The Alumina Limited Board is the organisation’s highest governing body. In 2015 it comprised one executive and five independent non-executive directors who meet regularly throughout the year. Alumina Limited’s executive team, headed by the Chief Executive Officer, Peter Wasow, reports directly to the Board.
Assisting the Board in its oversight responsibility are 3 Board Committees comprised of only independent, non-executive directors. The Board Committees are: Audit & Risk Committee (statutory reporting and risk management), Nomination Committee (succession planning and appointment of CEO) and the Compensation Committee (remuneration matters).
Governance policies and practices ensure that all regulatory requirements are met and ethical standards maintained.
In 2015 the composition of the Board and its Committees were:
|DIRECTOR||BOARD||AUDIT & RISK||NOMINATION||COMPENSATION|
|Mr John Pizzey||Chair||Member||Member||Member|
|Ms Emma Stein||Member||Member||Member||Chair|
|Mr Peter Wasow||Member||n/a||n/a||n/a|
|Mr Chen Zeng||Member||Member*||Member||Member|
|Mr Peter Day||Member||Chair||Member||Member|
|Mr Michael Ferraro||Member||Member||Chair||Member|
* Mr Zeng was appointed a member of the Audit an Risk Committee part-way through 2015.
More information, including details about Alumina Limited’s three Board Committees, policies, director independence and remunerations is available in the governance section on our website.
In terms of sustainability governance for AWAC, Alumina Limited’s principal interest is the integration of sound environmental, social and governance practices alongside sustainable financial performance.
We do this through:
- discussing AWAC’s long term strategies and objectives with managing partner Alcoa
- supporting the policies and practices that are implemented in AWAC companies to ensure sustainable operations
- reviewing reports of non-compliances including for environmental and labour matters.
Alumina Limited assesses potential sustainability risks and opportunities for shareholders. We do this through our Risk Management Framework’s processes that are reviewed and updated through the Audit Committee.
Central to the Board’s role is risk management and mitigation. Alumina Limited's Risk Management Framework identifies and describes the risks identified by Alumina Limited as potentially significant for the current operations and profitability and/or the long term value of the Company. The Risk Management Framework makes explicit the strategies and actions in place by the Company to manage each identified risk. Included are risks identified associated with the AWAC enterprise.
In terms of the AWAC joint venture, Alcoa Inc. is the manager and has a key risk management role over the operations and administrative and marketing functions. Alumina Limited reviews the management and mitigation of AWAC risks through participation on the AWAC Strategic Council and Boards of the key operating entities. Alcoa assess at least annually, climate change risks and opportunities as part of their overall risk management process.
Ultimately, Alumina Limited’s directors oversee risk identification and management through the Audit & Risk Committee. It is also the direct responsibility of the Audit & Risk Committee to review business risk assessments to ensure appropriate coverage in the internal audit plans.