Page 36 - Honeywell Annual Report 2021 comm 10 09 v17a.cdr

Corporate Governance Report Cont’d

12. Risk Management
The Company has in place an enterprise risk management framework that defines its risk policy, risk appetite and risk
limits, and identifies, assesses, monitors, and manages key business risks to safeguard shareholders’ investments
and the Company’s assets. Business risks are promptly identified, effectively mitigated and continuously monitored.
As part of its robust corporate governance strategy, the Company has in place a very strong Internal Audit function
which is risk focused. The Business Risk profile is presented through the Internal Audit function to the statutory Audit
Committee for consideration and to make appropriate recommendations to the Board for approval. The Internal
Audit function reports directly to the statutory Audit Committee on a quarterly basis in order to ensure a high
level of independence.

13. Statement on Sustainability
Honeywell Flour Mills Plc is passionate about creating and enabling the growth of sustainable value for all its
stakeholders. The Company constantly assesses how its operations affect its immediate stakeholders and the broader
environment and implement s action plans which promote more sustainable business practices.
As detailed in its Sustainability Policy, Honeywell Flour Mills Plc’s sustainability agenda has 2 broad objectives – creating a
positive impact as a responsible corporate citizen, while minimizing the adverse effects of business operations on the
environment. This agenda thus encompasses both Sustainability and Corporate Social Responsibility initiatives, and is
anchored on 4 pillars known as “HEED”:
Ÿ Health & Safety
Ÿ Education
Ÿ The Environment; and
Ÿ Driving economic growth

The Company’s sustainability agenda aligns with the United Nations’ Sustainable Development Goals, particularly:
Ÿ Goal 3: Good health and well-being
Ÿ Goal 4: Quality education
Ÿ Goal 8: Decent work and economic growth

Honeywell Flour Mills Plc recognizes that strong leadership and governance structures are critical to the success of
its sustainability agenda, and to the growth and sustenance of its business as a whole. The Board of Directors, working
with the Management Team, is responsible for promoting adherence to corporate governance principles and global
best practice in business operations, and shall ensure that its business operations are conducted in a manner which
aligns with the Company’s sustainability agenda.

World of Possibilities HONEYWELL FLOUR MILLS | ANNUAL REPORT | 2021 37