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Whitehaven Coal Limited : Annual Report 2013
82 Whitehaven Coal Limited Annual Report 2013 Principle 6 -- Respect the rights of shareholders The Board recognises the importance of ensuring that shareholders are kept informed of all major developments a ecting the Company. Information is communicated to shareholders in the following ways: • regular announcements are made to ASX 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 e ective 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 e ectively and e ciently. 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 de ne the minimum risk management requirements that apply to Whitehaven's operations. They address the identi cation, 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 e ective. In particular, the Board ensures that the principal strategic, operational, nancial reporting and compliance risks are identi ed, 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 Board has received assurance from the Managing Director and the Chief Financial O cer that the declaration provided in accordance with section 295A of the Corporations Act is founded on a sound system of risk management and internal control, and that the system is operating e ciently and e ectively in all material respects in relation to nancial reporting risks. 6. CORPORATE GOVERNANCE STATEMENT CONTINUED Directors' Report
Annual Report 2012