Orica Limited has announced enhancements to its corporate governance and internal controls, focusing on the integrity of financial and non-financial disclosures, and the effectiveness of its risk management framework. The Board Audit and Risk Committee oversees these processes to ensure the company’s reporting practices are accurate and balanced, providing investors with appropriate information to make informed decisions.
Material actions and disclosures
Orica has implemented a verification, review, and approval process for periodic corporate reports and market announcements that are not audited or reviewed by its external auditor. This process involves subject matter experts and senior executives, including the CEO, to ensure the integrity of information disclosed to the market.
The company also maintains an internal audit function that reports to the Vice President – Risk and Assurance. This function provides independent assurance that the company’s processes are designed and operating efficiently and effectively to support strategic objectives. The internal audit approach is risk-based to focus on material risks.
Forward commitments
Orica aims to continue improving its risk management framework and internal controls to safeguard the company’s interests and ensure the integrity of its reporting. The Board Audit and Risk Committee will continue to review the framework annually to ensure it remains sound and effective.
The company also plans to maintain its commitment to providing clear, concise, and effective disclosure to its stakeholders, ensuring that all material market announcements and periodic corporate reports are reviewed for accuracy and verified by relevant subject matter experts.
These measures reflect Orica’s dedication to maintaining high standards of corporate governance and internal controls, supporting its long-term strategic objectives and enhancing transparency for its stakeholders.