About us

The Trust Company

Corporate Governance

Principle 1, Principle 2, Principle 3, Principle 4, Principle 5, Principle 6, Principle 7, Principle 8

Principle 4

Safeguard integrity in financial reporting

The Board has established an Audit, Risk and Compliance Committee (ARCC).  This Committee is a merger of the functions carried out by the former Audit, Audit Risk and Compliance, Audit Risk and Compliance – Managed Investment Schemes Committees following the review of corporate governance practices. The Committee is comprised of four members with a majority of independent non-executive Directors. The Committee Members are  Roger Davis (Chairman), Bruce Corlett and John Macarthur-Stanham and an independent non-executive Committee Member John Richardson.

John Richardson, BEc, FCA, FCIS, is an independent accounting member of ARCC.  Formerly a senior audit partner of KPMG Chartered Accountants, he retired in 2001 after thirty years as a partner of that firm and now acts as an independent corporate adviser to a range of companies, both public and private, and provides expert advice on accounting and auditing issues.

One of the primary objectives of the Committee is to fulfil the Board’s responsibilities relating to the review of annual and half year financial reports and the review of accounting and financial reporting practices of Trust and its subsidiaries.

The Committee meets with the external auditor without management present to discuss any issues in relation to the annual and half year financial statements.

The Committee is reviewing its charter, which sets out its role and responsibilities and a copy of this charter will be available on the Trust website once it has been approved.

External auditor
The senior audit partner is rotated by agreement with the CEO and CFO at least once every five years.  For the 2009 financial report a new audit partner was appointed to the audit of the Trust Group in accordance with this agreement.

The current auditor for Trust is Deloitte Touche Tohmatsu.