Recognise and manage risk

The current ARCC members are Mr Richardson (Chairperson), Mr Macarthur-Stanham and Mr Wall.

Mr Richardson, BEc, FCA, FCIS, is an independent accounting member of the 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.

Mr John Wall, BLegS, has more than thirty years experience in the trust, funds management and superannuation areas, including regulatory experience in funds management. John has extensive experience in both compliance and operational areas. He acts as a compliance committee member for a number of registered managed investment schemes run by other fund managers and acts as a compliance consultant. John is admitted as a solicitor of the Supreme Court of New South Wales.

Mr Macarthur-Stanham's details are found on this webaite under 'Directors'.

ARCC comprises both Directors and consultants skilled in the areas of audit, risk and compliance. Through its Chairperson, ARCC reports directly to the Board on all audit risk and compliance issues.

In addition, the internal audit department reports directly to ARCC and the Board, and has the right to address the Board.

Risk management
Trust has a formal risk program in place. It was developed with external consultants and is based on Standards Australia AS/NZS 4360:2004 - Risk Management. The program includes policies and procedures to identify and address material financial and non-financial risks. The program was recommended by ARCC and approved and endorsed by the Board. Both key executives and ARCC are responsible for overseeing compliance with the program and it's continuous evolution.

At the time of confirming the integrity of financial reports to the Board, in compliance with Principle 7, the CEO and CFO/ Executive General Manager - Finance and Administration, Legal, Risk and IT, confirm the reports are founded on a sound system of risk management, internal compliance and control which implements the policies adopted by the Board. In addition they confirm Trust's risk management and control system is operating efficiently and effectively in all material respects.

The CEO and CFO/ Executive General Manager Finance and Administration provide formal statements to the Board confirming that Trust's financial reports present a true and fair view, in all material aspects, of Trust's financial condition and operational results, and are in accordance with the relevant accounting standards.

Areas of potentially significant business risk can be quite different in a trustee company from those in other companies. While the Board approves the investment policy for the investment of trust funds and common funds, Trust administers a range of other activities that could involve risk, but are not necessarily of an investment nature. Consequently, it is vitally important that Board policies are adhered to throughout Trust.

Trust has a significant internal compliance and audit program in place. Trust has an executive risk management committee that meets periodically to identify potential areas of risk and opportunity facing Trust, and reports these matters directly to the Board as well as to ARCC.

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