The Board Charter outlines our commitment to continually review and update our corporate governance policies and practices in accordance with current best practice. Our Corporate Governance Statement is published in the Annual Report. References within this statement to 'the Directors' Report' relate to the report of that name, also within the Annual Report.
AusNet Services has developed market-related policies for AusNet Services' Directors, employees and management.
We are committed to understanding and effectively managing risk to provide greater certainty and confidence for our securityholders, employees, customers, suppliers and for the communities in which we operate.
The Audit and Risk Management Committee of the Board has oversight of the adequacy and effectiveness of our risk management processes and internal control systems, including the establishment and maintenance of risk identification and management processes and the monitoring of material business risks (financial and non-financial).
The Managing Director is accountable to the Audit and Risk Management Committee and the Board for the implementation of risk management processes in line with good corporate governance.
We manage risks on an enterprise-wide basis - risks are identified, analysed, evaluated and prioritised in a consistent manner using common systems and methodologies.
Our risk management governance structure has two components. The charter of the Audit and Risk Management Committee of the Board is to oversee the financial and risk management functions within AusNet Services. The Group Risk Committee - which involves the Managing Director and Executive Managers - makes decisions and manages risk in accordance with AusNet Services' business objectives, risk tolerance and delegated authorities.