Recognise and manage risk
The Company is committed to the management of risks to protect its employees, assets, earnings, markets, reputation and the environment.
The Board has implemented risk management procedures throughout the Company that aim to identify the sources of risk and loss, quantify the impact of these sources and control and reduce the risk through practical and cost effective control measures. This will continue to be reviewed and enhanced.
In addition, the Company uses risk-financing techniques, including insurance, to reduce the financial impact of any uncontrollable or catastrophic losses.
The Audit Committee of the Board currently accepts the role and responsibility of over seeing the control of financial risk. The committee ensures that adequate internal controls and risk-financing measures (such as insurance) are in place. These measures provide some protection against financial events.
In terms of more general risk management, managers in each country where the Company employs staff are responsible for conforming to local occupational health and safety requirements. Given the relatively small size of the Company and its geographic diversity, it is not considered useful to constitute a formal Risk Management Committee at this point.
Further risk policy development will be undertaken in consultation with the Audit Committee and the Board as appropriate.
