Audit and Risk Management Committee

The objective of the Committee is to assist the Board of the Company to fulfil its responsibilities in relation to the Company's financial reporting practices, internal control structure, risk management systems and the internal and external audit functions.

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Selection and Appointment of Auditors

The Audit and Risk Management Committee is responsible for evaluating the performance of the auditor. If it becomes necessary to replace the current external auditors, the Committee is responsible for selecting and recommending the preferred candidate to the Board. This selection process may occur by way of tender, or some other method as determined by the Committee.

Rotation of External Audit Partner

The Committee will also ensure the auditor has a process for ensuring the engagement partner is rotated at least every five (5) years.

Risk Management Policy and Internal Compliance and Control

The Board has adopted a Risk Management Policy that assists the Board in establishing a sound system of risk oversight and management. It details the areas overseen by the Board, the Committee and Management in identifying, analysing, evaluating and treating risk.

Responsibility for the Company's internal control and risk management environment will lie with the Board and its Audit and Risk Management Committee. The Board will endeavour to ensure an integrated framework for risk management exists, the approach to risk is disciplined, the system is properly established, and that the system contains controls to assist with compliance.

Management has the responsibility of establishing comprehensive practices at each business that ensure the proactive identification of risks to the Company and a culture of operating within the Company's risk profile.