:htthylogdhaholde//pica/mia/g.‐SCoicaiontp.comerer‐mmun:‐Strdfategy.p_locherInsatiertone	lanionhyhaisinCoatttteanexpwsoourrporaGoStatemtvernanceen

Corp	il rdaionGoCoattorevernanceuncecommen	hafollowd thedaioninfullfoheholefWtr teveerecommenwohed abohadlod …ioWisctperveevese	haOfollowd thedaioninWNTteveerecommenfullfoheholef thed abohaioWtroperveevewdisclodse…
6.3	ld eholddlosheldAistityisciciesnte tesupoanhalacfaclditiniitae tteprocessesspoanf sicipioningityartatatetencourage pmes oecurholders.	ld pforfacld eiciesiitaingingtour poanrocessesanncourag…f sholdeicipioningityartatatetpmes oecurrs:CoGoStaOinRtetemtourrporavernanceenhlocisionattat:_locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStaORtemtvernanceenllyd ehadoityextntttweareanernamanageesholdiodicingf sityholdetetnopermes oecurrsdhdaheforisionis tttotanrecommenree nlbleicaapp
6.4	Alistd eityhold giveityholdehenttesusecurrsfrodioniveicaionttotoprececommunsm,andhedicaionityitsts tttsencommuno,enanleclly.ityisticatrosecurregryen	hefachafollowhisdaiontt tt wtterecommen:…OinCoGoStaRtetemtourrporavernanceenhislocionattat:_locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStatemtvernanceen
PRIN	CCOGSAAAGSIPLERENIENDMNERIK7–
7.1	hebod of ald ehold:Tistityntaresu(a)haittitts tvea commeeorcommeeo overseek,h of whh:isicreac(1)haleahrbejityftstts aeememrs,a maorohodededdinirentctowmarepenrs;an(2)hadbydededisireinirentctocanpenr,ddlosiscane:(3)hehaf theitttrtecr ocommee;(4)hebef theditttmemrsocommee; an(5) ahedf ehd,ingiot torts aenoacrepperhebef theimitttttnumr oescommeemehrhoheddheiotutttougperanindividuldaf thebetteaanncesomemrshoingORatteetsems;()bfdohakiitisitttesnovearcommeeorhafy(a) abodlosittisisctt satcommeesvee,hafacdheloyforitttt atnprocessesempshe'skingityistttoverseeenrmanagemenfrak.mewor	[f thelh ph(a):]Iityiesittencompwaragraphefachahakittittistt tt ws tevea commeeorcommeeo oversee r…halyh phs(1) ad(2):itttcompwaragrapninCoGoStaORtetemtourrporavernanceenhlocisionattat:locherInsatiertoned af thehaf theittrteancopyocr ocommee:…hlocisionattat:htthylogdk‐hadf//pica/mia/3.‐RisCoitt‐Crtep.comemmeer.p:locherInsatiertoned theforferd ths(4) ad(5):inionintanmarereoparagrapn…inCoGoStaORtetemtourrporavernanceenhlocisionattat:f thellPa&6AnFinaiaStatemtsge 410o20nuancen1	lanhyhaionisinCoatttteanexpwsoourrporaGoStatemtvernanceen

