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Wool Stocktake : AWI Annual Report 2015-16
other persons. AWI considers that this policy applies to all Directors, employees, agents and contractors. AWl will consider all avenues to recover losses due to fraud against the Company. Staff may also face action for misconduct under AWl’s Code of Conduct and Business Ethics, and restitution for any money or property lost through fraudulent activity will be pursued. The main objective of the Fraud Control Plan is to minimise the risk of fraud against AWl. This objective is achieved through reference to the Commonwealth Fraud Control Guidelines including the adoption of the Australian Standard on Risk Management (ISO 31000- 2009) and the Australian Standard on Fraud and Corruption Control (AS 8001-2008) to identify fraud risks and to develop and implement actions to manage those risks. WOOL SELLING SYSTEMS REVIEW The independent panel commissioned by AWI on behalf of Australian woolgrowers to examine the wool selling system issued in February 2016 its final report which included a number of substantial findings and recommendations. This very significant Wool Selling Systems Review (WSSR) was conducted at arms-length to AWI. It involved almost 100 submissions and many more issues raised from a wide variety of viewpoints and much discussion and debate. This review explores some great opportunities to reduce the cost of selling wool for woolgrowers, reduce the barriers for those wanting to buy wool and help bring the wool industry into the digital age. The final report of the WSSR panel and further information about the review is available on the AWI website at www.wool.com/wssr. INDEPENDENT REVIEW OF AWI PERFORMANCE AWI is required to have an Independent Review of Performance (ROP) conducted every three years, to assist woolgrowers determine the value for money they receive and benefits delivered. This Review is completed before WoolPoll to give woolgrowers an independent report card of how AWI has performed and what benefits AWI has delivered for them. Deloitte Private undertook the ROP for the three years from July 2012 to June 2015 and delivered a report in August 2015 that shows that AWI’s actions and investments over those three years contributed to increasing market demand and created savings through on-farm and off-farm productivity. One of the main findings of the 2012-2015 report conducted by Deloitte Private is that, on average, every dollar invested by AWI generates a $2.90 return for growers. The report stated that AWI has achieved a number of achievements across engagement and collaboration, governance, operations and statutory compliance. AWI REVIEW OF PERFORMANCE JULY 2012 TO JUNE 2015 KEY FINDINGS Engagement and collaboration • AWI has effectively implemented and evolved arrangements for engagement, consultation, and communication with, and feedback to, woolgrowers and other stakeholders. This includes providing opportunities for levy payers to influence the investment of levies • AWI’s M&E Framework underpins the Annual Planning and Consultation Cycle, and AWI ensures that the Strategic Plan and subsequent annual operating plans are developed to reflect the needs and expectations of the stakeholders and broader industry. Governance • AWI continue to improve the governance, structure and operations of the organisation to ensure good practice and appropriate mechanisms of corporate governance. Operations • AWI has soundly developed and implemented its Strategic and Annual Operational plans, and been effective as an organisation in meeting the priorities, targets and budgets as set out in these plans. • AWI have achieved benefits for woolgrowers, the community and broader industry by increasing farm gate returns. Statutory compliance • AWI has met its obligations under the Statutory Funding Agreement 2013-16 (SFA) with the Commonwealth. • AWI has demonstrated an increased effectiveness of their intellectual property, risk management and fraud control plans, which are monitored by the Finance and Audit Committee (FAC). • AWI has addressed all and implemented the adopted three of the four recommendations from previous Review. Source: Deloitte Private, ‘AWI Independent Review of Performance 2015’, August 2015 The ROP concluded that organisational improvements, including engagement and collaboration, governance and operations, strategy and structure had created value for woolgrowers in several ways: • Increased market demand through AWI’s marketing and promotion activities • Higher wool prices, in part attributed to AWI’s marketing and promotion activities • Improved on-farm and off-farm productivity through AWI’s R&D activities • Cost savings as a result of AWI’s on-farm and off- farm R&D activities. Woolgrowers were sent a summary of this ROP report with their WoolPoll Voter Information Memorandum. The full ROP report is available at www.wool.com/rop GOOD BUSINESS 51
AWI Annual Report 2014-15
AWI Annual Report 2016-17