Corporate governance statement

CORPORATE GOVERNANCE STATEMENT We established our corporate governance framework to ensure we are accountable to stakeholders and maintain stakeholder confidence. Our framework reflects our efforts to ensure that our values underpin the way in which we operate and behave. Our values are set out in full in About MLA on page 6. In developing and implementing our corporate governance practices we regard the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (2nd edition). Documents and policies relevant to our corporate governance framework are found in the corporate governance section of our website – www.mla.com.au. THE BOARD Composition The Board comprises 11 directors, with the Managing Director the only executive director. The Board is a skills- based board with directors appointed for a maximum three- year term, after which time a director may reapply for a position on the Board in the same way as other candidates. To ensure the Board has the appropriate mix of skills and qualifications to govern the Company, the Board provides input into the selection process for directors through the Selection Committee. Further information about the Selection Committee is on page 47. The Chairman of the Board was appointed in 2005 and is an independent director. The current composition of the Board and details about each director are set out in the Directors’ report on page 51. Roles and responsibilities The roles and responsibilities of the Board are formalised in the Board Charter, which is available in the corporate governance section of our website. The Board strives to build sustainable value for MLA’s members and the red meat industry and to achieve the Company’s mission of delivering world class services and solutions in partnership with industry and government. The Board’s responsibilities include: • providing input into and approving management strategies, budgets, programs and policies • appointing and removing the Managing Director • assessing performance against strategies to monitor both the performance of management as well as the continuing suitability of strategies • overseeing the Company and reviewing operating information • approving and monitoring significant capital expenditure and significant commitments under agreed programs • ensuring the Company operates with an appropriate corporate governance structure • ensuring the Company operates in accordance with its objects and the Industry Memorandum of Understanding • ensuring the Company meets its obligations under the MLA/Commonwealth Deed of Agreement Directors may, with the Chairman’s approval, obtain independent professional advice on matters arising in the course of their Board and committee duties. Directors have unlimited access to company records and information.