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Corporate Governance

Role and composition of the Board

The Board is responsible for the overall corporate governance of Redstone and its subsidiaries. In doing so, its responsibilities include:

• setting strategic direction of Redstone and monitoring management's performance within that framework,
• ensuring there are adequate resources available to meet Redstone's objectives,
• appointing and removing the Managing Director and overseeing succession plans for the senior executive team,
• approving and monitoring financial reporting and capital management,
• approving and monitoring the progress of business objectives,
• ensuring that any necessary statutory licences are held and compliance measures are maintained to ensure compliance with the law and licence(s),
• ensuring that adequate risk management procedures exist and are being used,
• ensuring that Redstone has appropriate corporate governance structures in place, including standards of ethical behaviour and a culture of corporate and social responsibility, and
• ensuring that the Board is and remains appropriately skilled to meet the changing needs of Redstone.

Ethical standards and best practice commitment

The Board believes that the success of Redstone has been, and will continue to be, enhanced by a strong ethical culture within the organisation. As Redstone grows, the Board recognises the importance of all Directors, executives and employees acting with the utmost integrity and objectivity in their dealings with all the people that they come into contact with in the course of their employment with the company.

Redstone is committed to achieving and maintaining high standards of conduct and to 'institutionalise' good corporate governance and generally build a culture of best practice.

Risk identification and management

The Board takes a proactive approach to the early identification and management of risk in Redstone's business operations. Redstone believes that it is important for all Board members to be involved in this process, whereby risks and opportunities are identified on a timely basis so that Redstone's objectives and activities are aligned with the effective management of such risks and opportunities as identified by the Board.

Stakeholder interests

Redstone expects all its directors and employees to act with the utmost integrity and objectivity, and to strive to enhance the reputation and performance of the company.

Redstone is committed to compliance with all relevant laws and regulations and ongoing assessments of its operations to ensure protection of the environment, the community in which it works and the health and safety of its employees.