The Board of Directors and senior management of the Lithic Metals and Energy Limited group (the Company) are committed to acting responsibly, ethically and with high standards of integrity in their aim to achieve shareholder value. The Board of Directors has developed and adopted corporate governance policies as set out below.

Board of Directors
The Board is responsible for providing strategic direction for the Company and guiding management in the execution of this strategy for the benefit of shareholders.  Composition of the Board consists of an Executive Director, James Kerr, and four Non-Executive Directors, Julian Ford, Geoffrey Johnson, David Lunt and Iain Rawlinson, which the Board believes provides an appropriate mix to conduct the Company's affairs.

The Chairman of the Board is independent and meets regularly with the Managing Director.  The Board has established two committees to consider specific issues and report back to the full Board. These are:

Audit Committee: Julian Ford and Iain Rawlinson
Remuneration Committee: Iain Rawlinson and Julian Ford

Ethical Standards
All Directors, management and staff are expected to consistently apply the highest ethical standards to their conduct to ensure that the Company's affairs and reputation are at all times maintained at the uppermost level.  A code of conduct has been adopted for trading in the Company’s shares.

Disclosure of Company Information to the Market
The Directors have a formal policy whereby disclosure of information that could have a material impact on the Company’s share price is released to the market as soon as possible. This information is also made available on the Company's website.  In addition to the above, shareholders and other interested parties who are on the Company’s mailing list, receive regular information on Company releases.

Code of Conduct for Directors and Senior Executives for Trading in the Company’s shares.
The Board of Directors considers it essential that, apart from any legal requirements that exist governing trading in the Company's shares at certain times, a code of conduct to which all Directors and senior executives must adhere be adopted to ensure that the appropriate standards of behaviour relating to share trading are maintained.

 

Details of the code.
Trading in the Company’s shares is not permitted in the following circumstances:

1. In the period between the end of the financial year and the publication of the Company’s annual results on AIM.
2. In the period between the end of the financial half-year and the publication of the Company’s half-yearly results on AIM.
3. At any time where it has become reasonably probable that unpublished price sensitive information may be required to be notified under AIM.
4. In any other period where the Company is in possession of unpublished price sensitive information. Any share trading transactions to be undertaken must be notified to the Chairman or Chief Financial Officer in advance.

Risk Management
The Directors place great importance on creating an environment within the company where risks have been properly assessed and measures have been put in place to ensure that risks identified are effectively managed so that the Company is not prevented from achieving its objectives.