l rdaCoGoCoiionattrporevernanceuncecommen		hafollowd thedafullfoheholefWionintr teveerecommenwohed abohadlod …ioWisctperveevese	hafollowd thedaWNOTioninteveerecommenfullfoheholef thed abohaioWtrwoperveevedlodiscse…
		locherInsatiertone[f thelh ph(b):]Iityiesittencomparagrapwhefachadohaisk cittitthatt tt wts ttenovea rommeeorcommee…(a) afyd theloyforkisingissatnprocesses we empoverseeour rfrak:tmanagemenmeworinCoGoStaORtetemtourrporavernanceenhlocisionattat:locherInsatiertone
27.	hebod of thebod shold:Tittarr acommeeoaru(a) rhe's rk miewityistttevenanagemenfrakleallyfylfisitststtosatmeworaannuaehabed;dit cinuttttonesosounan()bdloslath riscinioningtoorte,reeacepd,heheh ahakeioiewts tperr sucrevanwlacpe.	hefachafollowhdaisiontt tt wtterecommen:…inCoGoStaORtetemtourrporavernanceenhlocisionattat:_locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStatemtvernanceen
7.3	ld eholddlosAistityiscntesue:(a)fhal adfunhoheiitintitionctts anernauw,funddhaleionisitctstrtutucreanwroforORperms;()bfdohaldiitintittesnoveanernaaufunhafacdheionitctttttanprocesses,loyforluadllyinginutntempsevaancoaheffecfkimingiveitsisttprovenessordl cl pintt atromanagemennernaonrocesses.	[f thelh ph(a):]Iityiesittencompwaragraphol adfund ad whaleintitionisitctstrtut rwourernauucreno…forperms:inCoGoStaORtetemtourrporavernanceenhlocisionattat:locherInsatiertone():[f thelh phb]Iityiesittencompwaragraphefachadohal adfund theintitiontt tt wtctenoveanernauan…loyforluad cllyheinginuimingtttprocesses we empevaanonaprovffecf okdl cl piveisinttt atroenessourrmanagemennernaonrocesses:inCoGoStaORtetemtourrporavernanceenhlocisionattat:	lanhyhaCoionisinatttteanexpwsoourrporaGoStatemtvernanceen

il rdaionCotanceuncecommen	hafollowd thedaioninfullfoheholefWtr teveerecommenwohed abohadlod …ioWisctperveevese	haOfollowd thedaioninWNTteveerecommenfullfoheholef thed abohaioWtroperveevewdisclodse…
	Inslocatiherertone
holddloshehehaiscittsue wrsic,toxposureeconomdl sblksiainaiityistaansocusrhodsit minttowanagesorenksisr	hehehal eiaic,ttertowr weveanymaxposureeconom…ldl sblksd,f wdohoiroiainaiityisitataenvnmenansocusranewwe,d thoksintise tmanage oreno managser:inCoGoStaORtetemtourrporavernanceenhlocisionattat:_locherInsatiertone	lanhyhaCoionisinatttteanexpwsoourrporaGoStatemtvernanceen
UNERATEFAIRLYANDRESPON	SIBLY
ld ehold:istityntesuhh:ionittictuneracommeewleahrbefjitystteememrs,a maorodededdinirentctoarepenrs;andbydededireinirentctoanpenr,lose:f theittrter ocommee;bef thedittmrsocommee; anhedf ehd,ingioortenoacrepperbef timheittttumr oescommeemehoheddheioutttperanduldaf thebetteaanncesomemrsingOReetsems;haionttesnovearemuneradloshafacdheiscttttean,it eloyforinghelevl adsetttmpsenf rfordionioniretctooemunerarsdhaioriveingtttexecusanensurdionisiatttuneraappropreanno	[(a):]f thelh phIityiesittencompwaragraphefachahahalhionittiesittt tt wttt cevea remuneracommeeompw…(1) a(2):hsdparagrapninCoGoStaORtetemtourrporavernanceenhlocisionattat:Inslocatiherertoned af thehaf theittrteancopyocr ocommee:…hlocisionattat:htthylogddhadf//pica/mia/2.‐Ait‐CoittCrtep:.comeumme‐r.pInslocatiherertoned theforferd ths(4) ad(5):inionintanmarereoparagrapn…inCoGoStaORtetemtourrporavernanceenhlocisionattat:f thellPa&6AnFinaiaStatemtsge 49o201nuancen_locherInsatiertone[():]f theityliesith phbItencompwaragrap	lanhyhaionisinCoatttteanexpsoourrporawGoStaORtemtvernanceenllyd ed thityisextntweareanernamanageandaheforlbleionis ticatotrecommenree napp
		hefachadohad theionitttt tt wttenovea remuneracommeean…

