2004-05 Annual Report - Australia Post

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isk in specific areas such as fraud, the environment, injury prevention and management, legislative compliance, fire safety and emergency procedures and business continuity planning. The potentially adverse financial impacts associated with catastrophic risk exposures are limited by the purchase of appropriate insurance cover. The ongoing effectiveness of the corporation’s risk management framework is reviewed annually by the board. Also, to ensure the maintenance of best practice, independent external reviews of risk management across the corporation are commissioned periodically. The most recent such review, completed in December 2004 by Deloittes, confirmed that Australia Post’s risk management processes compared favourably with “better practice” in other comparable organisations. Internal control framework The corporation’s internal control framework covers multi-faceted components that apply across intersecting control categories, control objectives, control activities and business units and processes. The framework is consistent with the model defined by the Committee of Sponsoring Organisations (COSO) of the Treadway Commission, with strategic, financial, operational and compliance elements established across the COSO internal control layers. These include financial planning and reporting, capital expenditure appraisal procedures, authority delegation, due diligence examination and procurement contract tendering, senior management review forums, extensive polices and procedures, expenditure gating, external performance reporting and corporation-wide risk management practices. Financial reporting and business system integrity are assured through the maintenance of detailed information technology and operating procedure manuals. Consistent with the ASX Corporate Governance Council’s best practice recommendation (Principle 7), before adopting the 2004–05 financial statements the board received written confirmation from the managing director and the chief finance officer that the integrity of the statements was founded on a sound system of risk management and internal compliance and control. Treasury A comprehensive and prudent treasury policy has been established to manage liquidity, interest rate, foreign exchange and fuel price risk. Reviewed by the board at least annually, the policy provides for the use of hedging instruments to protect the corporation against adverse movements in interest rates and minimise the impact of volatility in foreign exchange rate and oil price movements. The aim is to ensure reasonable certainty against budget estimates and in the cost of imported capital equipment and other supplies. Established treasury procedures incorporate risk control principles of segregation of duties, dual control access and independent reconciliations. A Treasury Risk Management Committee determines appropriate hedging strategies within the policy parameters. Treasury activities are reported regularly to the board and are subject to annual review by auditors. Corporate security The Corporate Security Group has responsibility for ensuring the integrity of the mail and the safety of Post’s personnel and other assets. This specialist group maintains close internal working relationships with the legal, risk and audit areas, as well as externally with international, national, state and territory law enforcement authorities. Trade practices To facilitate compliance with the relevant legislation Post has a dedicated trade practices compliance officer responsible for a national trade practices compliance program. In addition to undertaking comprehensive biennial trade practices training, the corporation has in place a detailed formal clearance process for all promotional and advertising material. Privacy Directors’ attendance at meetings, 2004/05 The corporation also has a full-time chief privacy officer responsible for the maintenance of a national privacy compliance program. Detailed policies, processes and procedures are in place to safeguard customers’ personal information and to foster a corporate culture that values privacy. BOARD HUMAN AUDIT RESOURCES COMMITTEE COMMITTEE (a) (b) (a) (b) (a) (b) Linda Nicholls 11 11 6 5 David Mortimer 11 10 4 4 Graeme John 11 11 6 6 Mark Birrell 11 11 6 6 Margaret Gibson 9 9 3 3 Peter McLaughlin 11 11 6 5 Sandra McPhee 11 11 4 4 Edward Tweddell 11 11 4 4 Ian Warner 9 9 (a) Number of meetings held while a director/committee member (b) Number of meetings attended Australia Post Annual Report 2004/05 Report of Operations Corporate governance | 55 |
