Confirmation of Corporate Governance Commitments
Following recent discussions with investors, the Board of APA Group (ASX: APA) wishes to reaffirm its commitment to APA’s Corporate Governance Framework voluntarily adopted with effect from 1 July 2017. The Corporate Governance Framework has been available on APA’s website since adoption as a continuing commitment.
APA’s Corporate Governance Framework commits APA to apply the corporate governance requirements applicable to publicly listed companies in accordance with the relevant obligations under the Corporations Act 2001 (Cth) and the ASX Listing Rules as far as practicable.
This includes seeking APA Securityholder approval for termination payments in excess of 12 months base pay for any executive contracts entered into from 1 July 2017, as if APA Group were a listed public company (applying Part 2D.2 of the Corporations Act).
The Board acknowledges APA’s legal obligations to honour pre-existing contracts (ie. those entered into prior to 1 July 2017). However, all contracts entered into from 1 July 2017 will be subject to the commitments made in the Corporate Governance Framework.
APA’s Board is committed to ensuring best practice corporate governance procedures consistent with publicly listed companies. This includes processes and structures associated with remuneration.