Twenty-First Century Fox 2003 Annual Report Download - page 48

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The News Corporation Limited46
Statement of Corporate Governance (continued)
FOR THE YEAR ENDED 30 JUNE, 2003
The areas of emphasis for the conduct of the assessment include the:
•adequacy, appropriateness and effectiveness of accounting and operating controls;
•extent of compliance with Group policies and procedures;
•accuracy of and security over data and information;
•accountability for the Group’s assets to safeguard against loss;
•adequacy of reviews made by the operating companies to ensure an effective internal control environment is fostered; and
•economy and efficiency with which resources are employed.
The results of each audit and agreed-upon management action plan are reported on a timely basis to the management responsible
for implementing changes.
The Corporate Audit Department reports to the Group’s Audit Committee and meets with them at least twice a year to review the
annual Internal Audit Plan and the results of its activities.
The activities of the Corporate Audit Department are separate and distinct from the external auditors. However, active coordination
between the two groups is recognised as essential in order to maximise the Group’s return on investment for audit services.
The full text of the Charter of the Corporate Audit Department is available on the Group’s website.
Ethical Standards
At a Board meeting on 27 February, 1996, the Board adopted “Standards of Business Conduct”. The Standards confirm the Group’s
policy to conduct its affairs in compliance with all applicable laws and regulations and observe the highest standards of business
ethics. The Group intends that the spirit, as well as the letter of those standards is followed by all Directors, officers and employees
of the Group, its subsidiaries and divisions. This is communicated to each new Director, officer and employee and has already been
communicated to those in positions at the time the Standards were adopted. The Standards deal with the following main areas:
•corporate assets and information:
(a) Group funds and property;
(b) corporate records and accounting;
(c) confidential and proprietary information;
(d) insider trading;
(e) legal disputes;
•conflicts of interest;
•dealing with others:
(a) government officials;
(b) business hospitality;
(c) prohibited payments;
•equal opportunity and unlawful harassment;
•safety of the workplace and environmental protection; and
•relationships with competitors and other trade practices.
Employees are encouraged to raise any matters of concern with their supervisor or the relevant Group’s general counsel.