Corporate Governance Statement
Released
Released
Announcement PDF
Ardiden Limited – Corporate Governance Statement
30 June 2025
Ardiden’s Corporate Governance policies have been formulated to ensure that it is a responsible corporate
citizen. Except where noted, Ardiden complies with all aspects of the ASX Corporate Governance Council’s
“Corporate Governance Principles and Recommendations 4th Edition” (“ASX Principles”) and these practices
were in place for the whole of the financial year unless otherwise noted. A description of the Company’s main
corporate governance practices is set out below.
Board Management, Oversight and Structure
The Board is responsible to shareholders for the overall Corporate Governance of the Ardiden Group
including its strategic direction and performance in general. The Board operates in accordance with the
broad principles set out in its charter, which is available in the corporate governance section of the Company’s
website at www.ardiden.com.au.
Composition of the Board
The Board is responsible for determining the appropriate size and composition of the Board in accordance
with the Constitution and following principles:
the Board should comprise a minimum of three directors, a maximum of 12, and should maintain a
majority of independent non-executive directors where possible;
the Chair of the Board should be an independent non-executive director. In the event this
independence is impaired, the Board shall appoint a Senior Independent Director, to manage
conflicts of interest should they arise;
the Board should comprise directors with an appropriate range of qualifications and expertise which
is reviewed periodically through the use of a skills matrix;
the Board should meet at least eight times per year and follow meeting guidelines set down to ensure
all directors are made aware of, and have available all necessary information, to participate in an
informed discussion of all agenda items.
The Board has decreased in size to 3 and is comprised of two independent directors and one nonindependent directors. The Board was led by Independent Non-Executive Chair, Michelle Roth.
Information pertaining to the qualifications, experience, and expertise of the directors of the company during
the year is included in the 2025 Annual Report and in the Board/Executive section on the Company’s website.
A summary of the roles and tenure for Directors at the date of this statement and during the period are as
follows:
Michelle Roth, Independent Non-Executive Chair (Appointed 11 January 2022).
Jeremy Robinson, Non-Executive Director (Appointed 21 August 2023). The Board had determined that
Mr Robinson is not an Independent Director of the Company as he is the principal of Churchill Strategic
Investment Group which is a substantial holder of the Company.
Douglas Jendry, Independent Non-Executive Director (Appointed 25 January 2024).
Board Committees
The Board from time to time establishes committees to assist in carrying out its responsibilities and adopts
charters setting out matters relevant to the composition, responsibilities and administration of such
committees, and other matters that the Board may consider appropriate.
The Board has decided that due size, composition and structure of the Board in the current period, there is
no current requirement for the formation of any committees outside the Board forum.
As such, the roles of an Audit, Risk, Remuneration and Nomination Committee will be performed by the
Board, as and when necessary. The requirements for these committees will be reviewed annually based on
the size, composition and structure of the Board and management.
1|P a g e
Ardiden Limited – Corporate Governance Statement
30 June 2025
Board Responsibilities
The responsibility for the operation and administration of the Ardiden Group is delegated by the Board to the
Chief Executive Officer and the executive team.
Specifically, the Board is responsible for:
a)
providing leadership to the Company by:
i)
defining the Company's purpose and setting its strategic objectives;
ii)
approving the Company's statement of values and code of conduct to underpin the desired
culture within the Company;
iii) always acting in a manner consistent with the Company's culture and Code of Conduct and
statement of values;
b)
overseeing management in its implementation of the Company’s strategic objectives, instilling of the
Company's values and performance generally;
c)
appointing the Chair and, if required, the Senior Independent Director;
d)
appointing and replacing the CEO;
e)
approving the appointment and replacement of other senior executives and the Company Secretary;
f)
ensuring that an appropriate succession plan for the CEO/MD, CFO and Company Secretary is in
place;
g)
approving operating budgets and major capital expenditure;
h)
overseeing the integrity of the Company's accounting systems and corporate reporting systems
including the external audit;
i)
overseeing the entity’s process for making timely and balanced disclosure of all material information;
j)
satisfying itself that the entity has in place an appropriate risk management framework (for both
financial and non-financial risks) and setting the risk appetite within which the board expects
management to operate;
k)
satisfying itself that an appropriate framework exists for relevant information to be reported by
management to the Board;
l)
ensuring that the Company's remuneration policy is aligned with the entity's purpose, values,
strategic objectives, and risk appetite.
m)
where required, challenging management, and holding it to account; and
n)
monitoring the effectiveness of the entity’s governance practices.
