RAREX LIMITED — Governance Information 2015

Oct 20, 2015

This statement outlines the main corporate governance practices in place throughout the period from 1 July 2014 to 30 June 2015, which comply with the ASX Corporate Governance Council recommendations, unless otherwise stated. The Corporate Governance Statement is dated 15 October 2015. The Corporate Governance Statement was approved by the Board of Clancy Exploration Limited on 15 October 2015.

The Company is committed to implementing the highest standards of corporate governance. In determining what those high standards should involve, the Company has turned to the ASX Corporate Governance Council's Principles of Good Corporate Governance and Best Practice Recommendations. The ASX Corporate Governance Council ("the Council") issued the third edition of the Corporate Governance Principles and Recommendations in March 2014.

To illustrate where the Company has addressed each of the Council's revised recommendations, the following summary cross-references to each revised recommendation. Details of all of the revised recommendations can be found on the ASX Corporate Governance Council's website.

Introduction

Clancy Exploration has adopted systems of control and accountability as the basis for the administration of corporate governance. Some of these policies and procedures are summarised below.

The following additional information about the Company's corporate governance practices is set out on the Company's website at www.clancyexploration.com :

• Board Charter;
• Definition of an Independent Director
• Board Selection and Appointment Procedure;
• Board Code of Conduct;
• Code of Conduct
• Audit and Risk Committee Charter;
• Workplace Health and Safety
• Continuous Disclosure Policy;
• Shareholder Communication Policy
• Securities Trading Policy; and
• Diversity Policy.

Explanations for Departures from Best Practice Recommendations

During the period the Company has complied with the majority of the Eight Essential Corporate Governance Principles and the corresponding Best Practice Recommendations as published by the Council and as detailed below:

1. LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT

Council Principle 1:

A listed entity should establish and disclose the respective roles and responsibilities of its board and management and how their performance is monitored and evaluated.

Council Recommendation 1.1:

A listed entity should disclose;

• the respective roles and responsibilities of the board and management; and
• those matters expressly reserved to the Board and those delegated to management.

The Company complies with this Recommendation 1.1.

The board has set out the responsibilities of the Board in the Board Charter which can be accessed on the company website. Any functions not reserved for the Board and not expressly reserved for members by the Corporations Act and ASX Listing Rules are reserved for management.

Council Recommendation 1.2:

A listed entity should:

(a) undertake appropriate checks before appointing a person, or putting forward to security holders a candidate for election, as a director; and

(b) provide security holders with all material information in its possession relevant to a decision on whether or not to elect or reelect a director

The Company did not comply with Recommendation 1.2(a) above for the entire period.

The Company introduced a new policy in respect of checks being made prior to the appointment of directors in November 2014. This policy was not in place for the entire period. Prior to the change in policy, two director appointments were proposed by shareholders. Appropriate checks were not completed prior to the candidates being put forward to security holders for election as a director. This situation has been remedied by the implementation of the new policy.

The Company complied with Recommendation 1.2(b) above for the entire period.

Council Recommendation 1.3:

A listed entity should have a written agreement with each director and senior executive setting out the terms of their appointment.

The Company complied with this Recommendation 1.3.

Recommendation 1.4

The company secretary of a listed entity should be accountable directly to the board, through the chair, on all matters to do with the proper functioning of the board.

The Company complied with this Recommendation 1.4.

Council Recommendation 1.5:

A listed entity should

(a) have a diversity policy which includes requirements for the board or a relevant committee of the board to establish measurable objectives for achieving gender diversity and to assess annually both the objectives and the entity's progress in achieving the;

(b) disclose that policy or a summary of it; and

(c) disclose as at the end of each reporting period the measurable objectives for achieving gender diversity set by the board or a relevant committee of the board in accordance with the entity's diversity policy and its progress towards achieving them, and either:

(1) the respective proportions of men and women on the board, in senior executive positions and across the whole organisation (including how the entity has defined "senior executive" for these purposes); or

(2) if the entity is a "relevant employer" under the Workplace Gender Equality Act, the entity's most recent "Gender Equality Indicators", as defined in and published under that Act

The Company partly complies with this Recommendation 1.5.

The Board has adopted a Diversity Policy, a copy of which is available on the Company's website. The Company has a policy not to discriminate on the basis of age, gender, ethnicity, sexuality, physical ability or cultural or religious beliefs.

The Company recognises the benefits arising from employee and board diversity, including accessing different perspectives and ideas and benefitting from a greater pool of talent.

Factors such as gender, race, age or disability are irrelevant and are not taken into account when making employment decisions. In all cases, the person most suited to the position is selected based on their skills and qualifications without bias or prejudice.

Consistent with the Company's policy of non-discrimination, the Board has chosen not to set specific measurable targets for gender diversity.

Consistent with the Company's policy of non-discrimination, the Board has chosen not to report, specific measurable targets for gender diversity.

The Company complies with this recommendation and provides the following disclosure at the date of this statement;

No. of female board members	0	0%	(2014: 1 25%)
No. of female employees	2	33%	(2014: 2 33%)
No. of female employees in senior positions	1	33%	(2014: 1 33%)

No. of female contractors	0	0%	(2014: 1 50%)
No. of female contractors in senior positions	0	0%	(2014: 1 50%)

Council Recommendation 1.6:

A listed entity should:

(a) have and disclose a process for periodically evaluating the performance of the board, its committees and individual directors; and

(b) disclose, in relation to each reporting period, whether a performance evaluation was undertaken in the reporting period in accordance with that process.

The Company complies with this Recommendation 1.6.

The performance evaluation of board members occurs by way of a formal review of each director by that director and by each fellow director followed by a meeting between the Chairman and the relevant director or, in the case of the Chairman's own evaluation, by the Chairman and the non-executive directors.

No such performance review was undertaken during the reporting period. The composition of the Board changed substantially with half of the directors at the date of the previous corporate governance statement having resigned during the period. These directors were replaced by new directors during the period. A review will be undertaken in due course.

Council Recommendation 1.7:

A listed entity should:

(a) have and disclose a process for periodically evaluating the performance of its senior executives; and

(b) disclose, in relation to each reporting period, whether a performance evaluation was undertaken in the reporting period in accordance with that process.

