Corporate Governance
The Bedford Board is committed to the principles of corporate governance in terms of responsibility, self-regulation, prudent management of funds and commitment to ‘best practice’ in all areas.
The Board’s commitment to good governance is evidenced through the Bedford Industries Inc Corporate Governance Charter. This Charter is to be read in conjunction with the ‘Rules of Bedford Industries Inc’ which state the legal capacity and powers of Bedford as an incorporated body.
The Corporate Governance Charter details the various roles and responsibilities of the Bedford Board and Senior Management, as well as a Code of Conduct which is to be observed by all Officers of Bedford. The Board of The Bedford Foundation also adhere to the standards prescribed in the Charter.
The Board consists of up to ten elected members, all of whom are non-executive and volunteer their services. Members are elected to provide an appropriate mix of skills and experience and retire according to the Rules of the Association.
The Board is responsible for setting strategic direction for the organisation, accepting budgets and monitoring achievement of objectives and goals. Responsibility for the daily running of the association is delegated to the Chief Executive, who reports directly and regularly to the Board.
Sub-committees assist the Board to perform its duties. Membership of these subcommittees is reviewed annually and upon retirement of Directors. The memberships shown on Page 8 of this Report reflect those at 30 June 2007. The subcommittees include Corporate Governance, Remuneration, Audit & Risk Management, Investment, Residential & Property, Service Excellence, and Strategy & Business Development. Board Members represent an integral part of each of these committees, with the remaining members comprising past Board Members, representatives of Bedford Management, and external representatives as and when required.
The Corporate Governance Committee ensures that internal and external relationships are effectively managed and that sound governance principles are applied to all facets of Bedford’s operations. Functions of this Committee include:
- Considering and recommending changes to Board membership in line with the Rules of the Association, ensuring an effective and appropriate mix of skills.
- Establishing and monitoring of procedures to protect the organisation’s ethical standards.
The Remuneration Committee’s role is to oversee and approve the organisation’s remuneration policies and practices.
The Audit & Risk Management Committee’s role is to work with the external auditors to monitor and review internal controls
and the reliability of fi nancial information, and to investigate aspects of significant business risk.
This includes:
- Reviewing corporate policies relating to compliance with laws and regulations, including occupational health, safety and welfare, ethics, conflicts of interest and the investigation and prevention of misconduct and fraud.
- Requiring the internal audit function to report, in writing, on a view of corporate governance and any significant findings.
- Corporate control and an understanding of key financial reporting areas and systems of internal control.
- Regular communication with external auditors.
- An effective risk management programme, including maintenance of adequate insurances.
The Investment Committee’s role is to invest funds, in line with established policies and guidelines, to secure Bedford’s operations for future generations of people with a disability.
The Residential & Property Committee’s role is to recommend property holdings that maximise the economic, employment and accommodation goals of the organisation. Three members of this Committee also act as Bedford’s representatives on the ‘Homes for 100’ programme commiittee.
The Service Excellence Committee aims to ensure that Bedford continually improves its services to people with a disability, staff employed by the organisation and external stakeholders.
The Strategy & Business Development Committee has been recently formed to assist Management generate new business opportunities, and evaluate these opportunities in line with Bedford’s Strategic Plan.
Ethical standard
Bedford is committed to maintaining the highest ethical standards. The Board and Management also demonstrate a strong commitment to the health and safety of employees and the wider community as well as social equity, quality and environmentally sound work practices. All Board members, staff and employees of the Association are expected to act, at all times, with the utmost integrity to enhance the reputation and performance of the organisation.
Environmental Policy Statement
Bedford cares for the environment and strives for continual improvement in environmental practices. The Environmental
Committee meets regularly to ensure that the organisation is aware of and compliant with legislative requirements and its ethical responsibilities in this area.
Privacy Policy Statement
Bedford values support from the community and is committed to ensuring the privacy of the personal information that is entrusted to the organisation. The respect for privacy forms part of the ongoing trust the organisation wishes to maintain with stakeholders.
