Shareholder centre
Corporate Governance :: The Board
Appointment and Retirement of Directors
Board Nominations
The Board has delegated to the Remuneration and Nominations Committee the responsibility of recommending suitable candidates for appointment to the Board. When recommending a candidate the Committee takes into account a number of factors, including skills and experience, independence, availability and the ability to work constructively with existing Directors.
All Director nominations must be voted on by shareholders at each Annual Meeting. TOWER Australia Group will announce the opening date and closing date for Director Nominations three months prior to the date of an Annual Meeting.
Appointment of Directors
TOWER Australia Group’s Constitution governs the procedures for appointment of Directors. All Directors must be officially appointed to the Board by an ordinary resolution of the Shareholders. TOWER Australia Group will have a Board of Directors of not less than three nor more that ten Directors and will comprise a majority of independent Directors in accordance with ASX principles of good corporate governance and best practice recommendation of (ASX Guidelines).
Retirement of Directors
TOWER Australia Group’s Constitution ultimately governs the procedures for the retirement of Directors. At each Annual Meeting at least one-third of the total number of Directors must retire from office by rotation. One Executive Director is exempt from the retirement obligation, being the Managing Director. The Directors who must retire are those who have been in office longest since last elected. If two Directors have held office for equal terms and cannot agree who will retire, it is determined by lot.
