Fair competition In 2023/24, there were no findings against CSL relating to a breach of any fair trading or competition laws. Political contributions Over the reporting period, CSL contributed a total of US$12,600 in non‑cash corporate political contributions in the US and A$8,000 to political organisations in Australia solely for attendance at events including policy briefings, lunches, boardroom lunches and dinners. In all other regions, CSL made no political contributions. More at CSL.com (Sustainability > Governance). Disclosure As a publicly listed company on the Australian Securities Exchange (ASX), CSL has obligations under Australian law and the ASX Listing Rules. Subject to limited exceptions, CSL must continuously disclose to the ASX information about CSL that a reasonable person would expect to have a material effect on the price or value of CSL securities. CSL has a policy that sets clear guidelines and describes the actions that the directors and all employees should take when they become aware of information that may require disclosure. CSL’s Continuous Disclosure Policy can be found on CSL.com (We Are CSL > Corporate Governance > Core Policies). Corporate governance Throughout 2023/24, CSL’s governance arrangements were consistent with the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th edition). CSL’s 2023/24 Corporate Governance Statement has been approved by the Board and is available on CSL.com (We Are CSL > Corporate Governance). The Board continually reviews governance at CSL to ensure that the governance framework remains appropriate in light of changing expectations and general developments in good corporate governance. Risk management CSL has adopted and follows a detailed and structured Enterprise Risk Management Framework (ERMF) to ensure that risks are identified, evaluated, monitored and managed. This ERMF sets out the risk management processes, internal compliance and monitoring requirements, governance processes and structures including roles and responsibilities for different levels of management, the matrix of risk impact and likelihood for assessing risk, the three lines of accountability for risk and risk management reporting requirements. The ERMF has been established to provide reasonable assurance that: • any material exposure to risk can be identified and adequately monitored and managed; and • significant strategic, emerging, financial, managerial and operating risk-related information is accurate, relevant, timely and reliable. Further details of CSL’s risk management framework are contained in CSL’s Corporate Governance Statement. A description of CSL’s material risks and key risk management activities for each risk can be found in the ‘Material Risks’ section on page 14 of this report. Tax Transparency While CSL’s roots are proudly Australian, CSL is a truly global company, with more than 90% of revenue derived outside Australia. CSL separately reports on its global tax footprint, as part of CSL’s tax transparency reporting. CSL is subject to the different tax regimes that apply in each of the countries where it operates, including the OECD Country-by-Country reporting measures. CSL’s approach to tax is underpinned by its Value of Integrity. This is consistent with CSL’s commitment to complying with all tax laws in the countries in which it operates. CSL has a low appetite for tax risk and does not engage in aggressive tax planning. CSL supports efforts to improve tax transparency in order to support a fairer economy and ensure there is confidence in the robustness of country tax regimes. CSL supports the work undertaken by the OECD in relation to Pillar One and Pillar Two requirements and the position that income earned in a country should be reflective of the economic activity undertaken in that country. CSL encourages governments to continue to work together to adopt a globally consistent approach to these requirements in order to balance the compliance complexity for companies operating across a number of territories. Operating with transparency forms a core part of CSL’s tax management philosophy and as such CSL’s annual tax transparency reports can be found on CSL.com (Sustainability). Read more at csl.com/we-are-csl/ corporate-governance 65
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