Middlemount Coal adopts an approach to corporate governance based on Australian legal requirements.
The Middlemount Board is responsible for the overall corporate governance of Middlemount, including adopting appropriate policies and procedures and seeking to ensure that Middlemount's directors, management and employees fulfill their functions effectively, responsibly and in accordance with Australian regulatory requirements.
The responsibilities of the Middlemount Board and those responsibilities delegated by the Middlemount Board to Board Committees and management are set out in the Board Charter.
Delegation to Management
The Middlemount Board has delegated responsibility for the day to day management of Middlemount's affairs, and implementation of the strategy and policy initiatives set by the Middlemount Board, to the CEO and other senior executives.
The performance of senior executives is reviewed annually by the Middlemount Board against appropriate measures as part of Middlemount's performance management system for all managers and staff. The system includes processes for the setting of objectives and the annual assessment of performance against objectives.
On an annual basis, the Middlemount Board will formally review the performance of the CEO. The CEO's performance is assessed against qualitative and quantitative criteria, including profit performance, other financial measures, safety performance and strategic actions.