The AWB Limited Board has adopted a formal Board Charter. The Charter recognises that the Board has functions in relation to two broad areas:
- pooled export wheat ‘asset management’;
- activities not related to pooled export wheat ‘asset management’, for example, rural merchandise, financial products, domestic wheat trading and export of other grains.
The AWB Limited Board's key functions and responsibilities in respect of pooled export wheat ‘asset management’ are to:
- provide strategic advice;
- provide guidance in terms of opportunities (e.g. investment opportunities) to strengthen the performance and sustainability of pooled export wheat ‘asset management’ business;
- delegate responsibility for the conduct of the ‘asset management’ business to the Managing Director and the Management Team and monitor their performance;
- establish a framework to monitor the operation of the pools, in particular in terms of performance and compliance;
- promote efficient and effective operations, and competitive prices, for the services provided to AWB (International) Limited;
- oversee compliance by AWB Limited with legal and financial reporting requirements;
- oversee the appropriate management of risk;
- negotiate and review (when appropriate) the contractual arrangements (particularly the Services Agreement between AWB Limited and AWB (International) Limited); and
- communicate results to shareholders and report to other relevant stakeholders.
The key activities of the Board of AWB Limited in relation to other activities include:
- providing strategic direction to achieve successful outcomes for both A Class and B Class shareholders;
- providing guidance regarding opportunities (e.g. investment opportunities) to strengthen the performance and sustainability of the AWB Group’s business, beyond pooled export wheat ‘asset management’;
- delegating responsibility for the conduct of the business to the Managing Director and the Management Team and monitoring their performance;
- promoting efficient and effective operations;
- overseeing compliance by AWB Limited with legal and financial reporting requirements;
- overseeing the appropriate management of risk; and
- communicating results to shareholders and reporting to other relevant stakeholders.
In undertaking these activities, the Board of AWB Limited will promote a culture of the highest ethical standards. The Board of AWB Limited is supported by its various committees in undertaking these activities, and may seek external assistance where appropriate.
Top of Page