Audit and Risk Committee
Audit and Risk Committee Duties
The principal duties of the Audit and Risk Committee are to:
- Oversee the integrity of the Group’s financial statements and public announcements relating to financial performance.
- Hold the relationship with the external auditor, agree the audit fee and oversee the external audit process.
- Establish formal and transparent arrangements for considering how the Company should apply the corporate reporting, risk management and internal control principles.
- Oversee the internal audit process.
- Monitor the effectiveness of financial controls and the process for identifying and managing risk throughout the Group.
- Monitor the financial reporting process and submit recommendations.
- Monitor the statutory audit of the Annual Report and financial statements.
- Review and monitor the external auditor’s effectiveness, independence and the provision of additional services.
Audit and Risk Committee Membership FY21
The following Directors served on the Committee during FY21, and meeting attendance is set out in the table below:
|
Name |
From: |
To: |
Meetings attended |
Skill area |
|
Ian |
10 July 2019 |
To date |
3/3 |
Financial |
|
William |
1 July 2015 |
To date |
3/3 |
Operational |
|
Peter |
10 September 2015 |
To date |
3/3 |
Operational |
|
Arja |
15 February 2021 |
To date |
1/1 |
Operational |
|
Paula |
4 September 2019 |
25 April 2021 |
2/2 |
Operational |
1. Arja Taaveniku was appointed to the Board during the financial year and joined the Committee on appointment.
2. Paula Vennells stepped down from the Board during the financial year.
The Company Secretary, Dawn Durrant, acts as secretary to the Committee.
The Committee also met in September 2021.
The Chief Executive Officer, Chief Financial Officer, the Chairman and Deputy Chairman of the Board usually attend meetings by invitation. In addition, the following attended: Group Finance Director, Chief Information Officer, representatives of PwC (for external audit matters) and representatives of KPMG (for internal audit matters). The Board considers that Ian Bull has recent and relevant financial experience to chair the Committee, by virtue of his professional qualification and his previous executive roles, including as Chief Financial Officer of Parkdean Resorts Group, Ladbrokes plc and Greene King plc. Members of the Committee also demonstrate a breadth of experience across the retail and consumer goods sector through their current and previous roles. See Our Board of Directors for full details.
