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Wool Stocktake : AWI Annual Report 2016-17
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) 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. MONITORING AND EVALUATION AWI has had a company-wide Monitoring and Evaluation (M&E) Framework in place since 2011. The framework includes both post and ex ante monitoring and evaluation, meaning prior to any investment decision being made, an assessment is made of the likely outcome and return to growers, and upon completion of each investment, a further evaluation is undertaken to determine the return on investment for growers. AWI’s M&E Framework has continually been improved since its inception to address the unique technical and marketing context in which AWI operates and to ensure it continues to meet the needs and expectations of AWI’s stakeholders. By 2016/17, monitoring and evaluation has been successfully integrated into a comprehensive planning and reporting business cycle, which effectively links the Strategic Plan to the day to day operational activities of the organisation. This means AWI’s programs are monitored and reviewed fortnightly by AWI’s CEO and executive team and quarterly by the Board to ensure they are delivering on their targets. Details of AWI’s M&E framework are available on AWI’s website at www.wool.com/measuring-performance AUDIT AWI continues to maintain a strong focus on accountability and on its internal control environment. It engages the services of the following leading professional services firms: PricewaterhouseCoopers is engaged annually to conduct the external audit and report to shareholders. Ernst & Young and PricewaterhouseCoopers provide specific advice on taxation and other related matters pertaining to AWI and The Woolmark Company, as required. INVESTMENT POLICY AWI is the custodian of woolgrowers’ investment in their future prosperity and the matching eligible R&D provided by government. Therefore AWI seeks to balance its risk position between: • investing in higher risk activities that may drive substantial growth in the demand for wool; and • the need to remain a stable organisation with the capacity to continue to work for woolgrowers long into the future. AWI’s risk appetite is therefore necessarily towards the middle of the risk–taking spectrum. Depending on the company’s results from year to year, AWI may choose to increase or decrease its appetite for higher risk activities. The AWI Annual Operating Plan (available on www.wool.com) provides further explanation of AWI’s risk appetite with respect to the company’s strategic portfolios and other fundamentals of its business. WOOL EXCHANGE PORTAL The AWI Board has given the green light to the construction of a digital Wool Exchange Portal (WEP), with a view to increasing returns to woolgrowers and promoting competition, choice and transparency in the wool selling system to benefit growers. The WEP will be an online tool that enables growers and other market participants to compare available options and choose selling and buying strategies best suited to individual circumstances. It will provide greater transparency and competition in the market, reduce transaction costs and embrace modern digital opportunities. The WEP is expected to generate approximately $38 million in industry consolidated benefits over 15 years, with greater transparency of selling costs expected to save growers around $17 per bale and lower cost pathways for sale of wool potentially delivering savings of up to $10 per bale for certain growers. Comprehensive consultation with all parties along the wool selling system began back in 2014 with a significant number of meetings, discussions and publications. AWI will continue to consult with industry as the WEP moves forward. The AWI WEP working group is engaging expert online commodity market operators to help develop the WEP. Further information about the WEP is available on the AWI website at www.wool.com/wssr GOOD BUSINESS 53
AWI Annual Report 2015-16