EN - Business (Report) - Flipbook - Page 14
GOVERNANCE STATEMENT
The Royal Agricultural Society of WA (RASWA) is committed to best practice and the principles of good governance.
Our position on corporate governance is outlined below:
GENERAL
RASWA is an Incorporated Association
and operates in accordance with the
Associations Incorporation Act 2015.
RASWA is governed by the Society’s
Constitution which is reviewed on a
regular basis.
PRINCIPLES OF GOOD
GOVERNANCE
1. Lay solid foundations for
management and oversight
RASWA has established the respective
roles and responsibilities of Council and
of Management and these are outlined
in the Council Charter.
a) Council’s roles and responsibilities
focus on the following key areas:
• Strategy;
• Reviewing and Approving the
Annual Budget;
• Reviewing past performance;
• Reviewing and monitoring the
integrity of external reporting;
• Governance, Risk and Compliance;
• Executive Review, Succession
Planning and Culture;
• Council Performance; and
• Stakeholder Interests.
b) The performance of the CEO is
reviewed at least annually by the
Remuneration Committee. In
addition, Council provides informal
feedback to the CEO and senior
management on their performance
via the Council meetings.
2. Structure the Council to add value
The Council consists of a President, up
to 28 elected Councillors (including the
Vice President) and a Treasurer.
The President of RASWA is elected by
Council and is responsible for chairing
all Council meetings.
The President and the CEO have
separate roles and these are not
performed by the same individual.
RASWA has a Nomination Committee
that is responsible for reviewing
nominations for Council.
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3. Instill a culture of legal and
responsible decision making
RASWA has adopted a formal Code
of Conduct and also has a Statement
of Values to which all members of
Council and staff are required to
adhere. These documents clearly
outline the behaviour that is expected
of Councillors and staff and ensure that
everyone acts in accordance with the
desired standards.
4. Safeguard the integrity in
corporate and financial reporting
RASWA has a corporate structure that
allows it to independently verify and
safeguard the integrity of its corporate
and financial reporting. Specifically;
a) RASWA has a separate Audit &
Risk Committee that is responsible
for overseeing RASWA’s financial
reporting processes, liaising with
external auditors and reporting
results to Council.
b) The Audit & Risk Committee is
chaired by the Treasurer and
reports to Council on any matters
of significance.
c) The Audit & Risk Committee
operates in accordance with its own
Charter that has been approved
by Council.
5. Make timely and balanced
disclosure
RASWA keeps key stakeholders
informed of its activities throughout
the year.
a) RASWA prepares an Annual Financial
Report and makes this available
to its members and other key
stakeholders.
b) RASWA has processes in place
for immediate disclosure of major
events impacting on RASWA
and regular reports to council in
respect to general compliance,
crisis, management, OH&S, risk
management, insurance, legal
issues, information technology, the
environment and human resources.
6. Respect the rights of members
RASWA values its members and the
contribution that they make to the
organisation, specifically during the
Perth Royal Show.
7. Recognise and manage risk
RASWA has established a sound system
of risk oversight and management as
well as internal controls.
a) RASWA has developed and
implemented a system to assess
and treat business and operational
risk. Risk Management Plans
for specific functions within the
organisation are revised regularly.
b) Work Health and Safety (WHS)
management is incorporated into
RASWA's Governance, Risk and
Compliance arrangements. RASWA
conducts reviews of its internal
processes and control systems.
c) Both the CEO and the CFO are
required to sign a declaration that the
financial statements are founded on
a sound system of risk management
and material compliance with internal
controls, prior to Council approving
the Annual Report.
8. Remunerate fairly and
responsibly
a) RASWA has a Remuneration
Committee which is responsible
for reviewing the salaries of senior
executives. In addition, as part of
the annual budget setting process,
the Council considers the overall
quantum of staff salaries and wages.
b) Councillors are volunteers and as
such do not receive remuneration.
