16 Icon Energy Annual Report 2023 Corporate Governance Statement continued MANAGEMENT OF ENTERPRISE AND OPERATIONAL RISK The Board has the responsibility for setting the Company’s Risk Management Policy. The Board of Directors, in conjunction with senior executives, is responsible for the development, implementation and management of Icon Energy’s risk management and internal control framework. The Board of Directors also monitors the management of these functions, including as to the manner in which the Group’s material operational and business risks are being effectively managed. Under its charter, the Audit and Risk Management Committee is responsible for: − Monitoring the establishment and implementation by management of the Company’s risk management system; − Monitoring the effectiveness of the systems of financial risk management, governance and internal control; − Endorsing a Risk Management Policy which describes the manner in which both risk and the opportunity are identified, assessed, monitored and managed, including how: − Significant decisions affecting and changes to the business are subject to risk assessment; − Any operational incidents are to be analysed in order to learn from them and successes reviewed in order to repeat them; − All acquisitions and divestments of assets are subject to assessment and management; − Risks and associated control systems are regularly reviewed; and − Performance against risk management plans is monitored and reported upon to the Board. The Board monitors the effectiveness of the Company’s management of material operational and business risks. The Board has also received a declaration under Section 295A of the Corporations Act 2001, that the financial records of the entity have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. The Company does not have any material risk exposure to environmental or social risks. The Company’s Enterprise-wide Risk Management Policy and Crisis Management Policy which encapsulates the Company’s management of material business risks, including economic, environmental, social sustainability and operational risks, can be found in the Corporate Governance section of the Company’s website. CONTINUOUS DISCLOSURE The Board has in place a Disclosure and Communications Policy that is available under the Corporate Governance section on the Company’s website. The Disclosure and Communications Policy defines the legal and regulatory obligations, materiality guidelines and reporting process, and is designed to ensure compliance with the continuous and periodic disclosure obligations under the Corporations Act 2001 and ASX Listing Rules. Responsibility for meeting ASX disclosure requirements and accountability for compliance rests primarily with the Company Secretary. The Company conducts regular briefings with all staff to ensure they understand the Company’s continuous disclosure obligations, and their role in fulfilling them. The Board reviews continuous disclosure matters, if any, at each Board meeting. Copies of Icon Energy Limited’s releases to the ASX, investor presentations and Annual Reports are available on the Company’s website. The Company has an effective system to review and approve public documents that are not reviewed or audited by its external auditors. Copies of market sensitive announcements are circulated to the Board for approval prior to lodgment. The Company ensures that any new and substantive investor or analyst presentation is released on the ASX Markets Announcements Platform ahead of the presentation.
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