Audit & Risk Committee
The Board operates on the principle that all significant matters are dealt with by the full Board. To assist in its deliberations, the Board has established a number of committees which, apart from routine matters, act primarily in a review or advisory capacity. The delegation of such responsibilities to those committees will only occur provided that sufficient systems are in place to ensure that the Board is meeting its responsibilities.
Purpose
Audit - reviews the auditors’ performance, the professional independence of the auditors, audit policies, procedures and reports, as a direct link between the Board and the auditors.
Financial Statements - reviews the Company’s financial statements, the effectiveness and compliance with accounting policies and standards and adequacy of disclosures.
Risk Management – reviews policies and reports on all major categories of risk including, but not limited to, overall business risk in the Company’s operations, treasury risk (including currency and borrowing risks), procurement, insurance, taxation and litigation.
Internal Audit - discusses with the internal auditors the overall scope and plans for its audit activities. It reviews all internal audit reports.
Appointment of External Auditor - the external auditor is appointed by the Board. The Committee reviews the performance of the external auditor annually, and can recommend to the Board any changes to the appointment it deems appropriate. The external auditor attends shareholder meetings and is available to answer questions from shareholders about the conduct of the audit and the preparation and content of the audit report and the Company’s accounts.
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Composition
Membership - Four Non-Executive Directors (Managing Director and Chief Financial Officer attend meetings by invitation).
Independence - Each member is a Non-Executive Director, independent of the Company and management.
Qualifications - All members have sufficient business and financial expertise to act effectively as members of the Committee, as determined by the Board.
Chair - The Chairman is appointed by the Board and may not also be the Chairman of the Board.
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Members
The current members the Audit & Risk Committee are:
Details of Members' attendance at committee meetings during the last financial year are contained in the Directors' Report in the Annual Report. Click here to view the latest Director's Report (pdf, 59kb).
Charter
Click here (pdf, 101kb) for a copy of the Audit & Risk Committee Charter.
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