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Whitehaven Coal Limited : Annual Report 2012
Whitehaven Coal Limited -- Annual Report 2012 39 While the Board considered and discussed diversity issues throughout the year, it did not have in place a formal diversity policy or measurable objectives for achieving gender diversity in accordance with ASX Recommendations 3.2 and 3.3. In light of the ongoing merger discussions and the associated uncertainty regarding the future size, scope and profile of the Whitehaven Group, the Board formed the view that it was appropriate to wait until it had greater clarity around these key matters before adopting a formal diversity policy and setting its diversity priorities going forward. However, the Company has existing arrangements in place to promote diversity, including opportunities to work flexibly and parental leave entitlements. In addition, the Company undertook a review of pay equity at one of its major operations during the 2012 financial year, which resulted in some adjustments being made to salaries to address potential inequality between male and female pay levels. Now that the merger has taken effect and integration of the Whitehaven, Aston and Boardwalk Resources Limited businesses is underway, the Board has taken the opportunity to set its diversity vision and priorities for the Whitehaven Group, having regard to the current size, scale and workforce profile of the merged entity. Since the end of the 2012 financial year, the Board has adopted a formal Diversity Policy which describes the Company's diversity aspirations and sets minimum expectations to be met by the Company on workforce diversity. A copy of the Diversity Policy is available on the Company's website at http://www.whitehavencoal.com.au. Under the Diversity Policy, the Board is required to establish measurable objectives in relation to gender diversity. For the 2013 financial year, the Company's objectives are to: • conduct training to build employee awareness and understanding of the Company's Diversity Policy and the importance of diversity in building a sustainable business; • review the Company's employment arrangements to identify opportunities to promote and enhance diversity, and develop strategies to take advantage of these opportunities; and • complete a review of pay equity across the business covering key diversity parameters, including gender. The Company will assess and report on its progress against these objectives in the 2013 financial year Annual Report. As at 30 June 2012, women comprised: • 12.5% of directors on the Board; • 4.3% of senior executives* across the Group; and • 10.2% of employees across the Group. * Senior executives comprise the CEO, his direct reports and all participants in the Company's Long Term Incentive Plan. Principle 4 -- Safeguard integrity in financial reporting Whitehaven is committed to a transparent system for auditing and reporting of the Company's financial performance. Whitehaven's Audit and Risk Management Committee performs a central function in achieving this goal. A majority of the members of the Audit and Risk Management Committee (including the chairman of the Committee) are independent Directors, and all the members are financially literate. The Audit and Risk Management Committee holds discussions with external auditors without management present as required. The Audit and Risk Management Committee's Charter can be viewed on Whitehaven's website. Principle 5 -- Make timely and balanced disclosure Whitehaven has in place (under its Continuous Disclosure Policy) practices and procedures which are aimed at ensuring timely compliance with the Company's obligations under the Corporations Act 2001 (Cth) and ASX Listing Rules. The Continuous Disclosure Policy sets out Whitehaven's disclosure obligations, explains what type of information needs to be disclosed and identifies who is responsible for disclosure. The Continuous Disclosure Policy requires executive employees of Whitehaven to immediately report to the chief executive officer or if the chief executive officer is not contactable, one of his delegates (the chief financial officer or the general counsel and company secretary) once they become aware of information that is, or may be, price sensitive.
Annual Report 2011
Annual Report 2013