The Company complies with this Recommendation 1.7.

The Board is responsible for reviewing the performance of senior executives.

No such performance review was undertaken during the reporting period, however a performance review of the senior executive was undertaken by the Chairman on behalf of the Board subsequent to the end of the reporting period.

2. STRUCTURE THE BOARD TO ADD VALUE

Council Principle 2:

A listed entity should have a board of an appropriate size, composition, skills and commitment to enable it to discharge its duties effectively

Recommendation 2.1

The board of a listed entity should:

(a) have a nomination committee which:

(1) has at least three members, a majority of whom are independent directors; and

(2) is chaired by an independent director, and disclose:

(3) the charter of the committee;

(4) the members of the committee; and

(5) as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or

(b) if it does not have a nomination committee, disclose that fact and the processes it employs to address board succession issues and to ensure that the board has the appropriate balance of skills, knowledge, experience, independence and diversity to enable it to discharge its duties and responsibilities effectively

The board complies with this Recommendation 2.1.

It is not a company policy to have a nomination committee, given the size and scale of Clancy Exploration Limited. The role of a nomination committee is carried out by the full Board. The full board considers the appointment of new directors on an informal basis. The Board's policy for the appointment of new directors to the Board can be accessed at www.clancyexploration.com

Recommendation 2.2

A listed entity should have and disclose a board skills matrix setting out the mix of skills and diversity that the board currently has or is looking to achieve in its membership.

The Company does not comply with this Recommendation 2.2.

For a Company of Clancy's size and complexity a board skills matrix is not considered to be necessary.

Recommendation 2.3

A listed entity should disclose:

(a) the names of the directors considered by the board to be independent directors;

(b) if a director has an interest, position, association or relationship of the type described in Box 2.3 but the board is of the opinion that it does not compromise the independence of the director, the nature of the interest, position, association or relationship in question and an explanation of why the board is of that opinion; and

(c) the length of service of each director

The Company complies with Recommendation 2.3.

A definition of director independence can be accessed at www.clancyexploration.com.

The Board considers Dr. Etheridge, Mr. Cranston and Mr. Featherby to be independent directors.

The Board considers Mr. Barnes to be a non-independent director.

During the period of their tenure on the Board, the Board considered Dr Macdonald to be an independent director and Ms Forsyth Stock to be a non-independent director.

The period of office held by each director as at the date of this statement is as follows;

Mr Barnes	4 years, 10 months
Dr Etheridge	4 years, 8 months
Mr Cranston	1 years, 0 months
Mr Featherby	1 years, 0 months

Council Recommendation 2.4:

A majority of the board of a listed entity should be independent directors.

The Company complies with Recommendation 2.4.

From 1 July to 22 October 2014, the Board of Clancy Exploration had two independent directors, Dr Etheridge and Dr Macdonald and two non-independent directors, Mr Barnes and Ms Forsyth Stock.

From 22 October 2014 to 26 November 2014, the Board of Clancy Exploration had three independent directors, Dr Etheridge, Mr. Cranston and Mr. Featherby and two non-independent directors, Mr Barnes and Ms Forsyth Stock.

From 26 November 2014 until the date of this statement, the Board of Clancy Exploration had three independent directors, Dr Etheridge, Mr. Cranston and Mr. Featherby and one non-independent director, Mr Barnes.

Therefore the Board had the same number of independent directors as non-independent directors for the period from 1 July 2014 to 22 October 2014. At all times when there were the same numbers of independent directors as non-independent directors, the Chairman, who is independent, had the casting vote.

The Board had more independent directors than non-independent directors at all times after 22 October 2014.

Council Recommendation 2.5:

The chair of the board of a listed entity should be an independent director and, in particular, should not be the same person as the CEO of the entity

The Company complies with Recommendation 2.5.

The Company's Chairperson, Dr Etheridge, is considered by the Board to be independent. The Company's chair is not the CEO of the entity.

Recommendation 2.6

A listed entity should have a program for inducting new directors and provide appropriate professional development opportunities for directors to develop and maintain the skills and knowledge needed to perform their role as directors effectively.

The Company complies with this Recommendation 2.6.

The Company requires that each director undertake not less than 60 units of CPD over a three year period. The Managing Director has attended AICD courses in this respect.

New directors are provided with access and directions to the Company's corporate governance manuals and policies.

3. ACT ETHICALLY AND RESPONSIBLY

Council Principle 3:

A listed entity should act ethically and responsibly

Recommendation 3.1

A listed entity should:

(a) have a code of conduct for its directors, senior executives and employees; and

(b) disclose that code or a summary of it.

The Company complies with this Recommendation 3.1.

The Company has adopted a Code of Conduct for Directors which can be accessed on the website.

4. SAFEGUARD INTEGRITY IN CORPORATE REPORTING

Council Principle 4:

A listed entity should have formal and rigorous processes that independently verify and safeguard the integrity of its corporate reporting.

Recommendation 4.1

The board of a listed entity should:

(a) have an audit committee which:

(1) has at least three members, all of whom are non-executive directors and a majority of whom are independent directors; and

(2) is chaired by an independent director, who is not the chair of the board,

and disclose:

(3) the charter of the committee;

(4) the relevant qualifications and experience of the members of the committee; and

(5) in relation to each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or

(b) if it does not have an audit committee, disclose that fact and the processes it employs that independently verify and safeguard the integrity of its corporate reporting, including the processes for the appointment and removal of the external auditor and the rotation of the audit engagement partner.

The Company complies with this Recommendation 4.1.

An audit committee has been established. The Audit Committee/Audit and Risk Committee had three members at all times during the period.

From 1 July 2014 to 22 October 2014, the Audit Committee consisted of two independent directors, Dr. Macdonald and Dr. Etheridge and one non-independent director, Ms. Forsyth Stock. The Audit Committee was chaired by Dr. Macdonald, who was an independent director and was not the Chairman of the Board.

