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Journeys : Oct Nov 2010
RACT Annual Report 09–10 8 Directors’ Report * Director not a member of this committee Mr D M Catchpole Mr C J Langdon Mr R H Holmes MrBFClark MrPADixon Mrs K A Westwood MrACStaceyAM MrECBestAM,JP Board /Commit tee Board Road & Traffic Audit & Risk Management Investment Governance & Remuneration Total meetings held during 2009/2010 12 6 6 4 2 Director Attendance at Meetings J M Archer 11 4 * * * E C Best AM JP 9 5 * 3 1 D M Catchpole 11 * * * * B F Clark 10 6 * * * P A Dixon 10 6 * * * R H Holmes 11 * 6 4 * P J Joyce 12 * 6 4 2 C J Langdon 12 * 6 4 * R S Locke 11 * * 1 (to 11/11/09) 2 S E Slade 12 6 * 3 (from 11/11/ 09 ) 2 A C Stacey AM 8 3 (from 11/11/09) * 2 * K A Westwood 9 * 4 * * RACT Annual Report 09–10 9 2009 10 Directors’ Report Board/Committee Board Road & Traffic Audit & Risk Management Investment Governance & Remuneration Total meetings held during 2009/2010 12 6 6 4 2 Director Attendance at Meetings J M Archer 11 4 * * * E C Best AM JP 9 5 * 3 1 D M Catchpole 11 * * * * B F Clark 10 6 * * * P A Dixon 10 6 * * * R H Holmes 11 * 6 4 * P J Joyce 12 * 6 4 2 C J Langdon 12 * 6 4 * R S Locke 11 * * 1 (to 11/11/09) 2 S E Slade 12 6 * 3 (from 11/11/09 ) 2 A C Stacey AM 8 3 (from 11/11/09) * 2 * K A Westwood 9 * 4 * * 8. SUBSEQUENT EVENTS Since balance date the consolidated entity has entered into an agreement with Hunter Travel Group Pty Ltd to form the jointly controlled entity, RACT Travel Pty Ltd. Effective 1 July 2010, RACT Ltd’s travel business net assets were transferred to the new travel company which will continue to operate within the RACT branch network. There are no other matters or circumstances that have arisen since the end of the financial year that has significantly affected, or may significantly affect, the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in future financial years. 9. INDEMNITY OF OFFICERS AND AUDITORS During the financial year, the company paid a premium in respect of a contract insuring the directors of the company (as named above), the company secretary, Mr Greg Goodman, and all other executive officers of the company and of any related body corporate, against a liability incurred as such a director, secretary or executive officer, to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. The company has not otherwise, during or since the financial year, indemnified or agreed to indemnify an officer or auditor of the company or of any related body corporate against a liability incurred as such an officer or auditor. 10. CORPORATE GOVERNANCE As at the date of this report, the Board comprised twelve directors. The board meets on a monthly basis and its primary functions include: (a) the approval of the annual financial statements and the supervision of external audit activities; (b) the establishment of the long term goals of the company and strategic plans to achieve those goals; (c) the review and adoption of annual budgets for the financial performance of the company and monitoring the results on a regular basis; (d) ensuring that the company has implemented adequate systems of internal controls; and (e) appropriate monitoring of compliance and internal audit activities. All directors have the right to seek independent legal and accounting advice (at the company’s expense) concerning any aspect of the company’s operations or undertakings. 11. COMPANY SECRETARY Mr G Goodman MAICD, Company Secretary, appointed to the role in 1999. 12. AUDITORS INDEPENDENCE DECLARATION The Auditors independence declaration is included in page 11 of the financial report.
Aug Sep 2010