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the Company’s management of material risks that may
impede meeting business objectives.

Risk management accountability
As part of the process of approving the financial
statements, at each reporting date the Chief Executive
Officer and Chief Financial Officer provide statements in
writing to the Board on the quality and effectiveness of
the Company’s risk management and internal compliance
and control systems.

Principle 8 – Remunerate fairly and
responsibly

The Company has a Nomination and Remuneration
Committee, as disclosed earlier in “Principle 2 – Structure
the Board to add value”.

The Committee considers remuneration policies and
practices generally, and makes specific recommendations
on remuneration packages and other terms of employment
for executive directors and other senior executives.
The Committee, having regard to performance,
relevant comparative information and independent
expert advice, reviews executive remuneration and
other terms of employment annually. As well as a base
salary, remuneration packages include superannuation,
retirement and termination entitlements, performance
related bonuses and fringe benefits. Senior executives
may also be eligible to participate in the Employee Long
Term Incentive Plan. Remuneration packages are set at
levels that are intended to attract and retain executives
capable of managing the consolidated entity’s operations.

Remuneration of non-executive directors is determined
by the Committee within the maximum amount approved
by the shareholders from time to time.

Further information on directors’ and executives’
remuneration is set out in the directors’ report under the
heading ‘’Remuneration report’’. The number of meetings
held by the Nomination and Remuneration Committee is
set out in the directors’ report.

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