Board Committees
The Board has established four Committees to assist in the execution of its responsibilities. An overview of these Committees is provided in the Governance Framework diagram on page 63 and further details are also included in each Committee report.
Each Board Committee has specific terms of reference under which authority is delegated to it by the Board. These terms of reference are reviewed regularly and are available on the Group’s website. The Chair of each Committee reports to the Board on its activities, attends the AGM and is available to answer questions from shareholders.
The current membership of each Committee, details of attendance and each member’s tenure are set out in the individual Committee reports.
Audit Committee
The Committee has remained focused on safeguarding shareholder value by ensuring effective governance and financial reporting.Myles Lee
Chair of the Audit Committee
Members
Myles Lee (Chair)
Erik Van Snippenberg
Linda Wilding
Lisa Ricciardi
Role and responsibilities
The Committee supports the Board in fulfilling its responsibilities in relation to financial reporting and reviews the effectiveness of the Group’s internal financial control and financial risk management systems, pursuant to the Committee’s terms of reference which are reviewed annually and are available on the Group’s website. The Committee also monitors and reviews the effectiveness of the Group’s Internal Audit function and, on behalf of the Board, manages the appointment and remuneration of the external auditor and in addition, monitors their performance and independence. The Group has an independent and confidential reporting procedure and the Committee monitors the operation of this facility.
Once again, the Board requested that the Committee advise it on both the long-term viability of the Group and also its compliance with relevant laws and the associated adoption of a compliance policy and statement by the directors pursuant to section 225 of the Companies Act, 2014. Details of this review of long-term viability and the Group’s Viability Statement are set out on page 47 and details of the Directors’ Compliance Policy and Directors’ Compliance Statement are set out on page 102.
For more information, please read Terms of Reference
Remuneration Committee
Following adoption of the Group’s new share plans at the 2019 AGM, the Committee has focused on the Group’s new Remuneration Policy.Linda Wilding
Chair of the Remuneration Committee
Members
Linda Wilding (Chair)
Peter Gray
Lisa Ricciardi
Peter Chambre
Responsibilities
The Committee’s responsibilities include:
- setting, reviewing and recommending to the Board the remuneration policy for executive directors and certain other senior executives;
- setting, reviewing and approving the remuneration arrangements of executive directors and senior executives; and
- reviewing and approving the rules of any incentive plans subject to final approval by the Board and shareholders.
For more information, please read Terms of Reference
Nominations & Governance Committee
In addition to the Board’s External Evaluation, the Committee has focused on the new corporate governance rules and the important matter of Board successionPeter Gray
Chair of the Nominations & Governance Committee
Members
Peter Gray (Chair)
Linda Wilding
Myles Lee
Key responsibilities
The key responsibilities of the Nominations and Governance Committee are:
- to evaluate the balance of skills, knowledge, experience and diversity of the Board and Committees and make recommendations to the Board with regard to any changes;
- to consider succession planning for directors and other senior executives taking into account what skills and expertise are needed for the future;
- to identify, and nominate for the approval of the Board, candidates for appointment as directors;
- to consider the re-appointment of any non-executive director at the conclusion of their specified term of office and recommend their re-appointment to the Board; and
- to review Corporate Governance developments and ensure the Group remains compliant with all aspects of governance applicable to it.
For more information, please read Terms of Reference
Risk, Investment & Financing Committee
The Committee has maintained its focus on risk oversight and the review of potential acquisition and investment opportunities during FY2019Chris Brinsmead
Chair of the Risk, Investment & Financing Committee
Members
Shane Cooke (Chair)
Lisa Ricciardi
Erik van Snippenberg
Key responsibilities
- To oversee the Group’s risk management systems, including its risk register and internal controls;
- To oversee the identification and assessment of the Group’s Principal Risks and Uncertainties as well as their associated mitigation strategies, and recommend them to the Board for approval;
- To consider, review and authorise the commencement of due diligence on potential transactions;
- To consider, review and approve potential transactions to be made by the Group which have a consideration value of up to €50 million or foreign exchange equivalent;
- To evaluate, and recommend to the Board for approval, any proposed capital expenditure requests not exceeding $10 million or foreign exchange equivalent and any debt and equity financing proposals; and
- Conduct one-year and three-year post-acquisition reviews.
For more information, please read Terms of Reference