Board Performance

The Nominations Committee is responsible for determining the process for evaluating Board performance.

Reviews completed each year

The following reviews are conducted by the Board on an annual basis:

• Board performance against the requirements of the Board Charter;

• Committee performance against their respective Charters;

• the performance of the Chairman, both in his capacity as Chairman and as an individual member of the Board;

• Board composition against a matrix of desired competencies;

• the performance of individual Directors; and

• the independence of Directors.

Board and Committee evaluation report

All Directors must complete a Board & Committee evaluation questionnaire annually. Completed questionnaires are provided to an external consultant who collates the feedback and prepares a detailed Board & Committee evaluation report. The report is circulated to all Directors and considered by the Board.

Assessment of the Chairman

The Chairman's performance is assessed annually by a questionnaire completed by all Directors other than the Chairman.

These questionnaires are returned to an external consultant for collation and preparation of a report. The report is provided to the Chairman of the Board and to two of the Committee Chairmen. The Committee Chairmen discuss the findings of the report with the Chairman of the Board.

Individual Director Assessment

Each Director's performance is assessed annually by reference to a questionnaire completed by all of the Directors, an external consultant's report which summarises the completed questionnaires, and a discussion with the Chairman.

The Chairman refers to the individual Director reports when discussing with the Board whether the re-election of a Director at the Annual General Meeting should receive Board support.