GMHBA AnnuAL RepoRt 2010 - GMHBA Health Insurance

GMHBA Limited ABN 98 004 417 092
GMHBA Limited ABN 98 004 417 092
Corporate Governance Statement for the year ended 30 June 2010
The Board of GMHBA Limited has a governance framework to ensure that the Board complies with
the relevant requirements of the Corporations Act 2001, the Company’s Constitution, the Private
Health Insurance Act 2007 and Associated Rules and embodies relevant corporate governance
best practice.
The Company is committed to achieving the highest practicable standards of corporate
governance. This statement provides an overview of the main corporate governance practices that
were in place throughout the financial year.
Code of conduct
The code of conduct has been established as the basis for ethical and professional conduct
necessary to meet the expectation of Fund members and other stakeholders. As these
expectations will change over time, the code is subject to regular review.
The main purpose of a code of conduct is to provide a common understanding of the Company’s
expectations in regard to ethical and professional conduct and to assist Directors in discharging
their obligations. Achieving this objective will also deliver other benefits to the Company.
Conflict of interest
Subject to the provisions of the Corporations Act and the Company’s Constitution, the Board is
empowered to regulate its meetings and proceedings, including the processes it will apply in
instances of a declared, actual or perceived conflict of interest.
Board Committees
The Board Committees in operation throughout the year were:
Audit & Compliance Committee
The role of the Committee is to oversee the establishment and maintenance of a framework of
internal control, to monitor the audit and actuarial function ensuring regulatory compliance and
advise on appropriate ethical standards for the management of the Company. This enables the
committee to give the Board additional assurance regarding the quality and reliability of financial
information prepared for use by the Board in determining policies or for inclusion in financial
reports.
Nomination & Remuneration Committee
The role of the Committee is to assist the Board of Directors in fulfilling its responsibilities for
determining and reviewing compensation arrangements for Directors and senior management,
succession planning and the appointment and removal of Directors.
Investment Committee
The role of the Committee is to advise on the Company’s total investment portfolio, managed both
internally and externally.
Strategy Committee
The role of the Committee is to assist the Board of Directors in identifying and establishing
GMHBA’s future strategic direction in line with the Company’s Mission and Vision statements.
Health Services Committee
The role of the Committee is to assist the Board of Directors in fulfilling their responsibilities in
relation to ensuring that all health services initiatives comply with the Company’s mission,
specifically working as a trusted partner to improve Fund members’ health.
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