Appointment of Hilary Galea-Lauri as the Chairman of the Group’s newly formed Audit Committee

Vassallo Group Malta are pleased to announce the appointment of Hilary Galea-Lauri as the Chairman of the Group’s newly formed Audit Committee. Mr. Galea-Lauri brings with him a wealth of experience, following a span of 38 years working at one of the Big 4 audit firms, retiring as an audit partner and Head of Audit late last year.

The Group’s Chairperson, Natalie Briffa Farrugia, expressed her confidence in Mr. Galea-Lauri’s expertise “which will go to enhance the Group’s corporate governance and financial oversight and transparency, fostering an open dialogue between the Audit Committee, management, and the Group’s external auditors”. “His deep understanding of audit processes, risk management, and regulatory compliance will be invaluable to our organisation”.

In his own words, Mr. Galea-Lauri shared his views on his new role: “I am honoured to be entrusted with leading the Group’s Audit Committee as its Chairman. My primary objective is to ensure the highest standards of transparency, accountability, and integrity in the Group’s financial reporting, besides upholding its strong ethical standards which are paramount. I will aim to foster a continued culture of openness and clarity in financial reporting, working closely with the Group’s Director of Finance, Stephen Borg, and his team, to ensure accurate and timely disclosures. As one of the stewards of shareholder interests and the interests of the Group’s wider stakeholders, I will review internal audit and compliance reports and risk management systems, proactively addressing risks to ensure resilience. Additionally, I look forward to collaborating closely with the Group’s CEO, Pio Vassallo, and the rest of the Board to enhance the governance structures the Group has in place”.

The Audit Committee will play a pivotal role in safeguarding the interests of our stakeholders. Beyond financial controls, Vassallo Group Malta recognises the importance of strategic risk management. “The formation of the Audit Committee, under the leadership of an independent chairman of Mr. Galea-Lauri’s caliber, underscores our commitment to excellence and reinforces our dedication to sound corporate governance”, stated Pio Vassallo. “We believe this initiative will enhance our ability to assess risks, maintain financial accuracy, and drive long-term value for our stakeholders”, adds Mr. Vassallo.

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Vassallo Group Malta is a diversified group of companies with a rich heritage spanning generations. Our commitment to innovation, ethical practices, and community engagement drives our success across various sectors. Learn more at www.vassallogroupmalta.com

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