The Chairman and Chief Executive Officer and the Chief Financial Officer have established Disclosure Committees at Corporate and Sector levels in order to assist them in evaluating the effectiveness of the Group’s disclosure controls and procedures that are designed to ensure that material, financial and other information required to be disclosed, is recorded, processed, summarised and reported on a timely basis and that appropriate information is communicated to Management including the Chairman and Chief Executive Officer and Chief Financial Officer to allow timely decisions regarding such disclosure.
The Corporate Disclosure Committee is composed of the Chief Financial Officer, the General Counsel, the Vice President Internal Control, the Group Controller, the Vice President Tenders & Projects Control and a member of each of the Sector Managements.
Each Sector has established its own Disclosure Committee, which reports to the Corporate Disclosure Committee as to the results of its review of the disclosure controls and procedures and on its evaluation of the effectiveness within its Sector.
The Group Corporate Disclosure Committee met twice during fiscal year 2010/11 under the Chairmanship of the Chief Financial Officer. The consolidated financial statements for the fiscal year ended 31 March 2010 and the Management report and other financial information disclosed in the Registration document 2010/11 were reviewed. The interim consolidated financial statements for the 6 months period to 30 September 2010 were reviewed. Reports from the Sector Disclosure Committees were received at each meeting.
In the reviews of the consolidated financial statements the Committee considered the disclosures made to determine and confirm their relevance, accuracy, completeness and presentations.