GOVERNANCE

Audit & Risk Committee

The Audit and Risk Committee comprises three independent non-executive directors. The members are experienced business persons and all are financially literate. The committee’s authority, composition, roles and responsibilities are defined in the formal terms of reference.

The committee has fulfilled its duties during the year in accordance with its written terms of reference. The committee’s primary objective is to provide the Board and shareholders with assurance regarding the efficacy and reliability of the financial information, as well as to provide oversight in respect of risk management, to assist the directors in the discharge of their duties.

The committee provides assurance to the Board that adequate and appropriate financial and operating controls are in place and are working as intended; that significant business, financial and other risks have been identified and are being suitably managed; and that satisfactory standards of governance, reporting and compliance are in operation.

Within this context, the Board retains overall responsibility for the Group’s systems of internal financial and operational controls. The executive directors are charged with responsibility for determining the adequacy, extent and operation of these systems.