Audit and Risk Committee

Role

The Committee, which is assisted by the Risk Management Committee, provides a forum for reporting by both internal and external auditors and is responsible for a wide range of matters including:

• To oversee the process for managing risks across the business, including review of the Group’s corporate risk profile, and ensuring risks are being addressed by the Board, relevant committees, and management.
• To monitor the integrity of the financial statements of the Group
• To review the Group’s internal control system and, unless addressed by the Risk Management Committee or by the Board itself, risk management systems
• To monitor and review the effectiveness of the Group‘s Internal Audit function
• To recommend to the Board for shareholder approval the appointment of the external auditor, and to approve its remuneration and terms of engagement; to monitor and review the external auditor’s independence, objectivity and the effectiveness of the audit process; and to develop and implement policy on the engagement of the external auditor to supply non-audit services
• Where the Committee’s monitoring and review activities reveal cause for concern or scope for improvement, to make recommendations to the Board or management on action needed to address the issue.

Quorum - two

Meeting frequency
At least quarterly and as required.