IFM is committed to maintaining high standards of corporate governance. The Company has complied with Australian corporate governance requirements applicable to a company which is not listed on the Australian Securities Exchange. The Directors intend, so far as it is possible, to comply with the Combined Code given the Company’s size and the composition of the Board. Stephen Oke, Terence Willsteed and John Ballard are considered independent Non-Executive Directors with Terence Willsteed as Senior Independent Director. Tian Xia and Xiaoping Yang (by reason of their connection with JISCO) are not considered independent, but the Board believes they provide a valuable contribution to the Company through their experience in the ferrochrome and steel industries.
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