50 CORPORATE GOVERNANCE MARKET DISCLOSURE AND SHAREHOLDER COMMUNICATIONS The Company has a Market Disclosure Policy which sets out requirements aimed to ensure full and timely disclosure to the  market of material issues relating to the Group to ensure that all stakeholders have an equal opportunity to access information.  The Policy reflects the ASX Listing Rules and Corporations Act continuous disclosure requirements. The Market Disclosure Policy requires that the Company notify the market, via the ASx, of any price sensitive information  (subject to the exceptions to disclosure under the Listing Rules). Information is price sensitive if a reasonable person would  expect the information to have a material effect on the price or value of the Company’s securities or if the information would, or  would be likely to, influence investors in deciding whether to buy, hold or sell Fairfax securities. The Chief Executive Officer, Chief Financial Officer and Group General Counsel/Company Secretary are designated as  Disclosure Officers who are responsible for reviewing potential disclosures and deciding what information should be disclosed.  Only the Disclosure Officers may authorise communications on behalf of the Company to the ASX, media, analysts and  investors. This safeguards the premature exposure of confidential information and aims to ensure proper disclosure is made in  accordance with the law. ASX and press releases of a material nature must be approved by a Disclosure Officer. The Disclosure Officers, in conjunction with the Chair of the Board are authorised to determine whether a trading halt will be  requested from the ASx to prevent trading in an uninformed market. The onus is on all staff to inform a Disclosure Officer of any price sensitive information as soon as becoming aware of it. The  Executive Leadership Team is responsible for ensuring staff understand and comply with the policy. As well as its Listing Rules and statutory reporting obligations, the Company actively encourages timely and ongoing  shareholder communications. To ensure ready access for shareholders to information about the Company, Company announcements, annual reports,  analyst and investor briefings, financial results and other information useful to investors such as press releases are placed on  the Company’s website at www.fairfaxmedia.com.au as soon as practical after their release to the ASX. Several years’ worth of  historical financial information is available on the website. The results briefings given to analysts by senior management are  webcast on the website. The full text of notices of meetings and the accompanying explanatory materials are posted on the website for each Annual  General Meeting. The Chair’s and the Chief Executive Officer’s addresses, proxy counts and results of shareholder resolutions at  the meeting are also posted on the website. At the Annual General Meeting, shareholders are encouraged to ask questions and are given a reasonable opportunity to  comment on matters relevant to the Company. The external auditor attends the Annual General Meeting and is available to  answer shareholder questions about the audit and the audit report. The Board oversees the risk management and internal compliance and control system.  The system seeks to provide a consistent approach to identifying, assessing, and reporting risks, whether they are related to  Company performance, reputation, safety, environment, internal control, compliance or other risk areas. Key aspects of the Company’s risk management and internal compliance and control system are summarised as follows: • risks are assessed at least annually and revised periodically for each division through the business planning, budgeting,  forecasting, reporting, internal audit and performance management processes  • the Board, through the Audit and Risk Committee, receives regular reports from management (and independent advisers  where appropriate) on key risk areas such as treasury, health safety and environment, regulatory compliance, taxation, finance  and internal audit and the effectiveness of the risk management system  • formal risk assessments are required as part of business case approvals for one-off projects or initiatives of a significant  nature. Project teams are responsible for managing the risks identified • under the direction of the Audit and Risk Committee, Internal Audit conducts a program of internal process control reviews  over key areas, based on their importance to the Company, and provides assurance over the internal control assessments  undertaken by management. RISK MANAGEMENT AND INTEGRITY OF FINANCIAL REPORTING