The Company Secretary is accountable directly to the Board, through the Chairman, on all matters to do with
the proper functioning of the Board.
Appointment of Directors
The Board recognises that corporate performance is enhanced when there is a Board with the appropriate
competencies and independence to enable it to discharge its mandate effectively and therefore undertakes
a number of measures outlined below:
Independence of Directors
The Board considers that an independent director is a non-executive director who is not a member of
management and who is free of any business or other relationship that could materially interfere with – or
could reasonably be perceived to materially interfere with – the independent exercise of their judgement.
This independence is assessed continually throughout the year. Broadly, an independent director is a nonexecutive, who has not been:
2|P a g e
Ardiden Limited – Corporate Governance Statement
30 June 2025
employed in an executive capacity by the entity or any of its child entities and there has not been a
period of at least three years between ceasing such employment and serving on the board;
receives performance-based remuneration (including options or performance rights) from, or
participates in a performance-based employee incentive scheme of, the entity;
within the last three years, in a material business relationship (eg as a supplier, professional adviser,
consultant or customer) with the entity or any of its child entities, or is an officer of, or otherwise
associated with, someone with such a relationship;
within the last three years an officer or employee of, or professional adviser to, a substantial holder;
in personal ties with any person who falls within any of the categories described above; or
a director of the entity for such a period that their independence from management and substantial
holders may have been compromised.
Materiality for these purposes is assessed by the Board on both quantitative and qualitative bases giving due
consideration to determine whether the director’s capacity to bring an independent judgment is impaired.
Generally, an amount of over 5% of the Company’s expenditure is considered material.
Board Experience and Skills Matrix
The Board actively seeks to ensure it has an appropriate mix of diversity, skills, experience and expertise to
enable it to discharge its responsibilities effectively. The Board periodically reviews the composition of the
board and management team to ensure the skills provided is consistent with corporate objectives.
The following table summarises the skills, and attributes of the Board during the majority of the year:
1
Minimal Competency
2
Some Competency
3
Demonstrated Competency
4
Advanced Competency
Appointment and re-election procedures
The Board has decided that due size, composition and structure of the Board in the current period, there is
no current requirement for a separate Remuneration & Nomination Committee but rather the Board as a
whole will undertake the processes and procedures set out in the Constitution and the Remuneration &
Nomination Committee Charter. A copy of the Constitution and Charter can be found in the corporate
governance information section of the Company’s website at www.ardiden.com.au.
3|P a g e
Ardiden Limited – Corporate Governance Statement
30 June 2025
In addition, the Board ensures appropriate background checks commensurate with the knowledge of the
nominated director/executive are conducted prior to appointment of a new director, and each Board member
has an opportunity to meet with the nominated candidate. When a director’s nomination for election, or reelection, is being put forward for approval by shareholders at the AGM, all material information in the
Company’s possession that the Board considers relevant to the candidate’s election as a director will be
provided to shareholders in the relevant notice of meeting.
Directors submitting themselves for re-election at an annual general meeting are reviewed by the Board in
accordance with the Constitution.
Director and senior executive appointments are confirmed with formal letters of appointment. The letters are
with each director or executive personally and set out the key terms, conditions, and expectations of their
appointment.
Induction and Continuing Development of Directors
Ardiden does not have a formal induction program. Instead, nominees are provided with governance
documents, and other relevant corporate information prior to appointment. The Board regularly reviews
directors’ skills, knowledge, and familiarity with the Company’s operations to ascertain gaps and appropriate
development opportunities to fill those gaps. In addition, the company secretary circulates professional
updates designed to keep the directors abreast with regulatory topics.
There are procedures in place, agreed by the Board, to enable directors in furtherance of their duties to seek
independent professional advice at the Company’s expense.
Safeguard the Integrity of Corporate Reports and Risk Management
Audit & Risk Committee
The Board has decided that due size, composition and structure of the Board in the current period, there is
no current requirement for a separate Audit & Risk Committee but rather the Board as a whole will undertake
the processes and procedures set out in the Audit & Risk Committee Charter. A copy of the charter can be
found in the corporate governance information section of the Company’s website at www.ardiden.com.au.
It is the Board’s responsibility to ensure that an effective internal control framework exists within the entity.
This includes internal controls to deal with both the effectiveness and efficiency of significant business
processes. This includes the safeguarding of assets, particularly the Company’s mineral properties and cash
at bank, the maintenance of proper accounting records, and the reliability of financial information as well as
non-financial considerations such as the benchmarking of operational key performance indicators.
