Summary of audit committee charter
Current members of the Brickworks’ Audit Committee include The Hon. R.J. Webster (Chairman), Mr T.V. Fairfax and Mr M.J. Millner. Its role is to help the Board fulfil its statutory and fiduciary responsibilities. These include ensuring:
- the proper external reporting of financial information, including the selection and application of accounting policies
- the independence and effectiveness of external auditors
- that internal control processes and management information systems remain effective
- compliance with the Corporations Act, ASX Listing Rules and any other statutory requirements applicable to Brickworks Limited
- that risk management systems within Brickworks Limited are applied and remain current.
View the full text of Charter
Terms of reference
The Committee is authorised by the Board to investigate any activity within its terms of reference. It is authorised to seek any information it requires from any employee. All employees are directed to cooperate with any request made by the Committee. The Committee has access to all records, property and personnel within the Group.
The Committee is authorised by the Board to obtain outside legal or other independent professional advice, and to secure the attendance of outsiders with relevant experience and expertise if it considers this necessary.
Membership
The Audit Committee consist of at least three members appointed by the Board from among non-executive directors of the company. A majority of the members of the Committee must be independent with sufficient experience and financial skills relevant to the Committee's functions. The Chairman of the Committee must be an independent director who is appointed by the Board, but may not be the Chairman of the Board.
Meetings
The Committee meets at least twice each year, including prior to the half-year and full year profit announcements. Representatives of the external and internal auditors normally attend meetings. Other Board members have the right to attend, however the Managing Director, CFO and Company Secretary attend meetings by invitation only.
Reporting
The Audit Committee reports to the full Board after each meeting about the proceedings of that meeting, including copies of minutes, reports from the external and internal auditors, and any recommendations requiring board action.
