Finance, Audit and Remuneration Committee
A Finance, Audit and Remuneration Committee comprising non-executive Directors assists the Board with: auditing, financial statements, compliance, the appointment of an external auditor, as well as investments and assets.
The Committee reviews reports by members of the management team and independent advisors and where appropriate makes recommendations to the Board in respect to: insurance, procurement, taxation, litigation, OH&S, compliance, IT, financial and other matters as deemed appropriate in relation to financial management.
The Committee also reviews procedures for establishing compensation levels for all staff as well as senior management succession planning. On a regular basis the Committee will consider; external trends and developments in relation to corporate governance and the position the Company should take as well as the adequacy of the existing corporate governance policies and procedures.
The Committee comprises of three Board Directors. The Committee meets at least twice per year and on such other occasions as deemed necessary by the Chairperson.
A Selection Committee, independent of the Board, reviews the composition of the Board to ensure it comprises Directors with the right mix of skills and experience to enable it to fulfil its responsibilities to stakeholders and to identify and appoint suitable candidates for the skills based Directorships.
The composition of the Selection Committee is based on the following factors:
An independent Director of the LiveCorp Board is appointed to assist with the selection of candidates.
- One nominee appointed jointly by the Northern Territory Livestock Export Association and the Queensland Livestock Export Association
- One nominee appointed by the Western Australian Livestock Export Association
- One nominee jointly appointed by the New South Wales Livestock Export Association and the South Australian Livestock Export Association
- One independent Australian Livestock Export Industry representative appointed by ALEC, and
- In the event of a deadlock in nomination, the nominee will be decided by lot.