Governance Governance structure CSL’s governance framework supports a high performing and respectful culture while underpinning CSL’s Values. CSL’s Values are the core of how CSL employees interact, make decisions and solve problems. The Board has a formal charter documenting its role, responsibilities, membership, operating procedures and the allocation of responsibilities between the Board and management. CSL’s Board Charter is central to the governance framework at CSL as it embodies CSL’s corporate purpose, strategy and values. In addition to this, CSL is subject to the Commonwealth Serum Laboratories Act 1961 (Cth), which is an overarching governance control. CSL’s Board of Directors is responsible for overseeing the management of CSL and providing strategic direction. It monitors operational and financial performance; strategic human resource matters and approves CSL’s budgets and business plans. It is also responsible for overseeing CSL’s risk management framework, compliance system and internal control framework, and approving statutory financial and climate-related reporting. The Board has delegated the day‑to‑day management of CSL, and the implementation of approved business plans and strategies, to the CEO and Managing Director, who in turn further delegates (as appropriate) to senior management. The diagram on the following page shows the governance framework of CSL. Robust processes are in place to enable the delegation flows through the Board and its committees to the CEO and Managing Director, the Global Leadership Group (GLG) and into the organisation. The CEO and Managing Director and GLG have responsibility for the day‑to‑day management of the Group. This governance framework also aligns the flow of information and accountability from CSL’s people, through the management levels, to the Board and ultimately the shareholders and key stakeholders. 40
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