REG - Indivior PLC - Annual Financial Report <Origin Href="QuoteRef">INDV.L</Origin> - Part 2

IndiviorAnnouncement

08/04/2016 13:25

- Part 2: For the preceding part double click  ID:nRSH6714Ua 

and regulations. This requires effective decision making
to ensure that the risks the business takes are assessed and appropriately
measured, whilst ensuring that there is overall resilience to risks the
business has limited control over through disaster recovery and business
continuity procedures.  Our overall risk management approach remains to foster
and embed a culture of risk management that is responsive, forward looking,
consistent and accountable. 
 
The Executive Committee helps to establish the risk agenda, for the reporting
and on-going management of risks and for the stewardship of the risk
management approach. The Executive Committee reviews the risk register on a
quarterly basis and identifies and assesses Indivior's principal risks on an
on-going basis. 
 
Risk control assurance 
 
The Board has overall responsibility for the Group's risk management
framework. The Board reviews the Group's principal risks with focus on the key
risk areas framework. The Board's Committees regularly review risks relevant
to their area of focus; this includes, but is not limited to, risks relating
to legal, financial and compliance matters. Assurance on risk controls is
provided by internal management information, internal audits, external audits
and Board oversight. There is also an externally supported whistleblowing
reporting system in place. 
 
(iii)           Related party transactions 
 
RB, the former parent, and RBP Global Holdings Limited (RBP), the previous
holding company of the Group, entered into a Transitional Services Agreement
(TSA) prior to the demerger. Pursuant to the terms of the TSA, RB is providing
Indivior with certain services on commercial terms and on an arm's length
transaction. Services include, but are not limited to, sales and marketing
services, and the provision of various back office services and support across
finance, HR, regulatory, IS, office space and facilities. The amount included
within administrative expenses in respect of these services is $9m. 
 
Adrian Hennah, the RB CFO, also sits on the Indivior PLC Board of Directors. 
 
Key management compensation is disclosed in Note 6a. 
 
The principal subsidiary undertakings included in the consolidated Financial
Statements at December 31, 2015 are disclosed in Note 2 to the Parent Company
Financial Statements. 
 
Appendix II 
 
Disclosure of Home Member State 
 
For the purposes of the Transparency Directive, the Home Member State of
Indivior PLC is the United Kingdom. 
 
This information is provided by RNS
The company news service from the London Stock Exchange