Principle Ref |
Recommendation Ref |
Notification of Departure |
Explanation for Departure |
2 |
2.1 |
No member of the board satisfies the test of independence as set out in box 2.1 of ASX Corporate Governance Council Practice ("Independence Test"). |
| The board considers Mr Scott to be independent for the reasons set out under the heading "Identification ofIndependent Directors" on page [ ] of the Annual Report. The Company's focus is on development of a suite of medical products. The head office is a corporate office only. The Company is currently at a stage too early in the development process to warrant additions to the Board fo directors. The current board structure comprises an Independent Chairman, Managing Director and Executive Director. At present the board considers this structure best suits the Company's present activities. |
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2.2 |
The Chairperson does not satisfy paragraph 3 of the Independence Test |
| Notwithstanding this, the board considers Mr Scott to be independent for the reasons set out under the heading "Identification of Independent Directors" see page [ ] of the Annual Report. |
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2.4 |
There is no formal Nomination Committee |
| The whole board carries out the duties of a nomination committee. In so acting the whole boardfollows the nomination committee charter, disclosed on the Company's Website. |
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3 |
3.2 |
The Company adopted a written securities trading policy on [insert date]. |
| Although prior to [insert date] there was no written policy, there was an understanding as to when it was appropriate for security trading to occur which understanding is the basis upon which the written policy is adopted. |
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4 |
4.3 |
The Audit Committee comprises one member only, Mr Scott who is also the chairman of the Company. |
| The duties carried out by an audit committee are performed by Mr Scott who has relevant financial and industry experience to qualify him to perform this role. He carries out audit committee review of both half yearly and annual financial results.
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