From 27 November 2014, when the Audit and Risk Committee was created, it has consisted of two independent directors, Mr. Cranston and Dr. Etheridge and the Company Secretary, Mr. Caren. The Audit and Risk Committee is chaired by Mr. Cranston, who is an independent director and is not the Chairman of the Board.

The Audit and Risk Committee charter is available on the Company's website.

The relevant qualifications and experience of the members of the Committee are disclosed in the Directors Report.

The Audit and Risk Committee met twice during the period; both meetings were held after 27 November 2014. Dr. Etheridge and Mr. Caren attended both meetings. Mr. Cranston attended one of the two meetings.

Recommendation 4.2

The board of a listed entity should, before it approves the entity's financial statements for a financial period, receive from its CEO and CFO a declaration that, in their opinion, the financial records of the entity have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

The Company complies with this Recommendation 4.2.

The Board receives assurance from the Chief Executive Officer and the Chief Financial Officer in the form of a declaration, prior to approving the financial statements. The board has received assurance from the Chief Executive Officer and the Chief Financial Officer that the declaration provided in accordance with section 295A of the Corporations Act is founded on a sound system of risk management and internal control and that the system is operating effectively in all material respects in relation to financial reporting risks.

Recommendation 4.3

A listed entity that has an AGM should ensure that its external auditor attends its AGM and is available to answer questions from security holders relevant to the audit.

The Company complies with this Recommendation 4.3.

The Company's auditor attended the AGM in November 2014 and was available to answer questions from security holders relevant to the audit.

5. MAKE TIMELY AND BALANCED DISCLOSURE

Council Principle 5:

A listed entity should make timely and balanced disclosure of all matters concerning it that a reasonable person would expect to have a material effect on the price or value of its securities.

Recommendation 5.1

A listed entity should:

(a) have a written policy for complying with its continuous disclosure obligations under the Listing Rules; and

(b) disclose that policy or a summary of it.

The Company complies with this Recommendation 5.1.

The Company has adopted a Continuous Disclosure Policy which is available on its website.

6. RESPECT THE RIGHTS OF SECURITY HOLDERS

Council Principle 6:

A listed entity should respect the rights of its security holders by providing them with appropriate information and facilities to allow them to exercise those rights effectively.

Recommendation 6.1

A listed entity should provide information about itself and its governance to investors via its website.

The Company complies with this Recommendation 6.1.

The Company maintains a current and informative website.

Recommendation 6.2

A listed entity should design and implement an investor relations program to facilitate effective two-way communication with investors.

The Company complies with this Recommendation 6.2.

The Company has adopted a Shareholder Communication Strategy which is available on its website.

Council Recommendation 6.3:

A listed entity should disclose the policies and processes it has in place to facilitate and encourage participation at meetings of security holders.

The Company complies with this Recommendation 6.3.

The Company facilitates and encourages participation at meetings of shareholders by providing a direct voting facility and encourages security holders who are not able to attend meetings to submit questions ahead of the meeting. This is disclosed as part of the Company's Shareholder Communication Policy.

Recommendation 6.4

A listed entity should give security holders the option to receive communications from, and send communications to, the entity and its security registry electronically.

The Company complies with this Recommendation 6.4.

The Company gives security holders the option to receive communications (specifically annual reports and other correspondence) from the entity and its security registry electronically, insofar as is currently permitted by the Corporations Act.

7. RECOGNISE AND MANAGE RISK

Council Principle 7:

A listed entity should establish a sound risk management framework and periodically review the effectiveness of that framework.

Recommendation 7.1

The board of a listed entity should:

(a) have a committee or committees to oversee risk, each of which:

(1) has at least three members, a majority of whom are independent directors; and

(2) is chaired by an independent director,

and disclose:

(3) the charter of the committee;

(4) the members of the committee; and

(5) as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or

(b) if it does not have a risk committee or committees that satisfy (a) above, disclose that fact and the processes it employs for overseeing the entity's risk management framework.

The Company complies with this Recommendation 7.1.

The committee is part of the Audit and Risk Committee. The Committee charter is available on the website.

Prior to 27 November 2014, the Board operated with a Risk Management Policy. On 27 November 2014, the new Audit and Risk Committee was established. The committee has had three members at all times during the period since 27 November 2014.

From 27 November 2014, the Audit and Risk Committee has consisted of two independent directors, Mr. Cranston and Dr. Etheridge and the Company Secretary, Mr. Caren. The Audit and Risk Committee is chaired by Mr. Cranston, who is an independent director and is not the Chairman of the Board.

The Audit and Risk Committee Charter is available on the Company's website.

The audit committee met twice during the period. Mr. Etheridge and Mr. Caren attended both meetings. Mr. Cranston attended one of the two meetings.

Recommendation 7.2

The board or a committee of the board should:

(a) review the entity's risk management framework at least annually to satisfy itself that it continues to be sound; and

(b) disclose, in relation to each reporting period, whether such a review has taken place.

The Company complies with this Recommendation 7.2.

The Committee charter requires the Committee to review the entity's risk management framework at least annually to satisfy itself that it continues to be sound.

The last full risk management framework review was completed by the Board under the previous Risk Management Policy in May 2014. The risk profile of the Company has not changed significantly since May 2014. The review has not yet been completed under the new Audit and Risk Committee charter. The Board intends to complete a full risk management framework review in due course.

Recommendation 7.3

A listed entity should disclose:

(a) if it has an internal audit function, how the function is structured and what role it performs; or

(b) if it does not have an internal audit function, that fact and the processes it employs for evaluating and continually improving the effectiveness of its risk management and internal control processes.

The Company complies with this Recommendation 7.3.

The Company does not have an internal audit function.

The Company believes that the risk management framework it has in place will be effective for a company of its scale and complexity, subject to the annual review being performed. The Company has developed a risk matrix which identifies key risks, their likelihood of occurring and potential impact on the Company's operations, any control measures in place to mitigate the risks, periodicity of review and allocates accountability.

Recommendation 7.4

A listed entity should disclose whether it has any material exposure to economic, environmental and social sustainability risks and, if it does, how it manages or intends to manage those risks.

The Company complies with this Recommendation 7.4.

