CSL Limited's Board and management maintain high standards of corporate governance as part of their commitment to maximise shareholder value. This is achieved through promoting effective strategic planning, risk management, transparency and corporate responsibility.The Board believes that the Company complies with the ASX Corporate Governance Council's Revised Corporate Governance Principles and Recommendations. Furthermore, the Board and management are committed to continuing to review the Company's corporate governance practices in response to changes in market conditions or recognised best practices.
Board and Board CommitteesThe Board is responsible for oversight of the management of the Company and providing strategic direction. It monitors operational and financial performance, human resources policies and practices and approves the Company's budgets and business plans. It is also responsible for overseeing the Company's risk management, financial reporting and compliance framework. The Board has a formal Charter documenting its membership, operating procedures and the appointment of responsibilities between the Board and management.
The Board has established a number of standing committees as an efficient mechanism for considering detailed issues and, where appropriate, making recommendations for consideration by the Board. These committees have charters setting out matters relevant to the composition, responsibilities and membership of each committee.
Core PoliciesThe Company's business practices are governed by a number of codes and policies. The Board requires that these codes and policies are understood and adhered to by all relevant parties and are reviewed and updated on a regular basis. Codes and policies include: