Qantas 2004 Annual Report Download - page 41

2004 Corporate Governance Statement continued
THE BOARD SAFEGUARDS THE INTEGRITY OF FINANCIAL REPORTING
The Chief Executive Officer and Chief Financial Officer declare that Qantas’ financial reports present a true and fair view, in all material
respects, of the Qantas Group’s financial condition and operational results and are in accordance with relevant accounting standards
(Financial Declaration).
Audit Committee
The Board has an Audit Committee which:
has four members, three are Independent Non-Executive Directors and the fourth, as required by the Constitution, is a BA Director;
is chaired by Jim Kennedy, an Independent Non-Executive Director who is a Fellow of The Institute of Chartered Accountants in Australia;
has a written Charter which is available on the Corporate Governance section of the Qantas website (www.qantas.com);
includes members who are all financially literate; and
is responsible for monitoring:
business risk management (other than the operational risk management issues delegated to the Safety, Environment & Security
Committee (SESC));
compliance with legal and regulatory obligations (other than the operational compliance obligations monitored by the SESC);
the establishment and maintenance of the internal control framework;
the reliability and integrity of financial information for inclusion in the Qantas financial statements;
safeguarding the independence of the external auditor; and
audit, accounting and financial reporting obligations.
The experience/qualifications of members of the Audit Committee is set out on pages 32 to 35. Membership of and attendance at 2004
Committee meetings are detailed on page 45.
The Board and Audit Committee closely monitor the independence of the external auditor. Regular reviews occur of the independence
safeguards put in place by the external auditor.
Qantas requires the rotation of the lead audit partner every five years. Qantas imposes restrictions on the employment of ex-employees
of the external auditor.
Policies are in place to restrict the type of non-audit services which can be provided by the external auditor and there is a detailed monthly
review of non-audit fees paid to the external auditor.
The Audit Committee meets regularly privately, with management without the external auditor and with the external auditor without
management.
THE BOARD MAKES TIMELY AND BALANCED DISCLOSURE
Qantas has an established process to ensure that it is in compliance with its ASX Listing Rule disclosure requirements. This includes
a monthly confirmation by all senior management that their areas have complied with the Qantas Continuous Disclosure Policy.
A copy of the Qantas Continuous Disclosure Policy is available on the Corporate Governance section of the Qantas website
(www.qantas.com).
Qantas includes commentary on its financial results in its Annual Report.
THE BOARD RESPECTS THE RIGHTS OF SHAREHOLDERS
Qantas has an effective Shareholder Communications Policy which promotes effective communication with shareholders and encourages
effective participation at general meetings. A copy of the Qantas Shareholder Communications Policy is available on the Corporate
Governance section of the Qantas website (www.qantas.com).
Qantas places all relevant market announcements on its website and registered shareholders receive an email when there is a material
announcement.
The 2004 Notice of Meeting and Explanatory Letter will be on the Qantas website and the 2004 Annual General Meeting (AGM) will be
webcasted. For shareholders unable to attend, a question form will accompany the Notice of Meeting, giving the opportunity to forward
questions and comments to Qantas prior to the AGM.
Qantas Annual Report 2004 39Spirit of Australia