The Company is aware of its impact on the economy, environment and the community and risks to the Company if it does not deal with these matters appropriately. The role of Company's Audit and Risk Committee includes assisting the Board in dealing with these issues. As part of this, the Audit and Risk Committee is responsible for determining whether the Company has a material exposure to inter alia, economic, environmental and sustainability risks and, if it does, how it manages or intends to manage those risks.

8. REMUNERATE FAIRLY AND RESPONSIBLY

Council Principle 8:

A listed entity should pay director remuneration sufficient to attract and retain high quality directors and design its executive remuneration to attract, retain and motivate high quality senior executives and to align their interests with the creation of value for security holders.

Recommendation 8.1

The board of a listed entity should:

(a) have a remuneration committee which:

• (1) has at least three members, a majority of whom are independent directors; and
• (2) is chaired by an independent director,

and disclose:

• (3) the charter of the committee;
• (4) the members of the committee; and

(5) as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or

(b) if it does not have a remuneration committee, disclose that fact and the processes it employs for setting the level and composition of remuneration for directors and senior executives and ensuring that such remuneration is appropriate and not excessive.

The Company complies with this Recommendation 8.1.

The Company does not have a remuneration committee, given the size and scale of Clancy Exploration Limited. The role of a remuneration committee is carried out by the full Board.

The board's policy for determining the nature and amount of remuneration for board members and senior executives of the consolidated entity is as follows:

• The remuneration policy, setting the terms and conditions for the executive directors and other senior executives, was developed and approved by the board.
• All executives receive a base salary (which is based on factors such as length of service and experience).
• The Managing Director may also receive a cash bonus if certain Key Performance Indicators are met.
• In prior years, executives have received options to acquire ordinary shares, and one executive director was granted Shares pursuant to the Company's Employee Share Option and Loan Plan. An allocation of shares was made based on factors such as length of service and experience.
• The board reviews executive packages annually by reference to the consolidated entity's performance, executive performance and comparable information from industry sectors.

The board policy is to remunerate non-executive directors at market rates for time, commitment and responsibilities. The board determines payments to the non-executive directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required.

Recommendation 8.2

A listed entity should separately disclose its policies and practices regarding the remuneration of non-executive directors and the remuneration of executive directors and other senior executives.

The Company complies with this Recommendation 8.2. These details are disclosed in the Remuneration Report.

Recommendation 8.3

A listed entity which has an equity-based remuneration scheme should:

(a) have a policy on whether participants are permitted to enter into transactions (whether through the use of derivatives or otherwise) which limit the economic risk of participating in the scheme; and

(b) disclose that policy or a summary of it.

The Company does not comply with this Recommendation 8.3.

The Company does not have such a policy in place. However, no issues have been made under the Company's equity based remuneration scheme since 2013.

Appendix 4G

Key to Disclosures Corporate Governance Council Principles and Recommendations

Name of entity

Clancy Exploration Limited

65 105 578 756 30 June 2015

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: _ www.clancyexploration.com/content/corporate%20governance

The Corporate Governance Statement is accurate and up to date as at 15 October 2015 and has been approved by the board.

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

Date here:	21 October 2015___________________________
Sign here:	Director/company secretary

Print name: __Rowan Caren__

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.

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.

ANNEXURE – KEY TO CORPORATE GOVERNANCE DISCLOSURES

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Corpreco	lGoCoiateorvernanceuncdaiontmmen	hafollowd thedafullfoheholef thedWioniniotr teveerecommenwoperbohadlod …Wiscaveevese	hafollowd theWNOTeveedafullfoheholefionintr trecommenowhed abohadlod …ioWisctperveevese
1.4	hef ald eTistityretntcompanysecaryoeholdbebledlyheiretacttotsuaccounbod,hrh thehall mir,tatttoarougconaersdoh thefunf theitioningctwproperobod.ar	hefachafollowhdais rionÖ tt tt wtteecommen:÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStaORtetemtrporavernanceenllyd eityxtentweare an ernamanaged thdaheforis rionis ttanecommenreelbleicat anopp
1.5	ld ehold:Aistityntesu(a)hadlhhludeiveityicyicincvearspowsforhebodirenttrequmesaroralevf thebod tittt cetreanommeeoaro sblebforhjiveievingectmeasuraosacdedd tllyiveitygenrrsano assessannuabohhebdheísjiveityttecttntosanehheinievingtprogressacm;(b)dloshalfiscicyit;e tt poorasummaryodan(c)dloshed of eh riscingt torte as aenacepdheblebforiojivetectpermeasuraoshievingdediveitybyheettacgenrrssbodlevf theittt carora reanommeeoboddahheísinititytntaraccornce wedldiveityicyitsrspoanprogressdshhed eheievingittowtaracmanr:(1)hef miveiontectortrespprops oend whebod,iniortanomenonarsendheiveitionttexecuposs anacross(holeludhoisaionincingtworganwhehadefdìseityineiorttensn); oiveîforhettexecusepurposesr(2)fheìreleviityistttenaanloyîdehekplacWtemperunroredelheísGeEqityAcityt,tntnruaeìGdelEqitysttmorecenenruadî,defddInicaineintorsasanblhed udehaisAcr ttt.pun	(a):hefachahadlhalh phiveityicyiesitÖ tt tt wtt cevearspoompwaragrapinCoGoStaORtetemtourrporavernanceenhlocisionattat:loheInsionertcatred af odlfiveityicyit:Ö ancopyourrspoorasummaryo÷hlocisionattat:laloio//%ttettewww.cncyexpran.comconncorpora20governanceloheInsionertcatreheblebforhdedbyhebod ojiveievingiveityÖ tectttmeasuraosacgenrrssearr alevf theboddah odld oittinitiveityicyt creanommeeoaraccornce wurrspoanurdshheievings ttprogresowaracm:inCoGoStaORtetemtourrporavernanceenhlocisionattat:loheInsionertcatred theforferd ths(c)(1) o(2):inionintÖ anmarereoparagrapr÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	÷lanhyhaionisinatttanexpwsoourCoGoStaORtetemtrporavernanceenllyd eityxtentweare an ernamanaged thdaheforis rionis ttanecommenreelbleicat anopp

