| Finance, Legal and Investment Committee
The Finance, Legal and Investment Committee (FLIC) was established by the ILC Board following the McGrathNicol review of ILC Corporate Governance in 2012–13. The FLIC’s primary purpose is to provide high-level oversight of key financial and legal processes and strategies of the ILC, its subsidiaries and other major business investments.
Specifically, the FLIC:
• Oversights the ILC’s consolidated financial strategy and performance and issues pertaining to subsidiary performance that may impact on its budget or strategy
• Monitors the ILC investment portfolio
• Oversights the performance of subsidiaries and major business investments
• Reviews subsidiary constitutions and relevant governing documentation for major business investments to ensure consistency with ILC legislative, governance, reporting and related requirements
• Oversights significant legal actions
• Ensures that formal and continuing processes are in place to identify and/or recommend legislative and regulatory changes.
Committee members are Mr Ian Ward-Ambler (independent Chair) and ILC Directors Ian Trust, Lisa Gay and Neil Westbury. The Committee held its first meeting in February 2014 and met on three occasions during 2013–14.
The FLIC is governed by a charter, which is reviewed annually.
The Committee’s main activities have been around reviewing recommendations from the McGrathNicol Review of the acquisition of Ayers Rock Resort.
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