“Corporate governance refers to the systems and processes put in place to control and monitor an organisation. Good governance is embedded in the good behaviour and the good judgement of those who are charged with running an organisation.”
– AICD Good Governance Principles and Guidance for NFP Organisations
CoAct is a Company Limited by Guarantee and is registered as a charity with Australian Charities and Not-for-profits Commission, ABN 13080037538. CoAct is a Public Benevolent Institution (PBI), with Deductible Gift Recipient (DGR) status.
Our members are community based not-for-profit organisations and as our Service Partners, have a shared passion to deliver effective services that improve individual lives and strengthen local communities. Any financial surplus of CoAct and our member organisations goes back into our work for our communities.
The Company structure and governance processes are guided by our Constitution and Membership Charter. As a Public Benevolent Institution providing largely government-funded services to individuals with significant disadvantage, CoAct is acutely aware of our responsibility, accountability and obligations to operate with sound governance, prudent management and service quality.
Ensuring good governance
The CoAct Board is committed to the highest standards of governance and ethical conduct. The Board is guided by a set of Governance Policies, which provide the structure through which the strategic goals of CoAct are set, progress is monitored and goals are attained.
We have mapped our governance compliance to the ACNC five Governance Standards but consider this a minimum. Our Board processes and practices incorporate the AICD’s Good Governance Principles and Guidance for NFP Organisations and relevant ASX Corporate Governance Principles and Recommendations.
We recognise and manage risk
In an ever-changing and increasingly competitive environment, an effective Board requires sound risk management, cultures, processes and structures which enable the Board to take advantage of opportunities while managing potential adverse effects. The Board has set its Risk Appetite Statements as part of CoAct’s Enterprise Wide Risk Management system.
Our Enterprise Wide Risk Management system, together with an Internal Audit and Assurance program, oversighted by the Audit and Risk Committee, provide the Board with confidence that CoAct has in place comprehensive frameworks to adequately identify, monitor and mitigate risk in key areas and ensure the sustainability of the company, and at the same time, present continuous improvement opportunities.