Mission Australia
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Governance |
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One of the seven principles has very limited applicability because Mission Australia is a company limited by guarantee and thus has no tradeable securities or shares. Another principle is limited in scope in that Mission Australia’s directors act voluntarily and receive no director’s fees or remuneration for their services. Directors are compensated for costs incurred while fulfilling their duties for Mission Australia. The role of the Board is established by the Board Corporate Governance Charter. Our Board provides strategic direction; effective oversight of management; clarity over responsibility and accountability while establishing integrity by ensuring a balance of authority where no single individual has unfettered power. Mission Australia has introduced a delegation of authorities system and a commitments policy that quantifies what is a Board matter and cascades responsibilities and accountabilities to appropriate levels within the organisation. The Board has several sub-committees reporting to it that assist the Board members to discharge their duties. There is a Board Audit and Compliance Committee Charter that sets out the authority, roles and responsibilities of the committee. This committee provides oversight of external audit; internal audit; the ongoing financial position and performance of Mission Australia compared to approved budget; the working capital; the annual financial statements; risk management; and compliance with laws, contracts, policies and procedures. The committee has three Board members and one member who is independent of both the board and management of Mission Australia. An Internal Audit Charter sets out the authority, role and responsibility of Mission Australia’s internal audit activity. Internal audit independence is guaranteed via an additional reporting line to the Chair of the audit committee should it be required. Mission Australia has quality assurance functions and compliance mechanisms with a program of continuous improvement. A Strategic Risk Register was established in early 2008 and is regularly updated. Mission Australia’s Risk Management Policy and Risk Management Framework integrate risk management principles and practices into standard management processes. The Nominations Committee Charter establishes principles and processes for replenishment of appropriate skills and knowledge for the Board. The Remunerations Committee provides oversight of management salary levels. The Investment Committee Charter establishes independent oversight of short term and long term monetary investments. A Code of Conduct applies to the Board, management and staff of Mission Australia specifying practices necessary to maintain confidence in Mission Australia’s integrity. A Conflict of Interest Policy set procedures to deal with real or perceived potential conflicts in loyalties. Mission Australia has a comprehensive range of policies relating to harassment, bullying, and discrimination, among others. A Fraud and Dishonesty Policy deals with fraud and corruption control, prevention, detection and investigation. Mission Australia has formed an internal management Ethics Committee to analyse and recommend solutions to ethical dilemmas confronting the organisation. Mission Australia provides alternative reporting mechanism to an internal ombudsman type function (that is independent of operational activity) for serious complaints that have not been properly dealt with and also for allegations of suspected wrongdoing. This includes ready access to the Integrity Line. Mission Australia’s Whistleblower Policy was reviewed by the Deputy Ombudsman in NSW and was showcased in a good practice segment at the Corruption Prevention Network Annual Forum in 2009. Add this page to your favorite Social Bookmarking websites           |