Seasoned auditor Hilary Galea-Lauri has been appointed Chairman of Vassallo Group’s newly-formed Audit Committee, the company announced on Friday (today).

Mr Galea-Lauri is vastly experienced in assurance, audit quality and readiness, having previously worked at corporate services provider KPMG Malta for 38 years. He stepped down from the role last year, yet has taken on a number of other board-level positions at different organisations including within the education sector and at a payments company.

Vassallo Group Chairperson Natalie Briffa Farrugia expressed confidence in Mr Galea-Lauri’s expertise, stating that he will “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,” she added.

Commenting on his new role, Mr Galea-Lauri said that he is honoured to have been entrusted with the position, explaining that his 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.”

He remarked that his aim is to foster a “continued culture of openness and clarity in financial reporting,” while also working closely with Director of Finance Stephen Borg and his team to ensure “accurate and timely disclosures.” He will be tasked with reviewing internal audit and compliance reports and risk management systems, addressing risks in order to “ensure resilience.”

“Additionally, I look forward to collaborating closely with the group’s CEO, Pio Vassallo, and the rest of the Board of Directors to enhance the governance structures the group has in place,” Mr Galea-Lauri affirmed.

From his end, Mr Vassallo noted that the formation of Vassallo Group’s Audit Committee, under the leadership of an independent Chairman of Mr Galea-Lauri’s calibre, highlights the group’s “commitment to excellence” and reinforces its “dedication to sound corporate governance.”

“We believe this initiative will enhance our ability to assess risks, maintain financial accuracy, and drive long-term value for our stakeholders,” he continued.

Vassallo Group is a diversified group of companies that operates in a wide range of sectors, including property and construction, furniture and interiors, elderly and disability, catering, hospitality, architecture, energy, and education.