lCoGoCoiaterporrnanunvececdaiontrecommen		hafollowd thedafullfoheholef thedWioniniotr tremmenpereveecowobohadisclod …Waveevese	hafollowd theWNOTeveedaioninfullfoheholeftr trecommenwohed abohadlod …ioWisctperveevese
61.	ld ehold:Aistityntesu(a)haddlosforiscveaneaprocessdllyluaheioicaingttperevaforfhebod,itstpermanceoarddduldittiniviirectocommeesanars;dan(b)dloslathiscinioningtoorte,reeacrepd,heheforiotperwrapermanceluadekeheionintrtatevawasunnddahingioinitortrepperaccorncewhatt process.	heluaferd th(a):ioninÖ ttevaprocessrereoparagrap÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:loheInsionertcatred theforferd th(b):inionintÖ anmarereoparagrap÷OinCoGoStaRtetemtourrporavernanceenhlocisionattat:loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStaORtetemtrporavernanceenllyd eityxtentweare an ernamanaged thdaheforis rionis ttanecommenreelbleicat anopp
1.7	ld ehold:Aistityntesu(a)haddlosforiscveaneaprocessdllyluaheioicaingttperevaforfitsiorivetpermanceosenexecus;dan(b)dloslathiscinioningtoorte,reeacrepd,heheforiotperwrapermanceluadekeheionintrtatevawasunnddahingioinitortrepperaccorncewhatt process.	heluaferd th(a):ioninÖ ttevaprocessrereoparagrap÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:loheInsionertcatre():d theforferd thbinionintÖ anmarereoparagrap÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStaORtetemtrporavernanceenllyd eityxtentweare an ernamanaged this rdaionis thefortanecommenreelbleicat anopp

OOPRINCIPLE 2STRUCTURETHEBARDTADDVALUE-hebod of ald ehold:[f thelh ph(a):]TistityIityiesitnttaresuencompwaragrap2.1lanhyhaionisinatttanexpwsoour(1)hefachahahalh phsinaionittiesitÖ tt tt wttt ceveanomcommeeompwaragrap(a)hahh:inaionittictveanomcommeewCoGoStaORtetemtrporavernanceend(2):an(1)haleahrbeatsttseememrs,allyd eityxtentweare an ernamanagejityf whoindedeinCoGoStaORtetemtntourrporavernanceenmaoromarepend this rdaionis thefortanecommenreeddirectors;anhloclbleisionicaattatt a:nopp(2)hadbydedeisireinntcanpendirector,loheInsionertcatreddlosiscane:(3)hehaf theitttrted af thehaf theittcr ocommee;rteÖ ancopocr ocommeey:(4)hebefheittttmemrsocommee;hlocisionattat:dan(5) ahedfhingattortsenoeacreploheInsionertcatreiod,hebef timhettpernumroeshrhoheittttuttcommeemeoug(4) a(5):d theforferd thsdinionintÖ anmarereoparagrapnddheddulioinivitperanadafhebeinCoGoStaORatttatenncesomemrstetemtourrporavernanceenhoingORtetsemes;hlocisionattat:(b)fdohaiitinaionttesnoveanomittdiscloshafacd thee ttt acommeen,loheInsionertcatloyddrbodit eres tprocessesmpo aessard thaionisse ttsuccessues ano ensur[():]f theityliesith phbIthebodhahebalanencompwaragrapiatts tarapproprecehefachadohad theinaionittÖ tt tt wttenoveanomcommeeanprocesses wef skills,knledgienoowe,experce,loyddrbod sd thahebodhaheionisstoe tt ts tdededdbleempaessaruccessues ano ensurariniveitytopennce anrsenabalanf sklls,knledgdededdiatiieniniveitytodhadudappropreceoowe,expercepennce anrsit tiscitsiestorgean,bledhadud rblffeclyit tiscitsiesiiitiesivettblffecly.enaorgeanesponse:iiitiesivetresponse÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:loInsion	lCoGoCoiaterporvernanceuncdaiontrecommen	hafollowd thedafullfoheholef thedWioniniotr teveerecommenwoperbohadlod …Wiscaveevese	hafollowd theWNOTeveedafullfoheholefionintr trecommenowhed abohadlod …ioWisctperveevese
		heertcatre

Corpreco	lGoCoiateorvernanceuncdaiontmmen	hafollowd thedafullfoheholef thedWioniniotr teveerecommenwoperbohadisclod …Waveevese	hafollowd theWNOTeveedaioninfullfoheholeftr trecommenwohed abohadlod …ioWisctperveevese
2.2	ld eholdhaddlosAistityiscntesuveane abod skllshefiixingixtrsettt tarmaoumoklls addhahebodiiveitytt tsnrsarlyhalookhisingievinitsnttocurres oracebehip.memrs	bod skllsiix:trourarmaÖOinCoGoStaRtetemtourrporavernanceenhislocionattat:_loheInsionertcatre	÷lanhyhaionisinatttanexpsoourwCoGoStaORtetemtrporavernanceenllyd eityxtentweare an ernamanaged thdaheforis rionis ttanecommenreelbleicat anopp
2.3	Alistd eityholddisclosntesue:(a)hef thedireidedtctonamesorsconsrebyhebodbededeinttontarpendirectors;(b)f adhaiireintitionctost,rs anerepos,lathf theiationioniptyassocor resopedebedbuhebodfiinBoist tscrx 2.3aroheinionhaitdottttopesnohededef theiseintcomprompennceodhefheireintctotatutst,r,nreoerelathitioniationionipinpos, assocor resdlanf whyionionstatqueananexpohebodf thadisiniontt oarop; an(c)helenh of sicef ehdirettctogervoacr.	hef thedireidedbyhebod tbeindededireÖ tctotntctonames orsconsrearopenrs:÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:loheInsionertcatre():helble,heforferd thbicainioninttÖ wreappmarereoparagrapinCoGoStaORtetemtourrporavernanceenhlocisionattat:loheInsionertcatrehelenh of sf ehdiceireÖ ttctogervoacr:÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStatetemtrporavernanceen
2.4	f thebod of ald eAjityistityntmaoroareholdbeindededirentctosupenrs.	hefachafollowhdais rionÖ tt tt wtteecommen:÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:_Insloionheertcatre	lanionhyhaisinatttanexpwsoourCoGoStaORtetemtrporavernanceenllyd eityxtentweare an ernamanaged thdaheforis rionis ttanecommenreelbleicat anopp

