The board has established five standing committees as an efficient mechanism for considering detailed issues and making recommendations for consideration by the entire board. These committees operate under terms of reference which set out the matters relevant to the composition, responsibilities and administration of each committee. Current committees of the board include:
Audit and Risk Committee
The Board of Cochlear Limited has established an Audit and Risk Committee to consider and review accounting issues, financial reporting, risk management and internal controls. The Audit and Risk Committee is guided by the Audit and Risk Committee Terms of Reference.
Medical Science Committee
The Board of Cochlear Limited has established a Medical Science Committee to assist the Board discharge its responsibility in relation to the medical aspects of the company's implantable devices program. The Medical Science Committee is guided by the Medical Science Committee Terms of Reference.
The Board of Cochlear Limited has established a Nomination Committee. Amongst other things, the Nomination Committee makes recommendations as to the board on appointing any new executive or non-executive directors, taking into account the board's size, composition and effectiveness. The Nomination Committee is guided by the Nomination Committee Terms of Reference.
People and Culture Committee
The People and Culture Committee's function is to oversee company remuneration and compensation plans, policies and procedures. The People and Culture Committee monitors, reviews and approves changes to the levels of remuneration received by any executive director and senior executives. The People and Culture Committee is guided by the People and Culture Committee Terms of Reference.
Technology and Innovation Committee
The board established a Technology and Innovation Committee for the purpose of providing the board with the understanding of Cochlear's technology programs, priorities and resource allocation. This contributes to the board's oversight of the technology strategy. The Technical and Innovation Committee is guided by the Technology and Innovation Committee Terms of Reference.