The committee considers the viability of the acquisition or disposal of equity, fixed property investments and approval of the Group's significant capital expenditure. The committee considers the effects these activities may have on the Group's cash flow and how they fit into the Group's overall strategy.
The committee ensures that the Aveng priority of "Home Without Harm, Everyone, Every day" is upheld. The committee assists the Board to ensure that the Group conducts its business in a manner that protects the safety and health of its employees and others and the environment. The committee ensures that the Group has a clear and defined roadmap to achieve and maintain leading safety, health, and environmental culture.
The committee provides independent oversight by reviewing the actions of the Board through an ethical lens and taking accountability for specific areas within its mandate. The committee monitors the Group's compliance relating to sustainability and transformation activities, social and economic development, good corporate citizenship, and environmental matters, including ESG.
The committee ensures the identification, assessment, control, management, reporting and remediation of risks across the organisation. The committee sets its own strategy and monitors conformance with risk management policies, procedures, regulatory and internal limits and exposures, and processes and practices. The committee oversees the tender risk management, being a subcommittee of the risk committee.
The committee assesses and questions the Company's financial sustainability, financial and integrated reporting, internal controls, effective risk management, and provides oversight over IT governance.
The committee is an independent and objective body with the necessary knowledge, skill, experience, and capacity to assist the Board in ensuring that the Group remunerates fairly, responsibly and transparently, to promote the achievement of strategic objectives and positive outcomes in the short, medium and long term. The committee enables the Board to achieve its responsibilities concerning the Group's remuneration policy, processes, and procedures.
The Board charter promotes a unitary board structure and Aveng is committed to maintaining a smaller but effective Board composed of a maximum of eight executive and non-executive directors, 75% of whom should be independent non-executive directors.
Aveng is committed to the highest standards of business integrity and ethical conduct. The Group recognises that sound governance supports its business strategy, builds trust and contributes to the creation and preservation of value for stakeholders.
The Aveng Board is ultimately responsible for the governance of the Company. The Board ensures that governance is underpinned by the Group's values of safety and care, honesty and integrity, customer focus, performance excellence, and working together.
Through the application of King IV, Aveng aims to maintain the key governance outcomes of ethical culture, good performance, effective control, and legitimacy. The Board monitors the King IV register regularly and is satisfied that the Group has, in all material aspects, applied King IV.
Compliance and governance approach
The oversight roles, responsibilities, membership requirements and procedural conduct of the Board are documented in the Board charter which is reviewed annually. The Board maintains oversight of the management and control structure of the Group. The Group implements the strategy. The governance framework is structured to ensure compliance with laws, regulations, and codes of best practice applicable in all countries within which the Group operates.
Practices and frameworks are reviewed regularly, taking into account the dynamic landscape in which Aveng operates, which is influenced by, among other factors, economic changes, geopolitics, heightened regulatory scrutiny and cyber security risks. This enables the Group to act in the best interest of all our stakeholders.