Stralian Hearing Annual Report 2003â04 - Australian Hearing

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MR MICHAEL SHEPHERD, FSIA | CHAIRPERSON AND NON-EXECUTIVE DIRECTOR Vice-chairman Australian Stock Exchange Limited. Director of the Shepherd Centre for Hearing-Impaired Children, director of the Committee for Sydney, and national vice president and chairman for the NSW Council of the Securities Institute of Australia. Member and chairman of the Australian Hearing audit and risk management committee. Fellow of the Securities Institute of Australia. Appointed acting chairman 1 July 1988, chairman 8 February 1999. Current term expires 13 April 2005. MS JENNIFER HARRIS, BA, LLB | NON-EXECUTIVE DIRECTOR Barrister and solicitor. Director of Defence Housing Authority. Principal legal officer and solicitor to the ABC. Advised and appeared before the Australian Law Reform Commission, state and federal Parliamentary committees, the Copyright Tribunal and various Royal Commissions. Specialises in intellectual property, defamation, media, entertainment and communications law. Honorary legal advisor to NSW Medical Women’s Society and member of St James Ethics Centre. Appointed 29 November 2000. Current term expired on 14 November 2003. MR MICHAEL BATCHELOR, BENG (HONS) MENGSC MBA | NON-EXECUTIVE DIRECTOR Head of NSW operations, Maunsell Australia. Member of the executive committee of the Committee for Sydney. Fellow of the Institution of Engineers Australia. Member of the Australian Institute of Company Directors. Appointed 24 June 2002. Current term expires 18 June 2005. MR THOMAS O’BRIEN AM, BCOM (HONS), BECON FCA FCPA | NON-EXECUTIVE DIRECTOR AND CHAIRPERSON OF THE AUDIT AND RISK MANAGEMENT COMMITTEE Chief executive officer then national chairman of Ernst & Young Australia. Serves on boards including Defence Housing Authority, Fiduciary Trust International Australia Ltd, Mercy Health and Aged Care Inc and Virtual Communities Ltd. Chairman of Church Resources, CCI Investment Management Ltd, Healthpoint Technologies Limited and Safe Effect Technologies Ltd. Appointed January 2002. Current term expired on 14 November 2003. PROFESSOR FIELD RICKARDS, BSC (HONS) MED PHD | NON-EXECUTIVE DIRECTOR Professor, education of hearing-impaired children, head of Deafness Studies Unit, and vice-president of academic board, University of Melbourne. Previously, senior lecturer in audiology in the department of Otolaryngology in the faculty of medicine. First appointed to University of Melbourne as lecturer in 1973, and established Australia’s first post-graduate training in audiology in 1974. