WPP AUNZ

Corporate 
Governance

Corporate Governance

The Board and management of WPP AUNZ Limited recognise their duties and obligations to stakeholders to implement and maintain a robust system of corporate governance.

The Company believes that the adoption of good corporate governance adds value to stakeholders and enhances investor confidence.
 
WPP AUNZ’s governance policies and procedures comply in all substantial respects with the ASX Corporate Governance Principles and Recommendations (the Third Edition) effective 1 July 2014. WPP AUNZ’s governance policies and practices are reviewed and where necessary updated to assist in meeting the expectations of its stakeholders and ensuring it keeps up with evolving standards.
 

 

Risk identification and management

The management of risks is fundamental to WPP AUNZ’s business and building shareholder value.

The Board is responsible for determining the Group’s risk management strategy. Management is responsible for implementing the Board’s strategy and developing a risk management and internal control system to manage material business risks, including policies and procedures to identify, manage and mitigate risks across the whole of the Group’s operations. Management reports to the Audit and Risk Committee on the Group’s material risks and the extent to which they believe they are being managed. This is performed annually, or more frequently as required by the Committee. The Board is responsible for seeing that there are appropriate policies in relation to risk management and internal control systems. Policies are designed to identify, assess, address and monitor strategic, operational, compliance, reputational, regulatory and financial risks to enable WPP AUNZ to achieve its business objectives.

The Group uses a number of lines of defence in relation to risk management:

  • each operating company undertakes monthly and quarterly procedures and day-to-day management activities to review their operations and business risks, supported by Group policies and reviews by management of each operating segment;
  • the operational reviews are communicated to the Chief Executive Officer and Chief Financial Officer in monthly management reports and quarterly reviews and in turn the Board; and
  • internal audit reviews are undertaken by Internal Audit and External accounting firms provide an independent review of risk management and internal controls. The reviews are presented to the Audit and Risk Committee.