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Whitehaven Coal Limited : Annual Report 2011
30 Principle 4 – safeguard integrity in financial reporting Whitehaven is committed to a transparent system for auditing and reporting of the Company’s financial performance. Whitehaven’s Audit and Risk Management Committee performs a central function in achieving this goal. The Chair and members of the Committee are independent directors, and all the members of the Committee are financially literate. The Committee holds discussions with external auditors without management present as required. The Audit and Risk Management Committee’s Charter can be viewed on Whitehaven’s website. Principle 5 – Make timely and balanced disclosure Whitehaven has in place practices and procedures which are aimed at ensuring timely compliance with the Company’s obligations under the Corporations Act 2001 (Cth) and ASX Listing Rules. These practices and procedures require information which may need to be disclosed to be brought to the attention of the Board for consideration as to whether disclosure is required. These practices and procedures can be viewed on Whitehaven’s website. Principle 6 – respect the rights of shareholders The Board recognises the importance of ensuring that shareholders are kept informed of all major developments affecting the Company. Information is communicated to shareholders in the following ways: • regular announcements are made to the Australian Securities Exchange in accordance with the Company’s continuous disclosure obligations, including quarterly reports, half-year results, full-year results and an Annual Report. These announcements are available on Whitehaven’s website • Whitehaven’s Annual Report is delivered to those shareholders who have elected to receive it • through participation at the Company’s annual general meeting. The Board encourages full participation of shareholders at the Annual General Meeting • the Company’s external auditors attend the Annual General Meeting and are available to answer shareholders’ questions Whitehaven’s policy on communications with shareholders can be viewed on Whitehaven’s website. Principle 7 – recognise and manage risks Whitehaven recognises that risk is a part of doing business and that effective risk management is fundamental to achieving the Company’s strategic and operational objectives. Whitehaven has a Risk Management Framework which provides the approach, infrastructure and processes for risk management at the Company. This Framework is constantly evolving, enabling the Company to manage its risks effectively and efficiently. The key components of the Framework are as follows: risk Management Policy – This Policy provides an overview of Whitehaven’s approach to risk management, and includes a summary of the roles and responsibilities of both the Board and management. risk Management standards – These Standards define the minimum risk management requirements that apply to Whitehaven’s operations. They address the identification, assessment and management of all material risks that could impact the Company’s objectives. risk Management guidelines – These Guidelines provide guidance to Directors and management as to what needs to be done to meet the objectives of the Risk Management Policy and the Risk Management Standards. Under the supervision of the Board, management is responsible for identifying and managing risks. The Board is responsible for ensuring that a sound system of risk oversight and management exists and that internal controls are effective. In particular, the Board ensures that the principal strategic, operational, financial reporting and compliance risks are identified, and that systems are in place to manage and report on these risks. The Board, together with management, constantly seeks to identify, monitor and mitigate risk. Internal controls are monitored on a continuous basis and, wherever possible, improved. The whole issue of risk management is formalised in Whitehaven’s corporate governance charter (which complies with the Guidelines in relation to risk management) and will continue to be kept under regular review. Review takes place at both the Audit and Risk Management Committee level and at Board level. DIRECTORS’ REPORT
Annual Report 2010
Annual Report 2012