Weebit Nano Ltd (ASX:WBT) Addresses ASX Compliance Breach
Weebit Nano Ltd (ASX:WBT) has responded to the ASX regarding breaches of Listing Rules 4.10.3 and 12.7 concerning its corporate governance statement for the financial year ended 30 June 2024. The company acknowledges non-compliance with specific recommendations regarding its audit committee structure for part of the financial year.
Details of the Breach
During FY2024, Weebit Nano was required to meet the audit committee standards set out by the ASX Corporate Governance Council, specifically that the committee must contain at least three members, all of which should be non-executive directors and a majority of whom must be independent directors. A review revealed that this structure was not in place from 1 July 2023 to 1 September 2023, therefore constituting a non-compliance with the requirements.
Updates and Commitments
In its response, Weebit Nano has submitted an updated corporate governance statement detailing the period of non-compliance. The update will provide clarity about the governance framework moving forward. Weebit confirmed that it has been compliant with the audit committee requirements for over 12 months and has taken steps to enhance its corporate governance practices.
Weebit Nano emphasizes its dedication to high standards of corporate governance, ensuring all requirements are met to foster trust and integrity.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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