XXXXX GO VITA GROUP LIMITED CORPORATE GOVERNANCE STATEMENT
effectiveness in relation to the creation, protection and return of member value. The Company has formalized a Risk Appetite Statement for the Group and a written policy is in place for the oversight and management of its material business risks. The Company takes a proactive approach to risk management. Role of the Board and Audit & Risk Committee The Board and Audit & Risk Committee are primarily responsible for ensuring that risks are identified and reviewed in a timely manner. A copy of the Audit & Risk Committee Charter is included in the Corporate Governance Charter available on VitaCloud. Under the Risk Management Policy, the Board and the Audit & Risk Committee are responsible for the following: The Board is responsible for: Overseeing and approving the establishment and implementation of the Company’s risk management, internal controls and compliance systems; Reviewing the effectiveness of the Company’s risk management, internal control and compliance systems at least annually, and satisfying itself that management has developed and implemented a sound system of risk management and internal control; and Approving the delegations of authority for day-to-day management of the Company’s operations. The Audit & Risk Committee is responsible for assisting the Board with regard to: The reliability and integrity of information for inclusion in the Company’s financial statements; Company-wide risk management; Compliance with legal and regulatory obligations, including audit, accounting, tax and financial reporting obligations; and
Member Engagement The Company designs and implements a member engagement program to facilitate effective two-way communication with members. This includes regular updates to the membership by the Managing Director, a member Facebook group, regular visits and contacts by Go Vita Group Business Development Manager, regular member gatherings in each state and an open culture where members have direct access to the management team and are free to raise any queries. In the current environment, many of these events are being held virtually. General Meetings The Company promotes effective communication with the Company’s shareholders and encourages member shareholder participation at AGMs. To ensure participation, a member shareholders’ forum is held immediately after the AGM, enabling members to ask questions of the Board of Directors and senior management. The Company ensures that the explanatory notes accompanying its Notices of Annual General Meeting provide shareholders with all material information in the Company’s possession relevant to a decision on whether or not to elect or re-elect a Director at an AGM. The Chair ensures that shareholders are provided with the opportunity to question the Board concerning the operations of the Company at the AGM and other shareholder meetings. Electronic Communications The Company’s preferred method of communication is electronic, and all member correspondence is distributed in this format. PRINCIPLE 8 RECOGNISE AND MANAGE RISK Go Vita Group has established a sound risk management framework which is periodically reviewed for its
I GO VITA GROUP LIMITED ANNUAL REPORT 2020-2021 40
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