Corporate Credit Card Policy

Purpose

The purpose of this policy is to ensure corporate credit cards are issued and used appropriately for Vaxa related business, and all expenses incurred are properly approved and acquitted.

Scope

The Corporate Credit Card Policy sets out Vaxa’s policy on corporate credit cards (“Card”). It applies to all corporate credit cardholders (“Cardholder”), managers responsible for authorising credit card applications, and approvers of the Cardholder’s acquittals.

Responsibilities

• All employees who are issued with a Corporate Credit Card are responsible for ensuring that the Card is used appropriately and in accordance with this policy.
• Managers are responsible for ensuring that their staff are aware of and comply with this policy, including the acquittal of expenses.
• The Finance team is responsible for the administration of the Card program, including the issuing of Cards, setting of limits, and monitoring of Card usage.

Policy/Process/Standard

Corporate Credit Cards must be used appropriately within relevant delegations, and in accordance with Vaxa policies and legislation.

Issuing of Corporate Credit Cards

The purpose of the Card is to facilitate and simplify the purchasing process for minor purchases and travel expenditure which are not able to be processed through Vaxa’s Purchase Order process.

The Card will only be issued to an employee who:

• is required to travel for business purposes; and/or
• can demonstrate an ongoing and regular need to purchase goods or services on behalf of a Group or Team which is best facilitated through the use of a credit card. Examples include paying for training courses, professional fees, publications, catering or any purchase where a credit card is the only acceptable form of payment.

Both ongoing and non-ongoing employees can apply for the Card provided they have a genuine business need such as that specified above.

Contractors will not be eligible for the Card. The exception to this is where a contractor is working on a long term contract for Vaxa, and will be required to undertake frequent travel as part of that engagement.

Credit Card Limits

Standard transaction and monthly limits are as follows

Variations to the standard limits must be supported by genuine business need and approved by the Managing Director only.

Limits are subject to annual review.

Cancellation of Corporate Credit Cards

The Card is not transferable and may be cancelled by Finance when:

• the Cardholder ceases employment with Vaxa
• the Cardholder no longer requires the Card because of a change of duties or positions
• the Cardholder is taking an extended period of absence of three months or more
• the Cardholder fails to comply with any Managing Director’s direction, Vaxa’s policies or procedures relating to the use of the Card
• requested to do so by a partner; or
• the Card has not been used for more than twelve months.

General Terms of Use

Cardholders must obtain approval from an appropriate financial delegate before using the Card to pay for their own business expenses e.g. professional membership, training, travel etc., see Instrument of Delegations—Financial Authorisations.

Direct debit authorities must not be placed on the Card except where business conditions necessitate and are approved by the Managing Director.

Centrally purchased items such as assets, IT equipment, property/equipment, stationery and insurance should only be purchased by the Managing Director, unless the Cardholder has obtain specific approval from the respective teams to purchase items separately on the Card.

Compliance and Monitoring

Misuse of the Card is a serious matter and may constitute a breach to this policy.

Penalties apply for fraud or misuse of the Card under the Crimes Act 1914. Cardholders may be liable for any loss to Vaxa.

Suspected or inadvertent misuses of the Card must be reported, investigated and dealt with in accordance with the Corporate Credit Card Procedures. Disciplinary action against the cardholder includes, and is not limited to, a warning, full recovery of monies, criminal proceedings, or other direction at the discretion of the Managing Director.

Non-compliance with this policy may result in the cancellation of the Card and/or disciplinary action, up to and including termination of employment.

Related Documents and Legislation

None.