39 AGL Energy Limited Annual Report 2011 The Committee’s primary responsibilities  include: > monitoring the integrity of financial  reporting; > monitoring and reviewing the external  auditor’s qualifications, performance and  independence; > monitoring the effectiveness of risk  management processes, including  reviewing the adequacy of AGL’s  property, business interruption, and  liability insurances; > monitoring the effectiveness of Group  Audit; > monitoring legislative and regulatory  compliance; and > monitoring the adequacy and  completeness of internal controls. Principle 6: Respect the rights of  shareholders Recommendation 6.1 –  Companies  should establish a shareholder  communication policy Electronic communication Accountability Monitoring auditor independence Financial market communications Principle 5: Make timely and balanced  disclosure Recommendation 5.1 –  Companies should  establish continuous disclosure policies and  ensure compliance with those policies Market Disclosure The Market Disclosure Committee  comprises the CEO, Company Secretary  (the nominated Continuous Disclosure  Officer), CFO and Head of Capital Markets  and is responsible for monitoring  compliance with the Market Disclosure  Policy. The Head of Capital Markets is the  convenor of meetings of the Committee. AGL has not established a formal  shareholder communications policy, but it  does take appropriate measures to keep  shareholders informed about its activities. The Committee is responsible for ensuring  that all AGL announcements are made in a  timely fashion, contain material information  that is both objective and factual, and are  clearly written to allow investors to assess  the impact of information on their  investment decisions. The Committee is  also responsible for recommending  changes to the Market Disclosure Policy. Shareholders have the option of electing to  receive all shareholder communications,  including dividend statements, by email.  AGL provides a printed copy of the Annual  Report to only those shareholders who  have specifically elected to receive a  printed copy. Other shareholders are  advised that the Annual Report is available  on the AGL website. The Company Secretary reports to the  Board quarterly on matters that were  either notified or not notified to the ASX.  Directors receive copies of all  announcements immediately after  notification to the ASX. All ASX  announcements are available in the  Media centre on the AGL website. AGL’s Auditor Independence Policy was  reviewed during the year. It contains details  of the procedures for the selection and  appointment of, and for reviewing the  independence of, the external auditor. AGL’s website allows shareholders to view  all ASX and media releases since at least  December 2007; various investor  presentations; a copy of the most recent  Annual Report and Annual Reports for at  least the two previous financial years; and  the notice of meeting and accompanying  explanatory material for the most recent  Annual General Meeting and the Annual  General Meetings for at least the two  previous financial years. All AGL Executives confirm in writing to the  Board, on a quarterly basis, that matters  which might need to be disclosed have  been brought to the attention of the  Continuous Disclosure Officer for review. The external auditor is precluded from  providing any services that might threaten  their independence, or conflict with their  assurance and compliance role. Reports on the provision of auditing and  related services are provided to the  Committee. The Directors have concluded  that non–audit services provided did not  compromise the external auditor’s  independence requirements under the  Corporations Act. AGL’s Auditor Independence Policy is  published on AGL’s website. Communication with the financial market is  the responsibility of the CEO, CFO and  Head of Capital Markets. Communication  with the media is the responsibility of the  CEO, the Group Head of Corporate Affairs,  and the Head of Media. The Market  Disclosure Policy covers briefings to  institutional investors and stockbroking  analysts, general briefings, one–on–one  briefings, blackout periods, compliance and  review as well as media briefings. The  Market Disclosure Plan provides further  guidance on how to give effect to the  Market Disclosure Policy. All announcements made to the ASX are  available to shareholders by email  notification when a shareholder provides  the AGL Share Registry with their email  address and elects to be notified of all  AGL ASX announcements. Shareholder meetings are webcast and  analyst/media briefings in relation to  half-year and full-year financial results and  other significant events can be heard by  teleconference. The substantive content of all market  presentations about the half-year and  full-year financial results, and all  statements relating to AGL’s future  earnings performance, must be referred to  and approved by the Board before they are  disclosed to the market. AGL’s Market Disclosure Policy describes  AGL’s continuous disclosure obligations and  how they are managed by AGL, as well as  how AGL communicates with financial  markets. The Policy is complemented by  the Market Disclosure Plan that gives  effect to the Policy. The Market Disclosure  Policy was reviewed during the year. Both  the Market Disclosure Policy and the  Market Disclosure Plan are published on  AGL’s website.