Annual Report 2025: Governance and organisational structure

*resigned from the Board in November 2025

Audit Committee Membership and Roles

The members of the Finance, Risk & Audit Committee (FRAC) in 2025 is detailed in the table below.

The FRAC’s responsibilities are set out in Standing Direction 3.2.1.1.

Key responsibilities are to:

• review and report independently to the Board on the annual report and all other financial information published by ARV
• assist the Board in reviewing the effectiveness of ARV’s internal control environment
• covering effectiveness and efficiency of operations; reliability of financial reporting; and compliance with applicable laws and regulations
• determine the scope of the internal audit function and ensure its resources are adequate and used effectively, including coordination with the external auditors
• maintain effective communication with external auditors, consider recommendations made by internal and external auditors and review the implementation of actions to resolve issues raised
• oversee the effective operation of the risk management framework.

Members are appointed by the Board for a minimum one-year term, and are subject to the committee’s terms of reference.

Meetings are held quarterly and at any other time on request of a committee member or the internal or external auditor. In 2025, the committee met four times. Attendance of committee members is detailed in the table below.

*resigned from the Committee in February 2025

The role of PCR is to provide advice and make recommendations to the Board on oversight and corporate governance in relation to executive remuneration and performance management, the organisation’s workplace agreements, people and culture policy and planning, employment arrangements and performance appraisals.

The role of SPAMCO is to provide advice and make recommendations to the Board on strategic planning, asset management and commercial operations and meeting accountability requirements. Attendance of committee members is detailed in the table below.

The role of FNSE is to provide advice and make recommendations to the Board on First Nations and stakeholder engagement and meeting accountability requirements as prescribed in the Act and other relevant legislation and prescribed requirements.