Corporate Governance

Audit, Risk & Compliance Committee

Each of the Infigen Energy (Infigen) Boards have established an Audit, Risk & Compliance Committee. Each Committee has three Non-Executive Directors with a majority of these being independent. The Chairman of the Committees is independent and is not the Chairman of the Infigen Boards.

The respective Infigen Boards and Audit, Risk & Compliance Committees have adopted Charters for each Committee. The Charters identify the objectives of the Committees as:

  • assisting the Boards fulfill their oversight responsibilities for the financial reporting process, the system of internal control relating to the financial performance of Infigen, and the audit process;
  • implementing and supervising the risk management framework; and
  • specifically for the Infigen Energy Trust (IET), assisting the Board of Infigen Energy RE┬áLimited (Responsible Entity) to discharge its responsibilities under the Compliance Plan.

The Charters outline the responsibilities of the respective Audit, Risk & Compliance Committees, including:

  • overseeing the financial reporting process of the Infigen entities to ensure the financial statements reflect appropriate accounting policies, principles, and laws;
  • reviewing the effectiveness of the internal controls and risk management systems established by the Infigen entities to ensure risks are appropriately identified, assessed and managed;
  • in connection with the approval of the Infigen full year financial statements, reviewing the CEO and CFO’s sign-offs to the Infigen Boards in relation to the accuracy of the financial statements and the adequacy and effectiveness of the risk management and control systems established;
  • reviewing the external financial auditors’ proposed audit scope and approach, as well as the results of the financial audits undertaken;
  • meeting separately with the external auditor, where appropriate, in the absence of management;
  • reviewing any non-audit services provided by the external auditor to ensure that these services are consistent with maintaining external audit independence; and
  • specifically for IET, monitoring the compliance of the Responsible Entity with IET’s Compliance Plan and report its findings to the Responsible Entity Board.

Other matters incorporated within the Committee Charters include the authority of the Committees, reporting responsibilities to the Infigen Boards, composition of the Committees, and the meeting/procedural requhttps://s3-ap-southeast-2.amazonaws.com/infigen/wp-content/uploads/2018/10/25155706/IERL-Audit-Risk-and-Compliance-Comm-Charter-21Nov17.pdfirements of the Committees.

The full document is available to view here: Audit, Risk & Compliance Committee Charter.