Financial Report Template Page 7
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80CORPORATE GOVERNANCE STATEMENT
(CONT)
REMUNERATION POLICY
The main risks that could negatively impact on the
performance of the Group’s business activities include:
The remuneration policy sets out a framework for the attraction
• conflict of duties since the Group’s prime duties are
and retention of high-calibre executives and staff to manage the
to the court and its clients, ahead of shareholders;
Group and its business activities.
• changes in Commonwealth or State legislation;
The amount of remuneration for all KMP for the Group, including
all monetary and non-monetary components, is detailed in the
• falling recoverability of work in progress;
Remuneration Report under the heading “Table of Benefits and
• failure to successfully integrate newly acquired businesses;
Payments”. All remuneration paid to executives is valued at the
• loss or interruption to internal systems;
cost to the Group and expensed.
• loss of key personnel; and
Incentive payments are reviewed by the Remuneration
Committee annually as part of the review of executive
• brand and reputational risks
remuneration and a recommendation is put to the Board for
An assessment of the business’s risk profile is undertaken and
approval. All incentives must be linked to predetermined
reviewed by the Board each year, covering all aspects of the
performance criteria. The Board can exercise its discretion in
business from the operational level through to strategic level
relation to approving incentives, and can recommend changes
risks. The MD has been delegated the task of implementing
to the Committee’s recommendations.
internal controls to identify and manage risks for which the
COMPLIANCE WITH ASX CORPORATE
Board provides oversight. The effectiveness of these controls is
GOVERNANCE PRINCIPLES AND
monitored and reviewed regularly.
RECOMMENDATIONS
In addition to their regular reporting on business risks, risk
management and internal control systems, the MD and CFO
The ASX document, “Principles of Good Corporate Governance
also provide the Board with written assurance that the Directors’
and Best Practice Recommendations” (Guidelines) was published
Declaration provided with the annual report is founded on a
by the ASX Corporate Governance Council with the aim of
sound system of risk management and internal control, and that
enhancing the credibility and transparency of Australia’s capital
this system is operating effectively in all material respects in
markets. The Group’s Corporate Governance Charter has been
relation to the financial reporting risks. This assurance is provided
drafted in light of the guidelines.
prior to the meeting at which the directors are due to authorise
The Board has assessed the Group’s current practice against the
and sign the Group’s financial statements.
third edition of the guidelines and outlines its assessment as follows.
Principles and Recommendations
Comply
Principle 1 – Lay solid foundations for management and oversight
1.1
A listed entity should disclose:
The Board is responsible for overall strategic guidance
Complies.
(a) the respective roles and responsibilities
and corporate governance of the Group. The
of its board and management; and
respective roles and responsibilities of its board and
management and those matters reserved to the board
(b) those matters expressly reserved to the
are documented and disclosed in the Board Charter
board and those delegated to management.
which is available on the Company’s website.
1.2
A listed entity should:
Shine conducts appropriate checks to verify the
Complies.
suitability of candidates considered for nomination to
(a) undertake appropriate checks before
the Board of Directors. Comprehensive biographical
appointing a person, or putting forward to
information is provided to shareholders in the notices
security holders a candidate for election,
of meetings to enable them to make an informed
as a director; and
decision on whether to elect or re-elect a director.
(b) provide security holders with all material
information in its possession relevant to a
decision on whether or not to elect or
re-elect a director.
1.3
A listed entity should have a written agreement
All directors and senior executives have a written
Complies.
with each director and senior executive setting
agreement setting out the terms of their appointment.
out the terms of their appointment.
1.4
The company secretary of a listed entity should
The company secretary is accountable to the Board for
Complies.
be accountable directly to the board, through
facilitating the Company’s corporate governance
the chair, on all matters to do with the proper
processess and the functioning of the Board.
functioning of the board.
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