| 56 | ORGANISATIONAL STRUCTURE Australia Post is comprised of the following board and management structure. The board sets the corporation’s objectives, strategies and policies. Led by a non-executive chairman, the board comprises up to eight non-executive directors and one executive director (the managing director). The managing director is responsible for the day-to-day management of the corporation and is also a member of the board. The senior management team (outlined below) is responsible for key business and support functions. Mail & Networks Commercial Products & customised services Finance Corporate Infrastructure Services Business Support The executive committee (pictured right) is the peak body of senior managers. It advises the managing director on operational matters and is responsible for the formulation of strategies and policies for consideration by the board. General Manager Jim Marshall Managers: National Logistics Terry Sinclair Major Change Peter McBride Finance & Business Performance Les Pradd Human Resources Peter Rogan Communications Ian Cropper Business Planning Mike Forster State M&ND Managers: NSW/ACT Terry Taylor Vic/Tas Steve Ousley Qld William Wilson SA/NT Gary Prior WA Mike Owen General Manager Bill Mitchell Group Managers: Retail Services Amber McDougall Retail Channels and Infrastructure Elizabeth Button Financial Services Terry Stephens Commercial Services Elizabeth Grant Philatelic Noel Leahy Parcels Chris Koo Managers: Commercial Development Karen Ryan-Cowell Human Resources Peter Godfrey State Commercial Managers: NSW/ACT Mark Warren Vic/Tas Peter Lavis Qld Helen Brodie SA/NT Bevan Adams WA David Eaton Letters Group Manager Allan Robinson International Group Manager Peter Morrison Post Logistics General Manager Alec Ceselli Courier and Mailroom Services General Manager Geoff Cook Geospend General Manager Vicki Miller EDI Post Manager (Acting) Frank Forgione Chief Finance Officer Peter Meehan Group Financial Controller Michael Tenace Group Managers: Finance, Commercial Brian McCraith Superannuation Angus McKenzie Financial Strategy and Sustainability Alan Marshall Taxation Peter Dimech Product and Commercial Analysis Drew Downie Shared Services General Manager (Acting) Arthur Skipitaris Managers: Treasury Errol Dorfan Finance, Corporate Infrastructure Services Martin Lobb General Manager Mark Howard Group Managers: Technology Services Andrew Howlett Corporate Sourcing Rob Loats Corporate Real Estate Adam Treffry Managers: Refresh Project Jill Malyaris / Denise Dyer Human Resources Kim Maybery Human Resources Group Manager Rod McDonald Group Executive Officer David Barker Corporate Secretary Michael McCloskey Corporate Strategy Group Manager Shane Morris Corporate Public Affairs Group Manager Stephen Walter Corporate Audit Group Manager David Mallard Corporate Security Group Manager John Sharp International Treaty and Policy Group Manager Chris Grosser General Counsel vacant
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Australia Post Annual Report 2004/0
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Sydney Parcel Facility, Chullora, N
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| 2 | PERFORMANCE AGAINST TARGETS
Page 7 and 8: | 4 | ABOUT OUR BUSINESS With our l
Page 9 and 10: REPORT | 6 | Australia Post Annual
Page 11 and 12: DIRECTOR’S REPORT | 8 | Australia
Page 13 and 14: | 10 | FINANCIAL RESULTS Five-year
Page 15 and 16: | 12 | OUR YEAR IN SUMMARY This yea
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Page 19 and 20: 5 The agreement offers the benefits
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Page 29 and 30: | 26 | In October 2004, we opened a
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Page 35 and 36: | 32 | Growth was particularly stro
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Page 55 and 56: | 52 | CORPORATE GOVERNANCE General
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Page 69 and 70: 60 Understanding our statements 62
Page 73 and 74: REVENUE STATEMENT OF FINANCIAL PERF
Page 75 and 76: OPERATING ACTIVITIES Cash received
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RESERVED / NON-RESERVED SERVICES ES
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STATUTORY REPORTING REQUIREMENTS IN
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° realising the full benefits of t
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03. AUSTRALIA POST OUTLETS AT 30 JU
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AUSTRALIA POST - THE STATISTICS FOR
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2004-05 Annual Report - Australia Post

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