External Auditor
The external auditor meets with the Board at least twice annually. In addition, the external auditor is required
to attend the Annual General Meeting to answer any questions from shareholders relevant to the audit and
financial statements. Nexia Perth Pty Ltd is the Company’s external auditor.
Annual Certification
When considering financial reports, the Board receives a written statement, signed by the Chief Executive
Officer and the Chief Financial Officer, that, in their opinion, the financial records of the Company have been
properly maintained and the financial statements comply with appropriate accounting standards and give a
true and fair view of the financial position and performance of the Company, and that the opinion has been
formed on the basis of a sound system of risk management, and internal control which is operating effectively.
Periodic Corporate Reports
Any periodic corporate reports that have not been audited or reviewed by an external auditor are subject to
internal verification processes before being released to the market. All content is either verified by the CFO
against source data or data that is reviewed and signed-off by relevant subject matter experts from within the
business. Equivalent procedures are also used to verify other materials such as presentations to investors.
4|P a g e
Ardiden Limited – Corporate Governance Statement
30 June 2025
Risk Management Policy
The Company undertakes minerals exploration in Northwest Ontario, Canada, and, as such, a number of
economic, environmental, social sustainability and health and safety risks, typical of those associated with a
publicly listed entity engaged in mineral exploration, which may materially impact the Company’s ability to
realise value for shareholders over the short, medium or long-term. The identification and effective
management of material business risks is viewed as an essential part of the Company’s approach to creating
long-term shareholder value.
The Board is responsible for determining the company’s risk appetite and tolerance, identifying areas of
significant business risks, and ensuring that arrangements are in place to adequately manage those risks.
The Board is responsible for satisfying itself annually that the system of risk management and internal
controls is sound and is operating adequately.
Management, through the Chief Executive Officer (CEO), is responsible for designing, implementing and
reporting on the adequacy of the Company’s risk management and internal control system to the Board. All
business risks are managed by the CEO with the support of employees and consultants where appropriate.
Ardiden does not have an internal audit function but instead relies on the processes set out in the Risk
Management Policy, a copy of which can be found at www.ardiden.com.au.
The Company carries out risk management activities in a number of specific areas including Strategic,
Operational, Financial Management, ESG, and Legal and Compliance. The risk management framework
was reviewed during the year which included setting the risk appetite and risk identification. Management
has identified specific risks and developed mitigating controls and a continuous programme of risk
assessment to provide assurance to the Board that the risk management and internal control system is
operating effectively to reduce financial reporting risks. The Board reviews the top 5 risks periodically through
the year or as circumstances require alteration to the strategic plan. Material risks are set out in the Annual
Report.
Executive Assurance
The Board also receives a written assurance from the CEO and CFO that to the best of their knowledge and
belief, the declaration provided by them in accordance with section 295A of the Corporations Act is founded
on a sound system of risk management and internal control and that the system is operating effectively in
relation to financial reporting risks. The Board notes that due to its nature, internal control assurance from
the CEO and CFO can only be reasonable rather than absolute.
Continuous disclosure and communication with shareholders
Ardiden has adopted a Disclosure and Communications Policy which sets out how market announcements
are prepared and released. In addition, it outlines the process to facilitate timely, effective, and clear
communication with shareholders.
Specifically, the policy is designed to:
Ensure compliance with continuous disclosure requirements of the ASX Listing Rules, the
Corporations Act 2001 and the procedures set down by the Board of Ardiden including review and
verification of the accuracy of all public releases to the ASX of material consequence, prior to release
to the market;
Prevent selective or inadvertent disclosure;
Establishes guidelines for the review of all public relations materials including briefings and
communications in general;
Provide clear, meaningful, and timely communication between the Company and shareholders on the
activities and financial performance of the Company, to enhance the market’s understanding and trust
in the Company.
Ardiden uses a number of channels and technologies, including email, webcasting, and social media, to
communicate promptly, transparently, and widely with its investors. Key announcements, including any new
investor presentations, are distributed to the Board and those shareholders who have subscribed to email
5|P a g e
Ardiden Limited – Corporate Governance Statement
30 June 2025
alerts as soon as reasonably practicable upon confirmation of release by the ASX. Shareholders, who wish
to receive such communications, can subscribe to an email alert at www.ardiden.com.au.
