The corporate accountability and risk assurance committee (CARAC)
Lord Fellowes chaired the committee throughout the year. Mr Kahn, Mr Mackay, Mr Manser, Mr Ramaphosa and Mr Wyman served as members. Additionally, the director of corporate affairs, Ms Clark, met regularly with the chairman of CARAC to discuss implementation and planning issues. Mr Manzoni joined the committee on 1 April 2005.
Terms of reference
In summary, the objective of CARAC is to assist the board in its discharge of its responsibilities in relation to corporate accountability, including corporate social responsibility, corporate social investment and ethical commercial behaviour. More detail of the committee’s activities can be found in the company’s separate corporate accountability report.
Operation of the committee
During the year CARAC focused on company-specific industry issues which impact on communities. It continued to monitor progress on corporate accountability through regular reports from across the group, with areas of particular risk being the focus of separate presentations. The committee reviewed evolving stakeholder expectations of business and particularly perceptions of the company’s activities, strengthening the CSR strategy accordingly.
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