The Committee comprises only Non-Executive Directors and the MD only attends by invitation. The Head of Internal Audit reports directly into this committee which ensures independence of the Internal Audit function. Management is represented by the Corporation Secretary and Head of Enterprise Risk.
The Committee assists the Board to effectively discharge its oversight responsibilities for financial reporting, risk management, internal controls, internal and external audit, regulatory compliance, and governance.
The ARC, on behalf of the Board, undertakes detailed monitoring of internal controls through the Internal Audit function. The Board has reviewed the system of internal control, including financial controls, for the year under review up to the date of approval of this Integrated Report.
The committee focused its attention on regulatory challenges, trends of litigation, information security and business continuity planning and management. It encouraged the continuing improvement of capabilities to identify and assess emerging risks.
ARC Committee’s key activities in FY2021/2022 included oversight, review, and approval of:
The Committee is satisfied that it has fulfilled its mandate as set out in the Committee’s terms of reference and work plan as required in the Board Charter during the period under review.