In this section, the directors report on their review of the
effectiveness of the group’s systems of internal control.
The group’s existing internal controls and risk management
processes are subject to regular review and adaptations, to the
extent necessary to ensure full compliance with the requirements
of the Turnbull Report for the reporting period, and to deliver
improved value to the operating businesses.
In response to significant changes such as the acquisition
and integration of Miller Brewing Company and the further
development of the UK corporate centre, a programme has
commenced to enhance the group’s risk management
framework, and related systems of internal control, appropriate
to the evolving structure and needs of the group.
The directors are responsible for the group’s systems of
internal control and for reviewing their effectiveness. The systems
of internal control are designed to manage, rather than eliminate,
the risk of failure to achieve business objectives and can provide
reasonable, but not absolute, assurance against material
misstatement or loss. In reviewing these, the board has taken into
account the results of all of the work carried out by internal and
external auditors to audit and review the activities of the group.
There is an ongoing process for identifying, assessing,
managing, monitoring and reporting on the significant risks
faced by individual group companies and by the group as a
whole. This process has been in place for the year under review
up to and including the date of approval of the annual report
In accordance with Turnbull guidance, reviews on the
effectiveness of internal control were carried out in May and
November 2003 and in May 2004 by the board.
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