Corporate Governance is led by the Audit and Risk Committee, who has an independent role with accountability to both the board and shareholders. The committee does not assume the functions of management, which remain the responsibility of the executive directors, prescribed officer and other senior members of management.
The overall objective of the committee is to assist the directors to discharge their duties relating to the safeguarding of the assets, the operation of adequate systems and controls, the assessment of going concern status, ensuring that the relevant compliance and risk management processes are in place, to review the work performed by the external auditors including the annual financial statements, which shall be provided to shareholders and other stakeholders.
Freedom Property Fund Limited and its subsidiaries (“Freedom” or the “group”) are committed to best practice risk management. It has implemented a risk policy that provides a framework within which management can operate to reinforce a strong risk management culture throughout the group. This framework contains risk management standards and guidelines that are based on the requirements of King IV, specifically the governance of risk.
The Audit and Risk Committee assumes overall responsibility for monitoring the group’s risk management performance and considers its tolerance level and risk register, which it recommends to the board for annual approval.