l rdaCoGoCoiionattrporevernanceuncecommen		hafollowd thedafullfoheholefWionintr teveerecommenwohed abohadlod …ioWisctperveevese	hafollowd thedaWNOTioninteveerecommenfullfoheholef thed abohaioWtrwoperveevedlodiscse…
		loyforhelevl ad cfingitionsetttprocesses we empenomposofordd sd ehaionireioriveingtctotttremunerarsanenexecus annsurhd nionis aiativetotsucremunerappropre anexcess:inCoGoStaORtetemtourrporavernanceenhlocisionattat:_locherInsatiertone
8.2	ld ehold slydlosAistityiscitsntteesueparaeld pdheiciesiceingttpoanracs regarf nddioniveirettctoremuneraoon‐execursanhef eddioniveiretttctoremuneraoxecursanheioriveottsrenexecus.	lyld pdheioniciesiceingtetttseparaour remunerapoanracs regar…f ndd thefioniveireionttctotremuneraoon‐execursanremuneraoddheiveireiorivetctottexecursanor senexecus:inCoGoStaORtetemtourrporavernanceenhlocisionattat:f 3llPa8 oJ6AnFinaiaStatemtsge 11‐10une 201nuancen_locherInsatiertone	lanhyhaionisinCoatttteanexpsoourrporawOGoStaRtemtvernanceenllyd eityd thisextntweareanernamanageandaheforlbleionis ticatotrecommenree napp
8.3	ldhhha‐badAistityicityteenwsanequsehehold:iontremunerascmesu(a)halheheicyiciptarttsveapoonr panarewittdintiontotertraactpermeenonss(whehehrhhefdeivaivetr tttouguseors orhe) whhlhek ofiseicimiticisottrweconomrhehedicipinginartattpscme; an()bdloshalfiscicyit.e tt poora summaryo	lhficyisissit:tour poonueora summaryo…CoGoStaOinRtetemtourrporavernanceenhlocisionattat:_locherInsatiertone	lanhyhaionisinCoatttteanexpsoourrporawOGoStaRtemtvernanceendoha‐bad rityionttwenoveanequseemunerahedhdaheforisionis tttscmeanrecommenreelbleicaORtnoappllyd eityd thisextntweareanernamanageandaheforlbleionis ticatotrecommenree napp

l rdaCoGoCoiionattrporevernanceuncecommen		hafollowd thedafullfoheholefWionintr teveerecommenwohed abohadlod …ioWisctperveevese	hafollowd thedaWNOTioninteveerecommenfullfoheholef thed abohaioWtroperveevewdisclodse…
ADD	OASCOSSACAOITINLDILUREPPLIBLETEXTE	AAAGSSRNLLYMNEDLITEDENTITIE
‐	ltedallyAiveReionfttotterrnacommen1.1orexnadld eistitiesntmanagee:heblef allydTiitytxteresponsenon ernamanageldholddlosistityiscnteesue:(a)hebehebleittstwtarrangemeneenresponsd theld eforheityistityingtnttenanemanagffaf theldirsistityntaoee;()bheledblf thebodfiiitytroanresponsoarohebleforhoiityingtttresponsenoverseesets.arrangemen	heforferd ths(a) ad(b):inioninttmarereoparagrapn…inCoGoStaORtetemtourrporavernanceenhlocisionattat:_locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStatemtvernanceen
‐	ltedadAiveReion8.18.28.3ttotrnacommensan,fllydld eistitiesterntorexnamanagee:llydldholdAnistityextternamanageeensulealydlosheheiscingttertcremsgovernf theiontremuneraomanager.	hef theingionitytterttmsgovernour remuneraasmanageroen:…inCoGoStaORtetemtourrporavernanceenhlocisionattat:_locherInsatiertone	lanhyhaionisinCoatttteanexpwsoourrporaGoStatemtvernanceen