Awards for local listed players

TWO Western Australian listed companies have won Ethical Investor awards.

The awards, presented by Ethical Investor Magazine, recognised the companies’ efforts towards sustainability and good corporate governance.

The awards are an independently conducted measure of corporate sustainability.

WA-based renewable energy company Solar Energy Systems was named Australian Sustainable Small Company of the Year.

Tap Oil won a national merit award for governance.

SES managing director Anthony Maslin said sustainability was a corporate aim for the company.

The company produces a range of solar powered water pumps and water purifiers that are designed to be extremely easy to maintain.

The products are mainly used in the agriculture and mining sectors by remote communities and by foreign aid groups.

"While our resources are still relatively limited at this point, we believe our sustainable philosophies, our business model and our products will result in continued growth of the company in coming years," Mr Maslin said.

"The win tops off a highly successful year for us in which we have established new businesses, increased our sales and margins significantly and contained our overheads."

SES has signed a memorandum of understanding with Beijing-based Sino West Assets Group to investigate opportunities for the manufacture and distribution of SES’ Sun Mill solar water pumps in the People’s Republic of China.

The company has announced a shareholder purchase plan that will allow shareholders of the company at November 28 to buy up to $5,000 worth of shares.

The funds from that share plan will be used to pursue component supply, assembly and distribution opportunities in China; provide additional capital for Sun Mill distribution internationally; and provide additional funding and working capital for the expanding consulting services and project management business.

Tap Oil’s corporate governance national merit award was based on:

Taking action to limit audit fees for non-audit services;

Stopping the issue of options to non-executive directors;

Stopping executive directors from sitting on any board committees;

Asking for increased fees for non-executive directors but giving an explanation for the request;

Paying 25 per cent of non-executive directors’ remuneration in on-market acquired Tap Oil shares; and

Having the executive remuneration policy reviewed by two consultants whose reports were included in its notice of meeting for the 2003 AGM.

Tap recently announced that its Simpson-6 appraisal well had intersected a 14 gross oil column at the top of the Flag Sandstone and will now be completed as an oil producer to be brought on stream immediately.

The well is located in the Harriet Joint Venture licence about 2.2 kilometres south of Varanus Island.


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