§9651 Establishment of Risk and Audit Committees

Summary

The Corporation must create a risk committee and an audit committee to help the Board do its job. Each committee works under the Board’s direction. The risk committee oversees how the Corporation handles risk. It writes risk management policies and reviews the global risk framework. It makes company‑wide rules for monitoring and managing strategic, reputational, regulatory, operational, developmental, environmental, social, and financial risks. It builds the Corporation’s risk profile and the compliance and governance structure to support it. It also makes rules to check, before and during any support to foreign entities, that those entities have strong anti‑money‑laundering and anti‑corruption checks so the Corporation will not support persons who are knowingly engaging in corruption, knowingly giving material or financial support for terrorism, drug trafficking, or human trafficking, or who order or direct serious or gross human rights violations. The audit committee oversees financial controls and reporting. It watches the integrity of accounting systems and financial statements, reviews the internal audit’s work, and ensures compliance with finance‑related laws and rules.