TORONTO HYDRO 2014 CORPORATE RESPONSIBILITY REPORT 77 INTRODUCTION MATERIALITY AND STAKEHOLDER ENGAGEMENT OUR WORKFORCE SUSTAINABLE BUSINESS AND OPERATIONS OUR ENVIRONMENTAL FOOTPRINT SUPPORTING OUR COMMUNITY GOVERNANCE AND ETHICS Internal Audit Internal Audit is an independent and objective business unit within Toronto Hydro Corporation that provides objective assurance and consulting services designed to add value and improve operations. Internal Audit uses a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, internal control procedures and governance processes to support management. Through active engagement, Internal Audit promotes and embeds a proactive risk management culture throughout the organization. The Internal Audit function maintains its independence through its reporting structure with a direct reporting line to the Corporation’s Chair of the Audit Committee. Internal Audit maintains an “Audit Universe” that is aligned with the various business functions at Toronto Hydro Corporation. This “Audit Universe” is organized by auditable entities, which are individually assessed for risk with the executive, annually, if not more often, to confirm and update the risk assessment and identify emerging risks and opportunities. High and medium risk areas are audited based on established cycles ranging from two to five years. Internal Audit also provides advisory services on internal control design, governance and other projects as requested by the Board of Directors or executive. Management approach to anti-corruption Corresponds with Toronto Hydro’s Material Aspect: Communications and Education Toronto Hydro Corporation takes organizational corruption and conflict of interest situations seriously. The Code of Business Conduct provides direction to directors, officers and employees on how to conduct operations, with the highest standards of integrity, honesty and professionalism to meet our legal obligations in addition to our responsibility to society, to our customers and to colleagues. The Code identifies areas of potential conflict including personal outside business interests, political activity, the acceptance of gifts, relations with suppliers and customers, and property transactions. The Code provides guidance on when such conflicts may exist, sets out how to obtain advice regarding potential conflicts and establishes reporting mechanisms for conflicts, including an anonymous reporting hotline to the Ethics Officer. The Code establishes principles to help employees make ethical business decisions and requires all employees to act in accordance with both the letter and the spirit of all laws and regulations applicable to the conduct of our business. Employees are expected to be sufficiently familiar, and act in accordance, with any laws that apply to their work, to recognize potential liabilities, and to know when to seek legal advice. If in doubt, the Code requires that they promptly seek clarification from Toronto Hydro’s General Counsel. Employees must never commit or condone an illegal or improper act relating to Toronto Hydro’s affairs, or instruct another employee, business partner or contractor to do so. All consultants, suppliers and contractors are to be made aware of the content of the Code. Each consultant, supplier and contractor shall either be provided with a copy of the Code or referred to the dedicated page on the Corporation’s website each time an agreement to provide goods or services is executed, or upon any change to the Code.
Toronto Hydro 2014 CR Report_FINAL
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