Steamships Trading Company (ASX:SST) said it plans to implement additional internal approval processes as part of broader governance measures to safeguard against potential noncompliance with the Australian Securities Exchange's listing rules, according to a Friday Australian bourse filing.
At Steamships' annual general meeting, it will be proposed that Steamships' shareholders approve an increase in the total director fee pool. The firm, however, inadvertently did not provide the disclosures contemplated under the ASX listing rules due to an administrative oversight.
ASX's listing rule 15.1 requires, among other things, that an entity must provide the bourse a draft of a notice of meeting which contains a resolution seeking approval under the ASX listing rules.
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