Corporate Governance Statement PRINCIPLE 7  Recognise and manage risk The Directors continually monitor areas of significant business  risk, recognising that there are inherent risks associated with the  management, funding and commercialisation of biotechnology projects. The Board has delegated the responsibility for the establishment and  maintenance of a framework for risk oversight and the management of  risk for the Group to the Risk and Audit Committee. The Committee’s role is to provide a direct link between the Board and  the external function of the Company. This includes: The Chief Executive Officer and Chief Financial Officer have made  representations to the Committee on the system of risk management  and internal compliance and control which implements the policies  adopted by the Board. The Chief Executive Officer and Chief Financial  Officer have also represented that, to the best of their knowledge,  the Company’s risk management and internal compliance and control  system is operating efficiently and effectively in all material respects.  After considering the size and nature of the Company business the  Board have accepted the responsibilities of the Remuneration and  Nomination Committee rather than establishing separate committee.  The Board, acting as the Remuneration and Nomination Committee,  ensures that the Company’s remuneration levels are appropriate in the  markets in which it operates and are applied, and seen to be applied,  fairly.  The Company’s remuneration policy is described in the Remuneration  Report contained within the Directors’ Report. The business of the Committee has been dealt with as part of the  regular Board meetings as needed. The Board has access to senior  management of the Company and may consult independent experts  where the Board considers it appropriate to carry out the duties of the  Committee. Currently the Company pays directors’ fees to the NEDs. As stated  in the Directors’ Report, businesses associated with directors may  receive fees for professional services provided to the Company in  addition to their duties as a NED. PRINCIPLE 8  Remunerate fairly and responsibly •  Monitoring corporate risk assessment and the internal controls  instituted; •  Monitoring the establishment of an appropriate internal control  framework, including information systems, and considering  enhancements; •  Reviewing reports on any defalcations, frauds and thefts from the  Company and action taken by managements; •  Reviewing policies to avoided conflicts of interest between the  Company and members of management; and •  Considering the security of computer systems and applications,  and the contingency plans for processing financial information in  the event of a systems breakdown. Page 18 Benitec Biopharma Ltd  Annual Report 2014