The Board or a committee of the Board should: YES should, at least annually, satisfy itself that the Company’s risk management framework continues to be sound. review the entity’s risk management framework with management at least annually to satisfy itself that it The Company’s Corporate Governance Plan requires the continues to be sound; and Company to disclose at least annually whether such a review of the company’s risk management framework has disclose in relation to each reporting period, whether taken place. such a review has taken place. Recommendation 7.3 The Company does not have an internal audit function. The Audit and Risk Committee Charter provides for the Audit A listed entity should disclose: PARTIALLY and Risk Committee to monitor the need for an internal if it has an internal audit function, how the function is audit function. structured and what role it performs; or As set out in Recommendation 7.1 the Board is responsible if it does not have an internal function, that fact for overseeing the establishemnt and implementation of and the processes it employs for evaluating and effective risk management and internal control systems to continually improving the effectiveness of its risk manage the Company’s material business risks and for management and internal control processes. reviewing and monitoring the Company’s application of those systems. The Board devotes time at Board meetings to fulfilling the roles and responsibilities associated with overseeing risk and maintaining the entity’s risk management framework and associated internal compliance and controls procedures. Recommendation 7.4 The Audit and Risk Committee Charter requires the Audit and Risk Committee (or, in its absence, the Board) to assist management A listed entity should disclose whether it has any material YES determine whether the Company has any material exposure to exposure to economic, environmental and social economic, environmental and social sustainability risks and, if it sustainability risks and, if it does, how it manages or intends does, how it manages or intends to manage those risks. to manage those risks. The Company’s Corporate Governance Plan requires the Company to disclose whether it has any material exposure to economic, environmental and social sustainability risks and, if it does, how it manages or intends to manage those risks. The
The Board or a committee of the Board should: review the entity’s risk management framework with management at least annually to satisfy itself that it continues to be sound; and disclose in relation to each reporting period, whether such a review has taken place. YES should, at least annually, satisfy itself that the Company’s risk management framework continues to be sound. The Company’s Corporate Governance Plan requires the Company to disclose at least annually whether such a review of the company’s risk management framework has taken place. Recommendation 7.3 A listed entity should disclose: if it has an internal audit function, how the function is structured and what role it performs; or if it does not have an internal function, that fact and the processes it employs for evaluating and continually improving the effectiveness of its risk management and internal control processes. PARTIALLY The Company does not have an internal audit function. The Audit and Risk Committee Charter provides for the Audit and Risk Committee to monitor the need for an internal audit function. As set out in Recommendation 7.1 the Board is responsible for overseeing the establishemnt and implementation of effective risk management and internal control systems to manage the Company’s material business risks and for reviewing and monitoring the Company’s application of those systems. The Board devotes time at Board meetings to fulfilling the roles and responsibilities associated with overseeing risk and maintaining the entity’s risk management framework and associated internal compliance and controls procedures. Recommendation 7.4 A listed entity should disclose whether it has any material exposure to economic, environmental and social sustainability risks and, if it does, how it manages or intends to manage those risks. YES The Audit and Risk Committee Charter requires the Audit and Risk Committee (or, in its absence, the Board) to assist management determine whether the Company has any material exposure to economic, environmental and social sustainability risks and, if it does, how it manages or intends to manage those risks. The Company’s Corporate Governance Plan requires the Company to disclose whether it has any material exposure to economic, environmental and social sustainability risks and, if it does, how it manages or intends to manage those risks. The
Corporate-Governance-Statement-NSB-26-October-2018.docx