ECIC IR 2023

Integrated Report 2023

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Materiality Determination Process

Stakeholder Feedback (Refer to pages 62-71) Input from internal subject matter experts, thought leaders and external stakeholders through workshops and interviews facilitated by our marketing and communication, and business development functions. Implementation of Stakeholder Management Framework and related Engagement Plans. Own Risk and Solvency Assessment (Refer to page 76) The ORSA process is an integral element of the Corporation’s risk governance system. It is designed primarily to satisfy the internal need to manage all material risks and ensure sufficient capital to meet solvency and business requirements. The ORSA identifies the relationship between risk management, and the level and quality of financial resources required and available. The assessment is conducted annually and can occur more frequently, if necessary. Approval of Integrated Report (Refer to page 8) The annual Integrated Report is reviewed and approved by EXCO, Audit Committee and Board for tabling in Parliament. Assurance is provided by the work performed by Internal Audit on the Quarterly Performance Reports and commentary received from both Internal Audit and External Audit on the Integrated Report. The Office of the CEO monitors and advises EXCO, Audit Committee and Board on any changes to the International Framework and on any additional assurance requirements.

Development of ECIC Strategy

Strategic Planning Sessions held in September each year where the following is discussed: 1) S trategic Themes for the year; 2) O ur external environment with an emphasis on outlook, products and pricing and research; 3) L egislative and regulatory developments, such as our compliance universe; 4) E merging risks; and 5) E conomic performance data and analysis regarding finance, investments and our portfolio. Strategic objectives and targets for a 3-year period are then finalised and submitted to the Shareholder for review in October. Included in this is an annual Materiality and Significance Framework approved by the Audit Committee. The final Strategic Plan is approved by the Audit Committee and Board in January each year for the Minister’s sign-off The Quarterly Performance Report is presented quarterly to the Audit Committee and Board for approval before submitting to the shareholder. Internal audit performs a review on each Quarterly Performance Report before the approval. In-Year Management Reporting (Refer to Governance on pages 58) Audit Committee approves an annual internal audit plan which is reported against quarterly. This identifies risks and weaknesses to be reported on by management. Quarterly feedback to Board Sub-Committees based on the implementation of Operational Plans linked to the Corporation Balanced Scorecard. Tracking of Performance (Refer to page 80)

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