XXXX GO VITA GROUP LIMITED CORPORATE GOVERNANCE STATEMENT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
The Board does not have a Remuneration Committee and elects to perform the work of allocation of Director fees, senior management remuneration and performance assessment as a full Board. Directors The annual total of fees paid to Non-Executive Directors is set by the Company’s shareholders and allocated as Directors’ Fees by the Board on the basis of the roles undertaken by the Directors. Details of total Directors’ remuneration appear in the Financial Statements of the Annual Report. These fees are inclusive of statutory superannuation contributions. No retirement benefits and no equity-based remuneration scheme exist for Non-Executive Directors. Senior Management Remuneration for senior management is generally set to be competitive, so as to both retain executives and attract appropriately skilled executives to the Company. Remuneration comprises a fixed cash element and modest variable incentive component.
The integrity of the Company’s internal control framework. The Board reviews the risk profile of the Company at least annually and risk information is a critical input to the Board’s annual strategic planning activities. The Company’s senior management also plays a significant role in identifying, assessing, monitoring and managing risks. They are responsible for assisting the Audit & Risk Committee to ensure that robust risk management exists across the organisation. The senior management team ensures that a sufficient level of risk analysis is applied to critical decisions and provides assurance to the Audit & Risk Committee that risk processes at all levels are effective and compliant with the Audit & Risk Committee Charter. Internal Audit The Company does not have or engage an internal audit function although it does have the capacity to engage independent, expert consultants to conduct internal audit work on its behalf if required. Sustainability Reporting Risks relating to the economic, environmental and social sustainability of the business are incorporated into the risk profile of the Company. The Company does not report these separately as a Sustainability Report but consideration will be given to doing so in the future. The Board has established a Sustainability Committee of the Board. PRINCIPLE 9 REMUNERATE FAIRLY AND RESPONSIBLY Go Vita Group pays Director remuneration sufficient to attract and retain high quality member and independent Directors. The Company designs its executive remuneration to attract, retain and motivate high quality senior executives and employees, and to align their interests with the creation of value for members and other stakeholders.
GO VITA GROUP LIMITED ANNUAL REPORT 2020-2021 I 41
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