Ardiden provides information about the Company, its Directors and Executives, and its governance practices
on its website. The website also contains copies of all market announcements and periodic reports. In
addition, shareholders can manage certain aspects of their shareholding, such as change of address, via the
Investors page of the website. The Company encourages shareholders to receive communications
electronically thereby securing timely receipt of information.
Shareholders are encouraged to participate in all EGMs and AGMs of the Company and provided opportunity
to ask questions. The auditor is in attendance to answer questions and all substantive resolutions are
decided by a poll.
A copy of the Disclosure and Communications Policy can be found at the website www.ardiden.com.au.
Ardiden’s Values and Integrity Policies
Ardiden’s commitment to integrity and fair dealing in its business affairs and to a duty of care to all employees,
contractors, and stakeholders is set out in the core values of the Company.
Value
Safety
Integrity
Respect
Accountability
How we live this value
Prioritise safety and well being of those around us
Making ethical, transparent and well-intentioned decisions
Treating all employees, contractors and stakeholders with fairness and dignity
Owning the decisions made and their outcomes
Diversity
The Board is committed to workplace diversity, with a particular focus on supporting the representation of
women at the board and senior executive level, as evidenced by the composition of the Board and the
executive team. Despite such commitment, the Board does not currently have a formal policy or measurable
targets as the size of Company significantly skews such information. The Company believes its practices
are appropriate for the size of the entity and regards its record as exemplary with 33% of the Board female,
including Chair, and a female Chief Executive Officer.
Code of Conduct
The Company has a Code of Conduct which governs behaviour to support its values. The Company’s Code
of Conduct applies to all directors and employees. In summary, the code requires that at all times all company
personnel act with the utmost integrity, objectivity and in compliance with the letter and the spirit of the law
and company policies. A copy of the Code can be found at www.ardiden.com.au.
Whistleblower Policy
The Company has a Whistleblower Policy which supports Ardiden’s commitment to creating and maintaining
a culture of proper conduct and fair and honest dealing in its business activities. Ardiden encourages
reporting of any instances of suspected unethical, illegal, fraudulent, or undesirable conduct involving the
Company, and provides protections and measures so that hose persons who make a report may do so
confidentially and without fear of intimidation or reprisal. A copy of the policy can be found at
www.ardiden.com.au.
Anti-Bribery & Corruption Policy
The Company has a zero-tolerance approach to bribery and corruption and is committed to acting
professionally, fairly and with integrity in all business dealings. The Anti-Bribery & Corruption Policy sets out
the responsibilities in observing and upholding the Company's position on bribery and corruption; and
provides information and guidance to those working for the Company on how to recognise and deal with
bribery and corruption issues. A copy of the policy can be found at www.ardiden.com.au.
6|P a g e
Ardiden Limited – Corporate Governance Statement
30 June 2025
Share Trading Policy
The Company has implemented a share trading policy to outline permitted trading in Company securities by
directors, employees, and consultants. The policy prohibits trading in derivatives or engaging in short-term
trading and short selling. A copy of the policy can be found at www.ardiden.com.au.
Board remuneration and performance
Ardiden recognises that the Company’s performance and success is underpinned by its ability to attract and
retain suitably qualified and experienced people. The Company is committed to ensuring its Directors and
employees are fairly and responsibly compensated with regard to the performance of the Company, the
performance of individual employees, and the general pay environment.
The Company does not have a Remuneration and Nomination Committee. Given the size of the organization,
the Board has determined remuneration and nomination activities would be undertaken by the Board as a
whole. The Board is responsible for reviewing and determining the remuneration policy and structure
annually. The Board continues to maintain the charters of each Committee to ensure all required activities
are undertaken. A copy of the charter can be found on the Company website in the corporate governance
section.
Non-executive director remuneration
Non-Executive Directors are remunerated at market rates, which reflects the demands made on, and
responsibilities entrusted to Non-Executive Directors to ensure maximum benefit for the Company through
the retention of a high-quality Board with the relevant skills mix to optimise overall performance.
The specific objectives of the Non-Executive Director remuneration policy are to:
(i)
attract and retain appropriately qualified and experienced directors;
(ii)
remunerate directors fairly having regard to their responsibilities, including providing leadership and
guidance to management;
(iii) drive long term strategy and alignment with shareholders; and
(iv) promote independence, impartial decision-making and to build sustainable shareholder value by
encouraging a longer-term strategic perspective, by not linking fees directly to the results of the
Company.
Structure
Non-executive directors’ fees consist of fixed base fees at comparable market rates for time, commitment,
and responsibilities. There are no separate committee fees, nor are there any retirement benefits paid to
Non-Executive Directors.
