The ASX Corporate Governance Council's “Principles of Good Corporate Governance and Best Practice Recommendations” was released in March 2003. EGL agrees with the spirit of these Guildelines and has made it a priority to comply where appropriate for a company of our size and resources.

Formal Triple Bottom Line Reporting (TBL) is slated to be introduced for all ASX listed companies for the financial years starting on or after 1 July, 2003. At the current time there is no agreed standard although a basic structure appears to be emerging for TBL reporting.

In the interim, we believe this section of our Annual Report presents an objective assessment of our environmental and social performance.

During the year a leading independent ethical rating agency evaluated EGL to have a four (out of five) star rating for environment and social, and the maximum possible five star rating for governance.