Company: COOT
Filing Date: 2025-03-21
Form Type: DEF 14A
Source: 0001641172-25-000118
Chunk: 23

Company: Australian Oilseeds Holdings Ltd
Filing Date: 2025-03-21
Form: DEF 14A
Chunk 23
---
 the SEC December 3, 2024, as amended
on Form 10-K/A that was filed with the SEC on December 6, 2024 and as amended on Form 10-K/A that was filed with the SEC on March 12,
2025.

Submitted by the Audit Committee of the Company’s Board of Directors:

Menaka Athukorala

Kevin Chen

Gowri Shankar (Chair)

Corporate Governance and Director Independence

The rules of Nasdaq require that a majority of the
Company’s board of directors be independent. An “independent director” is generally defined under applicable Nasdaq
rules as a person other than an officer or employee of the Company or its subsidiaries or any other individual having a relationship
which, in the opinion of the Board, would interfere with the director’s exercise of independent judgment in carrying out the responsibilities
of a director.

Our Board is presently comprised of a majority
of independent directors. Our Board has determined that each of Menaka Athukorala, Kevin Chen, Gowri Shankar and Kapil Singh is an independent
director under the rules of the SEC and Nasdaq and do not have any material relationship with us other than their positions as directors
and shareholders.

In making these determinations, our Board considered
past employment, remuneration, and all other relationships each of these directors have with the Company, as well as the specific independence
tests set forth in Nasdaq’s director independence rules. Conversely, neither our Chief Executive Officer and Chairman (Gary Seaton)
or our Chief Financial Officer (Amarjeet Singh) is considered an independent director under SEC and Nasdaq rules.

Board Leadership Structure and Role in Risk Management

Our Board has responsibility for establishing broad
corporate policies and reviewing our overall performance rather than day-to-day operations. The primary responsibility of our Board is
to oversee our management and, in doing so, serve our best interests and the best interests of our shareholders. Our Board selects, evaluates
and provides for the succession of executive officers and, subject to shareholder election, directors. It reviews and approves corporate
objectives and strategies, and evaluates significant policies and proposed major commitments of corporate resources. Our Board also participates
in decisions that have a potential major economic impact on us. Management keeps the directors informed of Company activity through regular
communication, including written reports and presentations at Board and committee meetings.

Our corporate governance practices do not indicate
a particular board structure, and our Board has the flexibility to select its chair and our chief