Corporate governance practices

EML’s key corporate governance practices and policies are implemented by our Board of Directors, and help ensure sound governance of the company for the benefit of its members.

Our Board of Directors

The primary role of the Board is to ensure the company is run for the benefit of members.

As well as overseeing the implementation of the Constitution, the Board is responsible for overseeing the company’s strategic direction and performance.

The Board works within a robust governance framework with the management team to achieve this.

The Board has ultimate responsibility for risk management and capital management and has overseen the development of the risk management and capital management frameworks.

The Board can resolve to delegate powers over specific decisions to the Chief Executive Officer (CEO) or to a committee of the Board, but it must remain responsible for overseeing the exercise of delegated powers.

 

Corporate Governance

The role of the Board is to oversee the Group’s strategic direction and corporate governance, ensuring it is in line with our constitution, federal, state and regulatory laws.

The Board works to ensure our governance principles comply with the standards of the Australian Prudential Regulatory Authority, and whilst EML is not a listed company and does not have any ‘shareholders’, we work towards same the high standards of stakeholder communication issued by the Australian Stock Exchange (ASX).

As a mutual company, our members are eligible to vote on the appointment of the Board and its Directors at our Annual General Meeting.

The Board has issued policies covering the operation of the Board (its operation, performance and evaluation), delegations (financial and underwriting), fitness and propriety, remuneration, outsourcing, capital managementand risk management.

 

Membership

As a mutual, we're owned by our members rather than shareholders.

We exist for the benefit of our members. We not only want to provide our members with quality workers compensation cover, but contribute to improving work health and safety and help injured workers recover and return to work.

Our members are comprised of our employer members who have their workers compensation policy arranged through EML, Hospitality Employers Mutual, or EML is the apointed claims manager for their workers compensation scheme.

Eligible members are entitled to vote annually on the appointment of directors.

 

Annual General Meetings

Each year EML holds an Annual General Meeting (AGM) 

During this meeting we receive the company financial report, elect Directors and conduct any other important items of business. Eligible members are entitled to vote at the AGM on all Items of Business.

DATE FOR 2016 ANNUAL GENERAL MEETING

The 2016 Annual General Meeting will be hosted on Wednesday 23 November 2016.

 

BOARD COMMITTEE

The Board Audit Committee (BAC)

The BAC assists the Board to discharge its corporate governance responsibilities by overseeing the systems for financial management and capital management of the company.

The BARCC also oversees the financial reporting and internal and external audits, and will generally assist the Board in providing an objective, non executive view of the effectiveness of EML’s financial and capital management, financial reporting and control processes (including compliance management systems).

Board Risk Management Committee (BRiCC)

The BRiCC assists the Board to discharge its corporate governance responsibilities by overseeing the systems for risk management and compliance within the company. BRiCC provides an objective, non-executive view of the implementation, effectiveness and ongoing operation of the EML risk management and control processes (including compliance management systems and the risk management framework along with the amount of risk taken by the company (known as risk appetite).

The Board Underwriting Committee (BUC)

The Board has delegated key aspects of its responsibility to oversee the company’s underwriting activities (including approval of new schemes and underwriting authorities) and the monitoring of insurance risk to the BUC. Key responsibilities of the BUC include setting and approving the underwriting strategy, ongoing scheme monitoring, and reviewing new schemes in order to approve or decline the schemes.

The Board Remuneration Committee (BRC)

APRA requires regulated general insurers to establish a board remuneration committee to oversee remuneration arrangements in respect of the company. As well as overseeing the operation of the EML Remuneration Policy, the BRC is charged with overseeing and making recommendations in respect of remuneration arrangements in the business.

For more information about EML’s Corporate Governance contact the Company Secretary

comp.secretary@eml.com.au

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