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Wool Stocktake : AWI Annual Report 2012-13
The Board is committed to governance systems that enhance performance and ensure AWI operates legally and responsibly on all matters and maintains the highest ethical standards. The key Board functions and responsibilities, as set out in the Board Charter, include: Oversight of the Company, including its control and accountability systems Appointing and removing the CEO (or equivalent), including determining the remuneration for the position Providing input into, and final approval of, management's development of corporate strategy, programs, policies and performance objectives Oversight of the implementation and performance of research and development and marketing programs and projects aimed at enhancing the long-term profitability of Australian woolgrowers Ensuring the Company has an appropriate corporate governance framework, that the Company operates in accordance with that framework, that it acts legally and responsibly on all matters and maintains the highest ethical standards Evaluating implementation of strategy, and programs to assess its effectiveness and continuing suitability Monitoring and evaluating financial and other reports to understand the health of the Company and identify the need for any follow up actions Approving and monitoring the progress of major capital expenditure, capital management, acquisitions and divestitures Reviewing and ratifying systems for risk management, internal compliance and control, codes of conduct and legal compliance Ensuring that the Company complies with all requirements under the Statutory Funding Agreement with the Commonwealth of Australia Appointing and, where appropriate, removing the Company Secretary or Company Secretaries Approving the appointment, terms and conditions and, where appropriate, removal of senior executives reporting to the CEO Ensuring appropriate resources are available to senior executives for achievement of the strategic and operational objectives Monitoring senior executives' performance and their implementation of strategy Providing transparent, balanced and accurate reporting of the Company's activities to shareholders Regularly evaluating its performance, including that of individual directors, to ensure it is functioning effectively and efficiently. The performance of the Board as a whole and its sub-committees will be reviewed annually and the performance of individual directors will be reviewed: (a) annually by the Chairperson who will provide feedback on an individual basis; and (b) biennially by self and peer evaluation. AWI corporate governance documentation may be found on the AWI website at www.wool.com, and includes: AWI Constitution Statutory Funding Agreement 2013 -- 2016 Board Charter Charter of the Committees of the Board Board Nomination Committee Charter Code of Conduct and Business Ethics Corporate Governance Policy Conflicts of Interest Policy Communications Strategy Rules and Procedures Governing the Election of Directors AWI continues to review and develop these documents on a regular basis to ensure they remain relevant to the Company and encapsulate the high standards Board and management are committed to achieving. AWI endeavours to be recognised as an organisation committed to high ethical standards in business. The Board acknowledges that transactions connected, directly or indirectly, to 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 Business Ethics 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 arm's 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. There are expectations by key stakeholders, including key business partners and financiers, that risk is being managed efficiently and effectively. In addition, the Commonwealth Government requires AWI to have a Risk Management Plan and a Fraud Control Plan under the Statutory Funding Agreement. Most 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. 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 GOOD BUSINESS
AWI Annual Report 2013-14
AWI Annual Report 2011-12