Base fees are reviewed regularly based on recommendations of the Board, having regard to comparable
remuneration levels within an aggregate fee pool limit, which is approved by shareholders. The pool limit
maximum currently stands at $350,000 as approved by members on 29 November 2022. It is at the discretion
of the Board to distribute this pool amongst the Non-Executive Directors based on the responsibilities
assumed. During the year, $215,000 of the pool was utilised.
The base fees for the year are as follows:
Base fees
Chair
Non-Executive Director
$
85,000 per annum
65,000 per annum
Base fees for non-executive directors are not linked to the performance of the Group. However, to conserve
cash, from time to time, director’s remuneration may include equity-based incentives. Equity based
remuneration is subject to Shareholder approval in accordance with ASX listing rules.
7|P a g e
Ardiden Limited – Corporate Governance Statement
30 June 2025
Performance review
The Board is responsible for the board performance review. The review is conducted periodically through
the use of questionnaires and interviews to ensure the board is meeting its obligations as outlined in the
Board Charter, has an appropriate skill set to meet Ardiden’s strategic objectives, and that directors are able
to meet the time commitment necessarily to fulfill their obligations.
An evaluation of the Board, its committees and individual directors has not been undertaken during the year,
however the Board continuously reviews its composition by comparison to the skills required to meet
Ardiden’s strategic objectives, as outlined in the Skills Matrix.
Executive compensation
The Board is responsible for determining and reviewing compensation arrangements and evaluating
performance for the Chief Executive and the CFO/Company Secretary. The evaluations consider specific
criteria specified in the position descriptions and measurement of individual key performance indicators
annually. Performance evaluations formed part of the payment of the STI to the CFO/Secretary in November.
Objective
The specific objectives of the Executive Remuneration Policy are to:
(i)
align the interests of executives with the interest of shareholders;
(ii)
motivate executives to manage and lead the business in line with the Company’s strategic objectives;
(iii) drive successful performance by incorporating an annual performance incentive and establish longerterm performance objectives;
(iv) ensure simplicity, transparency and reasonableness in executive remuneration policy and practices; and
(v) contribute to appropriate attraction and retention strategies for executives.
The elements of the Remuneration Policy are described as follows:
Executive Fixed Remuneration
Fixed remuneration is delivered as a base salary, plus requisite superannuation contribution for employees
of the Company. This is reviewed annually by the Board, or on promotion, having regard to the Company
and individual performance. It is periodically compared with the external market through participation in
industry salary surveys and during recruitment activities generally. If required, the Board may engage an
external consultant to provide independent advice in the form of a written report detailing market levels of
remuneration for comparable executive roles. There was no external review undertaken during the year.
Short Term Incentives (STI)
The objective of short-term incentives is to align eligible employees’ interests with shareholder interests. STI
performance measures include both financial and other performance measures deemed appropriate for the
Company and is measured annually. STIs may be paid in cash or securities at the discretion of the Board.
Short term incentives of $66,450, inclusive of superannuation, were paid to T Robson (KMP) during the
financial year, which related to achievement of objectives in relation to financial management, strategic
objectives and governance during the previous financial year based on the Company’s audited accounts.
Long Term Incentives (LTI)
The Company’s LTI plan is designed to provide both retention and encourage long term value creation for
key employees.
LTI’s granted to executives are delivered in the form of performance options or performance rights
(Incentives). These Incentives are issued at an exercise price determined by the Board at the time of issue
and generally vest over a selected period with vesting also tied to the performance conditions. The quantum
of LTI granted is dependent on the Company’s recent share price performance, the seniority of the Executive
and responsibilities the Executive assumes in the Company. There were no options issued to executives
during the year.
8|P a g e
Ardiden Limited – Corporate Governance Statement
30 June 2025
Assessing performance and claw-back of remuneration
The Board is responsible for assessing performance against KPIs and determining the STI and LTI to be
paid. To assist in this assessment, the committee receives detailed reports on performance from
management and/ or external parties, which are based on independently verifiably data such as financial
measures, market share and data from independently run surveys.
In the event of serious misconduct or a material misstatement in the Company’s financial statements, the
Remuneration Committee can cancel or defer performance-based remuneration and may also claw back
performance-based remuneration paid in previous financial years.
Further information on directors’ and executives’ remuneration is set out in the directors’ report.
There are no departures from the Corporate Governance Principles and Recommendations 4th Edition” other
than noted above.
9|P a g e
Share your feedback
Discover