Governance & Transparency

Governance is essential to the current and long-term sustainability;

... there is a close link between strong governance and growth in business performance.

Lion has a robust corporate governance framework, which is summarised here.

Strong governance ensures we allDo the Right Thing’ and effectively mitigate and manage our risks, both as individuals and as an organisation, and comply with all required rules and regulations.

Governance is important and is everyone’s responsibility.

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Governance

Governance@Lion includes these key elements:

  • Leadership Principles. Our Leadership Principles underpin our governance culture; they define how we work to grow our people and our business
  • A business leadership goal with governance requirements
  • Policies, procedures and practices
  • Compliance training. There are 6 compliance training modules that everyone at Lion must complete every 2 years
  • Role responsibilities. Everyone is responsible for performing the key accountabilities and responsibilities as outlined in their role profile

Each of our leaders is also responsible for effective risk management, specifically:

  1. Identifying potential risks before they materialise
  2. Putting plans in place to lower the chances of the risk eventuating
  3. Mitigating the effects of the risk should it eventuate

We use a mechanism called a Significant Incident Notification (SIN) for capturing and communicating actual or potential exposures arising from irregular events or transactions.

Our people can call a SIN hotline to report incidents with an expected major or severe impact on the business. The relevant finance director or corporate functional leader is responsible for ensuring that the SIN process is commenced immediately.

Competition Law Compliance Program

Lion’s competition law compliance program is well established and demonstrates Lion’s ongoing commitment to develop, monitor and improve compliance with competition laws. The program is well supported by Lion’s senior management and the Board.

Key components of Lion’s competition law compliance program include:

  • Lion’s competition law compliance policy;
  • a mandatory online training module to be completed every 2 years by eligible team members;
  • an intranet portal where team members can access a range of guidance notes and related protocols that build capability in relation to competition law risks and obligations;
  • tailored face-to-face competition and consumer law training and discussion sessions for teams with high exposure to competition law risks; and
  • provision of advice and support by Lion’s legal team and external advisors in relation to competition law issues / obligations and developments in the competition law regulatory landscape.

Lion’s competition and consumer law compliance program compares favourably with AS3806-2006 Compliance Programs Standard (Standard), which is the relevant standard for compliance programs. An assessment of the current compliance program against the Standard is carried out each year to ensure the program continues to be effective and is informed by the latest developments in the legal and regulatory landscape.

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