This committee functions as an independent reviewer, providing an objective appraisal of the financial and operational activities of the Trustee and supporting the Board in carrying out its accounting, auditing and financial reporting responsibilities.

The Audit & Risk Committee overseas:

1. External financial reporting and financial statements to ensure their accuracy and integrity;
2. Appointment, renuneration, independence and competence of the external auditors;
3. Performance of internal and external audit functions;
4. Risk management and internal controls; and

5. Systems and procedures associated with applicable legal and regulatory requirements, which includes ensuring:

   • Compliance with superannuation licensing conditions set by the Bank of Papua New Guinea;
   • Proper governance of assets where the Fund has majority or substantial minority ownership;
   • The Trustee's Fund Administrator and Investment Manager operate within their Agreement;
     

   • Proper procurement procedures are followed by the Trustee when engaging major contrator

During the year, the Audit & Risk Committee comprised David Guinn OBE as Chairman and Sir Nagora Bogan KBE and Johnson Kalo as committee members.