Our approach to corporate governance
The Lifeline Australia Board is committed to continuously improving Lifeline’s corporate governance, with the aim of Lifeline becoming a leader in this area in our sector. The Board is pursuing a comprehensive program of governance reforms and initiatives including:
- A commitment to adopt and apply the principles and recommendations of Australian Standard AS8000-2003 Good Governance Principles and the ASX Corporate Governance Principles & Recommendations 2010.
- The review and overhaul of the Board Committee structure.
- Major reforms to the Constitution, including no longer requiring elected directors to be actively associated with Lifeline’s activities and formalising the Board’s authority (this means that independent directors can now be elected) and formalising the Board’s authority as it relates to the accreditation of Centres.
- The public disclosure of the audited financial statements and a commitment to advertise in the national press for new Board appointments.
- An agreement to undertake an externally facilitated review of Board effectiveness every two years.
- To ensure closer scrutiny of the accounts, the Board will be making a formal solvency declaration at the end of each quarter, rather than once a year.
Management of risk
Risk is managed in accordance with the Lifeline Risk Management Framework, which is based on the Australian Standard for Risk Management. On a quarterly basis, the Audit and Risk Committee and the Board review Lifeline’s Strategic Risk Management Plan, as well as by exception as required. A major focus for the coming year will be refinement of the Board’s risk appetite statement and the deployment of a web based, enterprise wide Governance, Risk and Compliance management system.
Lifeline’s operations are supported by the external expertise of key suppliers - St George Bank and National Australia Bank (our bankers), Clayton Utz (our legal advisors), Moore Stephens Canberra Audit (our auditors) and Civic Insurance Brokers (our insurance brokers).