Corpreco	ilGoCoateorvernanceuncdaiontmmen	hafollowd thedaioninfullfoheholef theiodWtr teveerecommenwoperbohadlod …Wiscaveevese	haOfollowd theWNTeveedafullfoheholefionintr trecommenwoheiod abohadisclod …Wtperveevese
2.5	hehaf thebod of ald eTir oistityntcareholdbedededd,inireinntctosuanpenr anlarhold nbeheicuartottp, susamepersonheCOf theEityttasoen	hefachafollowhdais rionÖ tt tt wtteecommen:÷OinCoGoStaRtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStaORtetemtrporavernanceenllyd eityxtentweare an ernamanaged thdaheforis rionis ttanecommenreelbleicat anopp
62.	Aldholdhaforistityteensuveaprogramdudddeiningireictctonersanprovwfesldelopiationntappropreprosavemeforddelopditiesireortctotooppunrsveanhekllsdknledgdedintinitmaasanowe neeforhelediriretotctopermroasrsffecively.te	hefachafollowhdais rionÖ tt tt wtteecommen:÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStaORtetemtrporavernanceenllyd eityxtentweare an ernamanaged thdaheforis rionis ttanecommenreelbleicat anopp
PRIN	CIPLE 3ACTETHICALLYANDRESPONS–	IBLY
3.1	ld ehold:Aistityntesu(a)hadef cduforditsirectctoveacooonrs,iorived eloydtsenexecus anmpees; an(b)dloshadefiscit.e tt coorasummaryo	def cdufit:ctour cooonora summaryoÖ÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:lalo//%iottettewww.cncyexpran.comconncorpora20governance_loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStatetemtrporavernanceen
PRIN	CSAGAGCOIPLE 4FEURDINTERITYIN–	OAOGRPRTEREPRTIN
4.1	hebod of ald ehold:Tistityntaresu(a)hadhh:it citticveanauommeew(1)haleahrbell oftstts aeememrs,ahodiveiretctowmarenon-execursdfhojityanamaorowmareindedediredntctopenrs;an	[f thelh ph(a):]Iityiesittencompwaragrap(1) ahefachahadhalh phsdit cittiesitÖ tt tt wtt ceveanauommeeompwaragrapn(2):÷CoGoStaOinRtetemtourrporavernanceenhlocisionattat:	lanhyhaionisinatttanexpwsoourCoGoStatetemtrporavernanceen
	(2)hadbydedeisireinntcanpendhohehaf theireisirctot tr, wnocobod,arddlosiscane:(3)hehaf theitttrtecr ocommee;(4)helevlfdiicaionttt	_loheInsionertcatred af thehaf theittrteÖ ancopyocr ocommee:÷hlocisionattat:lalo%io//ttette.cncexpran.comconncorpora20governancewwwyloheInsion
	reanquasanf thebef theienexperceomemrso	ertcatre

lCoGoCoiaterporvernanceuncdaiontrecommen		hafollowd thedafullfoheholef thedWioniniotr teveerecommenwoperbohadisclod …Waveevese	hafollowd theWNOTeveedaioninfullfoheholeftr trecommenwohed abohadlod …ioWisctperveevese
	dittcommee; an(5)inlationhingtoortreeacrepd,hebef theioimttpernumroeshrhoheittttuttcommeemeougddheddulioinivitperanadafhebeatttatenncesomemrshoingORtetsemes;()bifitdohadititttesnoveanaucommee,dloshafacdheiscite ttt atnprocessesloyhadedelyfydinis ttntemppenveranfegd thefintityitstesauaregrocorporaludheforingincingorttrepprocesses,hedl of theinttntappomeanremoval add thef theitoionexttaternaur anroodit et partaungagemenner.	(4) a(5):d theforferd thsdinionintÖ anmarereoparagrapn÷inCoGoStaORtetemtourrporavernanceen÷hlocisionattat:DireRectoortrsploheInsionertcatre[():]f thelh phbIityiesittencompwaragraphefachadohadd theloyit cittÖ tt tt wtenoveanauommeeanprocesses we emphadedelyfyd sfegd thef oiniintityingttntteortpenveranauaregrourcorporarep,ludheforhed rl of thel adincingintitottntterprocessesappomeanemovaexnaurd thef thedionit etatt partanrooaungagemenner:inCoGoStaORtetemtourrporavernanceenhlocisionattat:Insloionheertcatre
4.2	hebod of ald ehold,beforTistityntaresueheísflit aityinaiattpprovesenncforfl pd,inaiaioivestatemtsenancerrecefroitsCOdCOdelarionhaEFattt,manachehefl redsfinir oinioninaiattpnccoro,hehabelydityintinettenveenpropermaad thahefl stlyinaiat tatentanncmes comph thedadsitiatingtstwappropre accounanrd gdfaf theiveir viewtruanae anofl pd pforf theinaiaitionncosanermance od thahehabeityiniontt tenanopsenford ohebaf ad sfisn tstemesosounymoisk mdintl clt atroranagemennernaonhhffecly.icisingivettwoperae	hefachafollowhdais rionÖ tt tt wtteecommen:÷OinCoGoStaRtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStatetemtrporavernanceen

