HC-1.11 HC-1.11 Annual Board Review and Certification
HC-1.11.1
The Board must assess and document each year whether the internal corporate governance processes that it has implemented have successfully achieved their objectives, and consequently whether the Board has fulfilled its responsibilities for directing and monitoring the overall conduct of the
licensee's affairs.January 2011HC-1.11.2
[This Paragraph was deleted in January 2022].
Deleted: January 2022
Amended: October 2012
January 2011HC-1.11.3
[This Paragraph was deleted in January 2022].
Deleted: January 2022
January 2011HC-1.11.4
[This Paragraph was deleted in January 2022].
Deleted: January 2022
January 2011HC-1.11.5
The Board's review should cover the following specific matters:
(a) That the Board has reassessed thelicensee's objectives and plans, and has reviewed thelicensee's corporate strategy document;(b) That the Board has reassessed thelicensee's overall risk profile, and its mapping of risks and the control environment put in place to meet those risks. The Board must comment whether the control environment remains effective and appropriate;(c) That the Board has assessed thelicensee's internal controls, to confirm that these are based on established policies approved by the Board and provide reasonable assurance of the integrity and reliability of its financial records;(d) That the Board has assessed whether adherence to established internal limits and controls was continuously monitored;(e) That the Board has assessed that all new (or material changes to) significant policies and products introduced by thelicensee since the last Board certification were appropriately reviewed and approved at the time;(f) That the Board has assessed that management and staff have complied with thelicensee's corporate code of conduct (see Paragraph HC-2.2.4); and(g) That in the period under review, the Board had received and reviewed the external auditor's management letter within six months of the (previous) financial year end, together with comments on the letter and proposed actions, from thelicensee's audit committee and senior management.January 2020
January 2011HC-1.11.6
[This Paragraph was deleted in January 2022].
Deleted: January 2022
January 2011