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Wool Stocktake : AWI Annual Report 2009-10
The Board is committed to governance systems that enhance performance and ensure AWI operates according to accountability provisions required by various Government Acts, ASIC Regulations and Guidelines and the Statutory Funding Agreement. The key Board functions are: • Establishing goals, setting strategic direction, approving the annual budget and approving large items of expenditure • Developing and approving a three year Strategic Plan, based on Performance Evaluation, WoolPoll results and Government Rural Research and Development Priorities; an Annual Operational Plan, Portfolio Budget Statement and an Annual Report • Establishing and approving policies for the operation of AWI • Ensuring that risk assessment and management frameworks are in place to minimise business and financial risk • Ensuring that R&D and Marketing resources are allocated to address priority issues effectively • Ensuring compliance with applicable laws and provisions of the Commonwealth Authorities and Companies Act 1997 • Ensuring that Directors and staff maintain the highest ethical standards in accordance with the Code of Conduct • Appointing, appraising, and setting the level of remuneration for the Chief Executive Officer • Evaluating its own performance and that of its committees against agreed indicators. AWI endeavours to be recognised as an organisation committed to high ethical standards in business. The Board acknowledges that transactions involving Directors and Officers may occur in the ordinary course of AWI's business since the Board includes members actively involved in the wool industry. Therefore the Board has adopted a Code of Conduct and a Board Charter to assist it to undertake decisions in an ethical and responsible way without being influenced by improper considerations, and to ensure that AWI's contracts are at arms length commercial terms and are consistent with AWI's legal obligations. Details of this policy and its implementation are available from AWI's Company Secretary. AWl is committed to accountability and transparency in conducting its business. The AWl Board believes that a strong corporate governance culture regarding fraud control is one of the cornerstones of this commitment and AWl's approach is to minimise the incidence of fraud and "other unethical behaviour" through the development, implementation and regular review of a range of fraud prevention and detection actions. The desired outcome of this commitment is the elimination of fraud against AWl programs by staff and 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 Obligations to Stakeholders, and restitution of money or property lost through fraudulent activity will be pursued through legislative means. 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. There are expectations by key stakeholders, including key business partners and financiers, that risk is being managed efficiently and effectively. In addition the Department of Agriculture, Fisheries and Forestry requires AWI to have a Risk Management Plan and a Fraud Control Plan as a condition under the Statutory Funding Agreement. More importantly, a more formal approach to risk and opportunity management serves to enhance the quality of business decision making and acts as another form of assurance of the quality of our operations and services. AWI Board and Management recognise risk management is everyone's business, however, it is also recognised that responsibility for driving a strong risk management culture throughout an organisation requires management focus. The AWI corporate governance documentation is on the AWI website at www.wool.com and includes: • AWI's Constitution • Statutory Funding Agreement • Corporate Governance Policy • Code of Conduct -- Obligations to Stakeholders • Board Charter • Code of Conduct -- Directors and Officers • Charters of the Committees of the Board • Conflicts of Interest Policy • Rules and Procedures Governing Election of Directors. REPORT OF OPERATIONS -- SUPPORT
AWI Annual Report 2008-09
AWI Annual Report 2010-11