Corpreco	ilGoCoateorvernanceuncdaiontmmen	hafollowd thedaioninfullfoheholef theiodWtr teveerecommenwoperbohadlod …Wiscaveevese	haOfollowd theWNTeveedafullfoheholefionintr trecommenwoheiod abohadisclod …Wtperveevese
4.3	Alistd eityhahaAGholdMntttes ansuhal addsitsitoitstttertteensureexnaur andlableAGMis aiiontostanvaanswerquesfroholdelevhedityit.t to tmsecurrsreanau	hefachafollowhis rdaionÖ tt tt wtteecommen:÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStaORtetemtrporavernanceenllyd eityxtentweare an ernamanagehadohold al gltttesnon annuaenerad thdaingis rionisettmeanecommenheforlbleicatotree napp
PRIN	CIPLE 5MAKETIMELYANDBALANCED–	DISCLOSURE
5.1	ld ehold:Aistityntesu(a)halforlyitticyingveawrenpocomphdlosititsinuiscntwcoousurebldehelesigionListingRuattosunr;dan(b)dloshalfiscicyit.e tt poorasummaryo	dlosllfinuiscianicyit:tour conousure compcepoorasummaryoÖ÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:laloio//%ttettewww.cncyexpran.comconncorpora20governanceloheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStatetemtrporavernanceen
PRIN	CIPLE6 –RESPECTTHERIGHTSOFSECU	RITYHOLDERS
6.1	ld ehold pdeforAistityiinionnttesurovmabolf aditsitsinvuttoestaengovernanceorsbsiaitsitevwe	forbod obsinionitetutmaausanurgovernanceonour we:Ö÷hlocisionattat:lalo%io//ttettewww.cncyexpran.comconncorpora20governanceInsloionheertcatre	lanhyhaionisinatttanexpsoourwCoGoStatetemtrporavernanceen
6.2	ld eholddedAistityigntesusn anlemlatiminviont aestpennorres programfaclffeciitaivetotettweo-wayhicaionitinvtestcommunwors	hefachafollowhdais rionÖ tt tt wtteecommen:÷OinCoGoStaRtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStatetemtrporavernanceen
6.3	Ald eholddloshelistityisciciesnte tesupod phalacfaclitiniitae tteanrocessesspod eficipioningartatateetanncourage pms oholdeitysecurrs.	ld pforfacld eiciesiitaingingicipiontartatatour poanrocessesanncouragpÖf sholdeingityetmes oecurrs:÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStaORtetemtrporavernanceenllyd eityxtentweare an ernamanagehadohold pdfioicingtttetesnoermes oholded thityissecurrsandaheforionis ttotrecommenree nlbleicaapp

lCoGoCoiaterporvernanceuncdaiontrecommen		hafollowd thedafullfoheholef thedWioniniotr teveerecommenwoperbohadlod …Wiscaveevese	hafollowd theWNOTeveedafullfoheholefionintr trecommenwohed abohadlod …ioWisctperveevese
6.4	ld ehold gholdeAistityiveityntesusecurrsheioniveicaiontttotoprececommunsfrod sd cheicaionts ttm,anenommuno,dityitsityisttenansecurregrylecically.troen	hefachafollowhdais rionÖ tt tt wtteecommen:÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	lanhyhaionisinatttanexpsoourwCoGoStatetemtrporavernanceen
PRIN	CIPLE 7RECOGNISEANDMANAGERISK–
7.1	hebod of ald ehold:Tistityntaresu(a)haittitttoveacommeeorcommeesk,h of whh:isicoverseereac(1)haleahrbeatsttseememrs,af whodedejityinntmaoromarependdirectors;an(2)hadbydedeisireinntcanpendirector,ddlosiscane:(3)hehaf theitttrtecr ocommee;(4)hebefheittttmemrsocommee;dan(5) ahedfhingattortsenoeacrepd,hebef theioimttpernumroeshrhoheittttuttcommeemeougddheddulioinivitperanadafhebeatttatenncesomemrshoingORtetsemes;()bfdohak ciitisitttesnovearommeeorhafy(a)boittisttsatcommeesave,dloshafacdheiscite ttt atnprocessesloyforheís rkingityisttempsoverseeenfrak.tmanagemenmewor	(a):[f thelh ph]Iityiesittencompwaragraphefachahak thalyittittisÖ tt tt ws tt ceveacommeeorcommeeo oversee romp(1) a(2):h phsditwaragrapn÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:loheInsionertcatred af thehaf theittrteÖ ancopyocr ocommee:hlocisionattat:lalo%io//ttettewww.cncyexpran.comconncorpora20governanceloheInsionertcatre(4) a(5):d theforferd thsdinionintÖ anmarereoparagrapn÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre[f thelh ph(b):]Iityiesittencomparagrapw(a) ahefachadohak chafydisittittisÖ tt tt wts tt satenovearommeeorcommeenheloyfork mfrak:ingisttprocesses we empoverseeour ranagemenmeworinCoGoStaORtetemtourrporavernanceenhlocisionattat:	lanhyhaionisinatttanexpsoourwCoGoStatetemtrporavernanceen
		_loheInsionertcatre

lCoGoCoiaterporvernanceuncdaiontrecommen		hafollowd thedafullfoheholef thedWioniniotr teveerecommenwoperbohadlod …Wiscaveevese	hafollowd theWNOTeveedafullfoheholefionintr trecommenwohed abohadlod …ioWisctperveevese
7.2	hebod of thebodTittarr acommeeoarhold:su(a) rheís rk miewityistttevenanagemenfrak aleallyfyiststtosatmeworannualf thabed;ditsit cinutttoeonessounan()bdloslath riscinioningtoorte,reeacepd,heheh ahaioiewtperr sucreswvkelactan pe.	hefachafollowhdais rionÖ tt tt wtteecommen:÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	lanhyhaionisinatttanexpsoourwCoGoStatetemtrporavernanceen
7.3	ld eholddlosAistityiscntesue:(a)fhal adfunhoiitintitioncts anernauw,hefunddhaionistctstrturtuceanwleforit pORroerms;()bfdohal adiitintittesnoveanernaufunionhafacd theitctttt anprocesses,loyforluad cllyinginuttempsevaanonaheffecfkimingiveitsisttprovenessordllinttntrmanagemenanernacooprocesses.	[f thelh ph(a):]Iityiesittencompwaragraphol adfund ad whaleforintitionisit pctstrturt rwourernauucenoerms:ÖinCoGoStaORtetemtourrporavernanceenhlocisionattat:loheInsionertcatre[():]f thelh phbIityiesittencompwaragraphefachadohal adfund theintitionÖ tt tt wtctenoveanernauanprocesses weloyforluaingd cinullyimingheffecivef oiskttttempevaanonaprovenessourrdl cl pintt atromanagemennernaonrocesses:÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStatetemtrporavernanceen
7.4	ld eholddlosheheAistityiscitnttesue wrhaial eic,atetos anymrxposureeconoml ad sl subliroiainaiitytastaenvnmennocksd,fdohoisiitit mranes,wanagesordshoksintistoe tenmanagser	hehehal el ad sliaic,iroiattertotar weveanmaxposureeconomennmennocÖ wyvinabilityisksd,if wdohointd thoisksstae tsuranewwemanage oreno managser:,÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStatetemtrporavernanceen
PRI	NCIPLE8 –REMUNERATEFAIRLYANDRESPONSIBLY
8.1	hebod of alistd eityhold:Tntaresu(a)haionitthich:tvearemuneracommeew	[(a):]f theityliesith phItencompwaragraphefachahahalh phsionittiesitÖ tt tt wttt cevearemuneracommeeomparagrapw(1) a(2):dn	lanhyhaionisinatttanexpwsoourCoGoStaORtetemtrporavernanceen

