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Journeys : Oct Nov 2011
2010/11 Mr S E Slade (President) Ms J M Archer Directors’ Report In respect of the year ended 30 June 2011, the directors of The Royal Automobile Club of Tasmania Limited (RACT Ltd) present the following report made out in accordance with a resolution of the directors. 1. DIRECTORS The names of the directors during and since the end of the financial year are: Mr S E Slade (President) Mr P J Joyce (Vice President) Mrs K A Westwood (Vice President) Ms J M Archer MrECBest,AM,JP Mr D M Catchpole MrBFClark MrPADixon Mr R H Holmes Mr C J Langdon MrRSLocke Mr A C Stacey, AM Directors are all members in accordance with the Constitution. Directors’ qualifications and experience are provided in section 13 of this report. 2. PRINCIPAL ACTIVITIES The principal activities of the consolidated entit y are to act as a roadside assistance provider, travel agent and general insurance distributor. 3. FINANCIAL RESULTS OF THE CONSOLIDATED ENTITY The consolidated entity’s total comprehensive income for the year ended 30 June 2011, was $4,887,831 (2010, $2,605,749). 4. REVIEW OF OPERATIONS A review of operations is included in the Chairman’s Report which accompanies this report. 5. SIGNIFICANT CHANGES IN STATE OF AFFAIRS Effective 1 July 2010 the consolidated entity entered into an agreement with Hunter Travel Group Pty Ltd to form the jointly controlled entit y, RACT Travel Pty Ltd. RACT Ltd’s travel business net assets were transferred to the new travel company which continues to operate within the RACT branch network. 6. FUTURE DEVELOPMENTS Disclosure of information regarding likely developments in the operations of the consolidated entity in future financial years and the expected results of those operations is likely to result in unreasonable prejudice to the consolidated entity. Accordingly, this information has not been included in this report. 7. MEETINGS OF DIRECTORS During the financial year, 34 meetings of directors (including committees) were held. The number of meetings attended by each director during the year is disclosed in the following table. The company has an Audit & Risk Management Committee which met 6 times during the financial year. The members of this committee are Mr R H Holmes (Chair), Mr P A Dixon, MrPJJoyce,MrCJLangdonandMrRSLocke.TheAudit & Risk Management Commit tee’s main responsibilities are to ensure that the audit process (both external and internal) is ef fective, that external reporting and corporate governance responsibilities are addressed, and that internal control and risk management structures are appropriate. Mr P J Joyce (Vice-President) Mrs K A Westwood (Vice-President) October / November 2011 63
MNJ Aug Sep 2011