Strong governance foundations

Driven by the eight core Australian Securities Exchange (ASX) corporate governance principles

ASX Corporate Governance Principles and Recommendations

Our governance framework, the Governance Lighthouse, reflects the eight core Australian Securities Exchange (ASX) Corporate Governance Principles. Under these eight core principles, the Audit Office has developed 17 major points of good governance. We use the Governance Lighthouse as a way to develop, implement, review and report on our governance arrangements.

Governance Lighthouse - Key Stakeholder Rights, Risk Management, Remuneration, Disclosure, Corporate Reporting, Ethics, Structure, Management and Oversight

Our governance processes leading the way

                     

Our governance processes and behaviours guide us to achieve our purpose, conform to all relevant laws, standards and directions and meet public expectations of probity, accountability and transparency. They provide our employees with a clear sense of purpose and focus, guiding their behaviour when dealing with each other, parliamentarians, our audit clients and other stakeholders.

 

Continuous enhancement

In 2015–16, we continued to strengthen our governance framework by:

  • reviewing our ethical framework and releasing our revised Code of Conduct
  • developing and rolling out a governance and ethical behaviour online training module
  • releasing our new Conflict of Interest Policy
  • reassessing enterprise risks against our 2015–16 strategic goals
  • developing an office-wide risk appetite statement
  • reconsidering our key performance indicators and establishing a centralised reporting and monitoring system for the organisation and individual business units.
The year ahead

In 2016–17, we will:

  • review the structure and role of our governance arrangements to ensure they are focused on:
    – setting direction, policies and values
    – holding management to account for achieving outcomes in an acceptable way and in accord with relevant laws and policies
    – ensuring we have constructive interactions with our key stakeholders and are open and transparent about organisational activities and performance
  • place additional focus on building effective relationships with our key stakeholders, particularly parliamentarians.