lCoGoCoiaterporrnanunvececdaiontrecommen		hafollowd thedafullfoheholef thedWioniniotr tremmenpereveecowobohadisclod …Waveevese	hafollowd theWNOTeveedaioninfullfoheholeftr trecommenwohed abohadlod …ioWisctperveevese
	(1)haleahrbeatsttseememrs,af whodedejityinntmaoromarependiredctors;an(2)hadbydedeisireinntcanpendirector,ddisclosane:(3)hehaf theitttrtecr ocommee;(4)hebefheittttmemrsocommee;dan(5) ahedfhingattortsenoeacrepd,hebef theioimttpernumroesitthrhohettuttcommeemeougddheddulioinivitperanadafhebeatttatenncesomemrshoOingRtetsemes;()bfdohaiitionttesnovearemuneradloshafacdheittisce ttt atcommeen,itloyforingheetttprocessesempsslevl ad cf ritioniontenomposoemunerafordd sdireiorivectotrsanenexecus anhahingionistttensursucremunerad niativeotappropre anexcess	inCoGoStaORtetemtourrporavernanceenhlocisionattat:loheInsionertcatred af thehaf theittrteÖ ancopyocr ocommee:hlocisionattat:loheInsionertcatre(4) a(5):d theinforionferd tinhsdtÖ anmarereoparagrapninCoGoStaORtetemtourrporavernanceenhlocisionattat:loheInsionertcatre[f thelh ph(b):]Iityiesittencomparagrapwhefachadohad theionittÖ tt tt wttenovearemuneracommeeanprocesses weloyforhelevl ad cf rforddingitionionirettttctoempseenomposoemunerarsand ehah rd nioriveingionis aiatttt stotsenexecus annsurucemunerappropre aniveexcess:÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:Insloionheertcatre	llyd eityxtentweare an ernamanaged this rdaionis thefortanecommenreelbleicat anopp
8.2	ld ehold slydlosAistityiscntteesueparaeld pdheitsiciesiceingttpoanracs regarf ndioniveirettctoremuneraoon-execursd theionf eiverattanremuneoxecudd oheireiorivectottrsanr senexecus.	lyld pdheioniciesiceingiontetttratÖ separaour remunerapoanracs regarremunef ndd thef edd oheiveireioniveiretctorattctotoon-execursanremuneoxecursanriorivetsenexecus:÷inCoGoStaORtetemtourrporavernanceenhlocisionattat:_Insloionheertcatre	lanhyhaionisinatttanexpwsoourCoGoStaORtetemtrporavernanceenllyd eityxtentweare an ernamanaged thdaheforis rionis ttanecommenreelbleicat anopp

ilCoGoCoaterporvernanceuncdaiontrecommen		hafollowd thedaioninfullfoheholef theiodWtr teveerecommenwoperbohadlod …Wiscaveevese	haOfollowd theWNTeveedafullfoheholefionintr trecommenwoheiod abohadisclod …Wtperveevese
8.3	Alistdityhichhaity-badteenws anequsehehold:iontremunerascmesu(a)halheheicyiciptarttsveapoonwr pandittinttoterarepermeeno(whehehrh theiontrattr tnsacsouguse) wfdehehhlivaiveiseicimitttors or orwheiciskf picipingintartateconomrohehedtscme; an()bdloshalfiscicyit.e tt poorasummaryo	licyhisissfit:tour poonueorasummaryoÖinCoGoStaORtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	÷lanionhyhaisinatttanexpwsoourCoGoStaORtetemtrporavernanceendoha-baditytwenoveanequsehed thionistremunerascmeandaionis thefortotrecommenree nlbleicaORappllyd eityxtentweare an ernamanaged thdaheforis rionis ttanecommenreelbleicat anopp
ADD	OOOITINALDISCLSURESAPPLICABLETEXTERNALLYMANAGEDLISTEDENTITIES
-	ltedafAiveReionttotrnacommen1.1orllydld eistitiesterntexnamanagee:heblefllyTiitytxteresponsenoanernadld eholddlosistityiscntmanageesue:(a)hebehettstwtarrangemeneenbled theld eiityistitytntresponsenaneforheffaf theldingirsisttmanagaoeityten;(b)heled rblf thebodiiitytroanesponsoarf theibleityforingtoresponsenoverseehotts.searrangemen	heforferd ths(a) ad(b):inioninÖ ttmarereoparagrapninCoGoStaORtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStatetemtrporavernanceen
-	ltedaAiveReion8.18.2tttrnaocommens,dfllydldist8.3teranorexnamanageeitiesten:Anllydlistd eityholdterntexnamanageesulealydlosheheiscingttetcrermsgovernf theiontremuneraomanager.	hef theingionityÖ ttettrms governour remuneraasmanageroen:inCoGoStaORtetemtourrporavernanceenhlocisionattat:_loheInsionertcatre	lanhyhaionisinatttanexpwsoourCoGoStatetemtrporavernanceen