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BLUE LABEL INTEGRATED ANNUAL REPORT 2016
60
The Committee recommended the
approval of the adoption of the
annual financial statements to the
Board.
The contents of the ARCC report
were approved by the Committee on
22 August 2016. Subsequent to this
date, the Committee has performed
the following responsibilities:
•
The Committee considered the
integrated annual report,
incorporating the annual financial
statements for the year ended
31 May 2016. The Committee
considered the sustainability
information as disclosed in the
integrated annual report and
assessed its consistency with
operational and other information
known to its members.
•
As recommended by King III,
internal audit provides an annual
written assessment on internal
financial controls to the ARCC.
•
The Committee recommended the
approval of the integrated annual
report to the Board.
The ARCC is satisfied that it has
complied with its legal, regulatory and
other responsibilities as per its terms
of reference.
On behalf of the Audit, Risk and
Compliance Committee
JS Mthimunye
Chairman
9 November 2016
Audit, Risk and Compliance Committee report
continued
•
monitored bi-annual risk
assessments;
•
ensured that management
considered and implemented
appropriate risk responses;
•
reviewed legal matters that could
have a material impact on the
Group; and
•
reviewed developments in
corporate governance and best
practice and considered their
impact and implications across the
Group with particular reference to
the principles of King III.
Expertise and experience of
the Financial Director and
finance function
The Committee considered the
appropriateness of the expertise and
experience of the Financial Director
and finance function in accordance
with the JSE Listings Requirements
and governance best practice. The
ARCC concluded that the finance
function is adequately resourced with
technically competent individuals and
is effective. The Committee confirms
that it is satisfied that Dean Suntup
possesses the appropriate expertise
and experience to discharge his
responsibilities as Financial Director.
Annual financial statements
The Committee has reviewed the
accounting policies and financial
statements of the Company and the
Group and is satisfied that they are
appropriate and comply with
International Financial Reporting
Standards, the JSE Listings
Requirements and the requirements
of the Act.