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Journeys : Oct Nov 2011
2010/11 8. SUBSEQUENT EVENTS 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 Harvey Lennon, 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 of ficer, to the extent permit ted 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 H G Lennon, B.Com., CPA, GAICD, Company Secretary, was appointed to the role in December 2010. 12. AUDITORS INDEPENDENCE DECLARATION The Auditors independence declaration is included in page 11 of the financial report. October / November 2011 65
MNJ Aug Sep 2011