P&G Australia
Procter & Gamble Australia Pty Ltd., the company's local subsidiary, is how P&G is
present and active in Australia. Australian laws and rules governing corporate
governance, financial reporting, and insider trading apply to the corporation.
In Australia, the Corporations Act 2001 and the Australian Securities Exchange
(ASX) Listing Rules regulate the makeup, operations, and authority of the Board of
Directors and Board of Statutory Auditors. These rules, which include obligations for
accountability and transparency in corporate governance, must be followed by P&G's
Australian operations.
Corporate Governance
The Corporations Act 2001 (Cth) and the ASX Listing Rules are just a couple of the
corporate governance laws and rules that apply to businesses like P&G in Australia.
P&G has built a set of corporate governance-related policies and procedures to
guarantee adherence to these laws as well as to advance accountability and
transparency.
The following are some significant elements of P&G's corporate governance structure
in Australia:
A board of directors made up of impartial, varied, and knowledgeable
people from different fields.
The Audit Committee, Compensation & Leadership Development
Committee, Governance & Public Responsibility Committee, and
Innovation & Technology Committee are some of the committees the
Board of Directors has set up to supervise particular facets of the business'
operations.
Policies and processes for risk management, internal control, and observing
legal and regulatory requirements.
Requirements for disclosure and openness, including routine reporting of
financial and non-financial data to stakeholders.
Interaction with all relevant parties, such as shareholders, employees,
clients, suppliers, and the communities where the business is based.
P&G is subject to external scrutiny by regulators and other stakeholders in addition to
its internal governance procedures. For instance, the Corporations Act and the ASX
Listing Rules are enforced by the Australian Securities and Investments Commission
(ASIC), which has the authority to look into and penalise businesses that violate these
rules. Other stakeholders and shareholders may also scrutinise the business's activities
and demand that corporate governance practises be changed or improved.
The directors' board:
The members of P&G's Australian Board of Directors are as follows:
David S. Taylor, Chairman of the Board, President, and CEO of P&G
Carolyn M. Tastad, Group President of North America and Chief Sales
Officer of P&G
Francis S. Blake, Former Chairman and CEO of The Home Depot, Inc.
Ernesto Zedillo, Former President of Mexico and Director of the Yale
Center for the Study of Globalization
Margaret C. Whitman, CEO of Quibi Holdings LLC and Former CEO of
Hewlett Packard Enterprise and eBay Inc.
Nelson Peltz, Founding Partner of Trian Fund Management, L.P.
Audit Committee:
The following independent directors make up P&G's audit committee in Australia:
Francis S. Blake (Chair)
Ernesto Zedillo
Margaret C. Whitman
The Audit Committee is in charge of monitoring the internal controls and financial
reporting of the organisation.
Examining and approving the financial statements and relevant disclosures
of the company.
Overseeing the independent auditors' work for the corporation.
Maintaining an eye on the internal control systems of the organisation.
Committee on Compensation and Leadership Development:
The following independent directors make up P&G Australia's Compensation &
Leadership Development Committee:
Margaret C. Whitman (Chair)
Francis S. Blake
Ernesto Zedillo
The Compensation & Leadership Development Committee is responsible for
overseeing the organization's executive remuneration and leadership development
programmes.
Reviewing and approving the executive officers' pay at the organisation.
Examining and approving the equity-based incentive schemes of the
company.
Overseeing the succession planning and talent development activities of the
organisation.
Governance & Public Responsibility Committee:
P&G's Governance & Public Responsibility Committee in Australia is composed of
the following independent directors:
Ernesto Zedillo (Chair)
Margaret C. Whitman
Francis S. Blake
The following are some of the duties of the Governance & Public Responsibility
Committee, which is responsible for overseeing the company's corporate governance
procedures and public responsibility initiatives:
Reviewing and approving the corporate governance rules and regulations of
the organisation.
Directing the company's public relations projects, such as its corporate
social responsibility and environmental activities.
Examining and approving the company's lobbying and political donation
actions.
Innovation & Technology Committee:
P&G's Innovation & Technology Committee in Australia is composed of the
following independent directors:
Margaret C. Whitman (Chair)
Carolyn M. Tastad
Nelson Peltz
The company's innovation and technology strategies are overseen by the innovation
and technology committee, which has the following duties:
Reviewing and approving the business's technology and innovation plans
and investments.
Managing the research and development efforts of the organisation.
Reviewing and approving the organization's IP rules and procedures.
In conclusion, P&G's corporate governance structure in Australia shows the
company's dedication to upholding moral and responsible business practises and
generating value for all of its stakeholders. P&G makes sure it has the right oversight
and competence to operate its business by forming committees to supervise particular
areas of operations and a Board of Directors made up of independent and diverse
persons. The organization's policies and practises around risk management,
compliance, and transparency further highlight its dedication to encouraging a culture
of ethical business behaviour.
P&G's dedication to good corporate governance is crucial for both its stakeholders
and the larger Australian business community. As a significant global organisation,
P&G can serve as a model for other Australian businesses with its corporate
governance policies and procedures. P&G can foster a culture of ethical business
behaviour and contribute to the expansion of sustainable business practises in
Australia by establishing high standards for corporate governance.
