During FY20, the Group conducted an internal review of its risk management framework against the COSO (2017 revised) framework as part of its continuous improvement processes. The review indicated that the Group’s risk management principles and processes are closely aligned to the COSO framework. The Group will continue to review and refine its risk management processes in future periods to ensure they align with good practice and remain effective in managing risk.
Recognise and manage risk
Certification of Risk Management Controls
In conjunction with the certification of financial reports, the Chief Executive Officer and Chief Financial Officer state in writing to the Board each reporting period that in their opinion:
- The financial statements are founded on a sound system of risk management and internal compliance and control which implements the policies adopted by the Board; and
- The Group’s risk management and internal compliance and control systems are operating efficiently and effectively in all material respects.
The statements from the Chief Executive Officer and Chief Financial Officer are based on a formal sign-off framework established throughout the Group and reviewed by the Audit and Risk Committee as part of the financial reporting process.
Environmental and Social Risks
The Board is committed to sustainable practices throughout its operations and continues to work with key stakeholders and communities. The Board recognises that a sustainable business is one that provides a safe, rewarding and diverse environment for its people whilst operating in an environmentally and socially responsible manner. The Board also accept the increasingly important role the Group’s water saving products and solutions play in enabling customers and other users of our products to conserve and use water more efficiently.
GWA has a strong pedigree and history in developing innovative solutions in water. Sustainability in the area of water solutions has been its mantra for over 40 years. Caroma was the first brand in the world to introduce dual flush technology for toilets in 1980 which has saved approximately 32,000 litres of water per household per annum due to the introduction of full/half flush technology. This technology has subsequently been further developed by Caroma to enable enhanced water conservation.
In September 2023, GWA released its FY23 Environmental, Social and Governance Report (ESG Report) to provide shareholders and other stakeholders with detailed information on GWA’s commitment to improve in each area of Environmental, Social and Governance. The ESG Report is available on the GWA website at www.gwagroup.com.au under Social Responsibility, Sustainability. The report highlights GWA’s ongoing efforts to integrate sustainability and responsible practices into GWA’s operations. Through GWA’s innovative products, ongoing focus on reducing its environmental impact, comprehensive social strategies and robust governance practices, GWA is driving positive change and striving for a sustainable future.
The Board is committed to reducing greenhouse gas emissions, water consumption and waste production across GWA’s operations. While GWA is a low emissions intensity entity as our business activities are less carbon intensive than other sectors, GWA is nevertheless conscious of the energy usage and greenhouse gas emissions of our operations. GWA has have put in place proactive initiatives to establish our scope 1 and scope 2 baselines program, and to then manage and mitigate emissions. GWA continues to voluntarily report its carbon emissions and energy use with the reports available on GWA’s website at www.gwagroup.com.au under Carbon Reporting.
The Board is committed to continuous improvement in workplace health and safety performance through comprehensive safety systems and processes, communication with employees and increased diligence in identifying and removing safety risks. The Group aims to provide a safe and healthy workplace with the objective of an injury free work environment. For further information on workplace health and safety, please refer to the Group’s website at www.gwagroup.com.au under Social Responsibility, Health and Safety.
The Board is committed to providing stakeholders with a comprehensive understanding of the Group’s tax activities, and in FY17 signed up to the Board of Taxation’s Voluntary Tax Transparency Code (Code). The Code is designed to encourage greater transparency within the corporate sector and enhance the community’s understanding of the corporate sector’s compliance with Australian tax laws. The Group follows the recommendations outlined in the Code in preparing the Group’s Tax Transparency Reports.
Refer to the Group’s website at www.gwagroup.com.au under Corporate Governance for a copy of the Board Tax Policy and Tax Transparency Reports.