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Ramsay Health Care Limited Annual Report 2016

The Global RMC reviews the Risk Management Framework at least annually. The Global RMC undertook a comprehensive review of the Risk Management Framework in FY2016 and made changes to reflect the Company’s expanding geographic footprint as well as to address the changing nature of some risks, including cyber security. The Global RMC is satisfied that the Risk Management Framework is sound. Risk Sub-Committees The Board has an integrated risk management reporting framework that is befitting of a transnational organisation. Risk management structures have been established in respect of each of the Company’s Australian, France, UK, Malaysian and Indonesian businesses. Risk management subcommittees have now been established in Ramsay Australia, Ramsay Générale de Santé and Ramsay UK. Risks relating to the Company’s Asian joint-venture are reported to the board of Ramsay Sime Darby Health Care Sdn Bhd, as part of the joint venture arrangements with Sime Darby. Each country/region reports to the Global RMC in writing at least on a quarterly basis and in a consistent format. Further, within each country/region, sub-committees have been established with specialised responsibilities: e.g., in Australia sub-committees have been established to oversee the management of risk in relation to clinical governance risk and workforce, safety and culture risk. These sub-committees, which report to the relevant country/region body are an important part of the Company’s risk management and governance strategy as they each oversee and report on their respective area of specialisation and responsibility. Clinical Governance Commencing in February 2016, Professor John Horvath AO joined the Company as its Strategic Medical Officer. Professor Horvath assists the Company in developing and implementing innovative clinical programmes which enhance the Company’s performance and reputation as a global leader in the delivery of safe and quality care to patients. Professor Horvath is a member of the Company’s Global RMC. As part of its strategy to continuously improve clinical governance, in August 2015 the Company announced a Strategic Alliance with the International Consortium for Health Outcomes Measurement (ICHOM). ICHOM is a non-profit organisation founded to enable health care systems worldwide to measure and report patient outcomes in a standardised way. By forming this Strategic Alliance, the Company has become the first multinational hospital group to partner with ICHOM, thereby demonstrating its commitment to focus on discovering what matters most to patients. This Strategic Alliance with ICHOM also represents the Company’s long-term commitment to driving value in health care in its facilities around the world as the continuous measurement of what is delivered for patients will provide a key input into innovation and help to drive clinical governance quality improvement. 17. Communication With the Market The Company is committed to complying with its continuous disclosure obligations under the ASX Listing Rules and Corporations Act and to ensuring that its shareholders are kept well-informed of all major developments affecting the Company’s state of affairs. The Company has a Continuous Disclosure Policy, which was reviewed and updated during FY2016 as a result of revisions to ASX Guidance Note 8. This Policy creates a framework for compliance with relevant disclosure obligations and establishes the accountability of senior executives for achieving compliance. More specifically, the Policy: • explains the Company’s obligations under ASX Listing Rule 3.1 and the Corporations Act; • establishes internal processes for reporting of information considered to be potentially price-sensitive and for consideration of such information by the Company Secretary, the Disclosure Committee and (where necessary) the Board; • establishes processes for the disclosure of price sensitive information; • establishes internal processes for briefing of analysts, investor and media groups, responding to market speculation, leaks and rumours and calling trading halts where appropriate to avoid trading occurring in an uninformed market; and • delegates to the Disclosure Committee and Company Secretary the authority to release information or make disclosures to the ASX and responsibility for decisions regarding price sensitive information, coordinating disclosures, establishing and monitoring procedures under this Policy and making recommendations to the Board on any necessary updates to the Policy. With Shareholders The Company is always mindful of the importance of communicating effectively with its shareholders including by allowing shareholders access to information about the Company and its governance on its website. A formal Communications Policy has been adopted by the Board in relation to the provision of information to shareholders, the media and the wider community. 28 RAMSAY HEALTH CARE LIMITED


Ramsay Health Care Limited Annual Report 2016
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