Audit
The Board has delegated to the Audit Committee responsibility for overseeing the financial reporting and internal control of the Group and for maintaining an appropriate relationship with the Company's auditors. The main role of the Committee is to encourage and safeguard the highest standards of integrity, financial reporting, risk management and internal control. In doing this the principal responsibilities of the Committee include:
- reviewing the form and content and monitoring the integrity of the Company's and the Group's financial statements;
- monitoring and reviewing the arrangements for ensuring the objectivity and effectiveness of the external and internal audit functions;
- recommending to the Board the appointment, re-appointment or removal of the external auditors;
- reviewing the adequacy and effectiveness of the Company's internal controls and risk management systems; and
- reviewing and monitoring the Company's ethical standards, procedures for ensuring compliance with regulatory and financial reporting requirements and its relationship with the relevant regulatory authorities.
More Information
View Audit Committee Report
View Independent Auditors' Report
Risk management
The Board is accountable for risk and is responsible for oversight of the risk management process. The Board has considered the principal risks facing the Group and the exposure in relation to each of those risks.
The Group Management Committee has approved a risk management framework and structure established by the Group Risk function. The framework defines the principal risk categories and sets out the methodology for the identification, assessment, mitigation and reporting of risks. A risk management structure is in place which embeds risk management within the business.
The Group Management Committee reviews the key corporate risks facing the Group and receives regular reports as to the current status of each risk.
More Information
View Risk Management Report