The Company through the Board delegates day-to-day management of risk to the Chief Executive Officer. The Chief Executive Officer, with the assistance of senior management as required, has responsibility for identifying, assessing, treating and monitoring risks and reporting to the Board on risk management.
Risk Management Policy
The Company has appointed the Chief Executive Officer as being responsible for risk management policy which covers organizational, financial and operational aspects of the Company’s affairs.
Business Risk Management
The Chief Executive Officer has identified key business risks for United Overseas Australia Limited.
The Company manages its activities within budgets and operational and strategic plans. The Chief Executive Officer together with Operational Management work to safeguard assets and to ensure business risks are identified and appropriately managed.
The Board is responsible for the overall internal controls within the organization, but recognizes that no internal cost effective control system will preclude all errors and irregularities. The Board examines the adequacy of the nature, extent and effectiveness of the internal control processes of the Company and
relies on a review by the external auditors and the declarations made by senior executives.
Directors approve an annual budget for United Overseas Australia Limited. Monthly actual results are reported against budget. Revised forecasts are prepared regularly.
Members of the Board regularly visit the Company’s development project areas to review all practices including the environmental and safety aspect of the operations.
The Board has defined guidelines for capital expenditure. These include levels of authority, appraisal procedures and due diligence requirements on potential acquisitions or divestments.
Environment and Safety
The Company is committed to ensuring that a sound environmental management and safety practices are carried out in its operations and exploration activities, in compliance with relevant statutory requirements relating to environmental matters, workplace health and safety and community relationships.
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