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Board Committees

Audit and Risk Committee

The Board established an Audit and Risk Committee in August 2017, to assist the Board in carrying out its responsibilities, to share detailed work and to consider certain issues and functions in detail.

The Audit and Risk Committee’s charter, which was updated and approved by the Board in November 2018, sets out the matters relevant to the composition, responsibilities and administration of the Committee.

The Audit and Risk Committee will meet as often as it considers necessary but at least four times a year.

A quorum for an Audit and Risk Committee meeting is two Audit and Risk Committee members.

The objectives of the Audit and Risk Committee are to:

  1. help the Board achieve its objectives in relation to reviewing the appropriateness of the:
    1. financial reporting;
    2. performance reporting;
    3. systems of risk (financial and performance) oversight and management;
    4. systems of internal control;
    5. annual budgeting; and
    6. application of accounting policies;
  2. maintain and improve the quality, credibility and objectivity of the financial accountability process (including financial reporting on a consolidated basis);
  3. assess ANI’s risk management principles, policies, processes and practices so that it can satisfy itself that:
    1. adequate systems are in place for the effective identification and assessment of all areas of potential material business risk;
    2. adequate policies, processes and procedures have been designed and implemented to manage identified material risks;
    3. appropriate action is undertaken to bring the identified material risks within ANI’s risk tolerance levels;
    4. a culture of compliance is being promoted; and
    5. compliance strategies and functions are effective;
  4. establish and maintain effective internal and external audit functions, and communication between the Board and the internal and external auditor; and
  5. verify financial compliance strategies and financial compliance functions are effective.

As at the date of this report, the Audit and Risk Committee comprises Janice van Reyk (Chair), Peter Iancov and Jeremy Schultz.