Page 39 - Suncorp_Review

Suncorp Group Limited Annual Report 2010/11 37

PRINCIPLES AND RECOMMENDATIONS RELEVANT SECTION(S) COMPLY?

Principle 3 – Promote ethical and responsible decision-making

3.1

Establish a code of conduct to guide the Board and Senior Executives as to: 3.1.1 the practices necessary to maintain confdence in the Company’s integrity 3.1.2 the practices necessary to take into account their legal obligations and the

reasonable expectations of stakeholders, and

3.1.3 the responsibility and accountability of individuals for reporting and

investigating reports of unethical practices.

Part 5.3 Yes

3.2 Establish a policy concerning diversity and disclose the policy or a summary

of the policy.

Part 5.3 Yes

3.3 Disclose the measurable objectives for achieving gender diversity set by the Board. Part 5.3 Yes

3.4 Disclose the proportion of women employees in the whole organisation, women in

Senior Executive positions and women on the Board.

Part 5.3 Yes

3.5 Provide the information indicated in the Guide to reporting on Principle 3. Part 5.3 Yes

Principle 4 – Safeguard integrity in fnancial reporting

4.1 The Board should establish an Audit Committee. Part 2 Yes

4.2 Structure the Audit Committee so that it:

–– consists only of non-executive directors –– consists of a majority of independent directors

–– is chaired by an independent chairman, who is not a chairman of the Board; and –– has at least three members.

Part 2 Yes

4.3 The Audit Committee should have a formal charter. Part 2 Yes

4.4 Provide the information indicated in the Guide to reporting on Principle 4. Parts 2 and 4.4 Yes

Principle 5 – Make timely and balanced disclosure

5.1 Establish and disclose written policies and procedures designed to ensure

accountability at a Senior Executive level for compliance with ASX disclosure requirements.

Part 5.4 Yes

5.2 Provide the information indicated in the Guide to reporting on Principle 5. Part 5.4 Yes

Principle 6 – Respect the rights of shareholders

6.1 Design and disclose a communications strategy to promote effective communication

with shareholders and encourage effective participation at general meetings.

Part 5.4 Yes

6.2 Provide the information indicated in the Guide to reporting on Principle 6. Part 5.4 Yes

Principle 7 – Recognise and manage risk

7.1 Establish policies for the oversight and management of material business risks and

disclose a summary of those policies.

Part 4 Yes

7.2 Require management to design and implement the risk management and internal

control system to manage the Company’s material business risks and report to the Board on whether those risks are being managed effectively.

Parts 3.1, 4.2 and 4.3 Yes

7.3 Disclose whether the Board has received assurance from the Chief Executive Offcer

and the Chief Financial Offcer that the declaration provided under s295A of the

Corporations Act 2001 is founded on a sound system of risk management and internal control that is operating effectively in all material respects in relation to fnancial reporting risks.

Part 4.2 Yes

7.4 Provide the information indicated in the Guide to reporting on Principle 7. Part 4 Yes