St Basils’ independent auditor is appointed annually by our Board of Directors at the Annual General Meeting. The Business Support and Audit committee makes a proposal to the Board of Directors in respect of the appointment of the auditor based upon its evaluation of the qualifications and independence of the auditor to be proposed for election or re-election on an annual basis.
St Basils has a Risk Management Policy which outlines St Basils overall guidelines for risk management and related processes. The St Basils Risk Management Policy is approved by the Board of Directors. The Board’s role in risk oversight includes risk analysis of St Basils Risk Register and assessment in connection with financial and business reviews, updates and decision-making proposals and is an integral part of Board deliberations.
The Business Support and Audit committee is responsible for, among other matters, risk management relating to the financial reporting process and assisting the Board’s oversight of the risk management function.