Australian Wool Innovation (AWI) Chairman Jock Laurie has welcomed the Australian National Audit Office (ANAO) report on whether AIWI is largely complying with the Statutory Funding Agreement (SFA) with the Australian Government.
The report found:
- AWI is largely effective in meeting the requirements of the SFA.
- AWI's management and governance arrangements are largely fit-for-purpose.
- AWI is largely effective in applying the performance principles under the SFA.
- AWI's arrangements for the management of funds are largely effective.
There were six recommendations to AWI aimed at improving:
- board performance reviews;
- the development and maintenance of a balanced portfolio;
- measurement and reporting on improvements in administrative efficiency;
- arrangements to determine eligible research and development (R&D) processes for preparing matching payment claims;
- and risk management.
AWI has agreed to implement all recommendations.
In his letter to the Auditor General Grant Hehir in May when he responded to the draft report Mr Laurie wrote:
"AWI is proud of the research, development and marketing work it undertakes on behalf of Australian woolgrowers in accordance with the Statutory Funding Agreement (SFA).
We note that the audit coincided with the implementation of new frameworks and programs to improve our performance and measurement systems.
Our sole purpose is to invest in both R&D and marketing projects which will enhance the profitability, international competitiveness and sustainability of the Australian wool industry.
We aim to increase value, demand and market access for Australian wool through collaboration and consultation with stakeholders, investment in research, development, extension and marketing initiatives whilst collaborating and consulting with stakeholders.
AWI's agrees with all the recommendations as presented in the Section 19 draft report as we are always seeking ways to continually improve all areas of governance within the company and are already taking steps to implement improvements in several key areas".
The full ANAO report can be found at https://www.anao.gov.au/work/performance-audit/australian-wool-innovation
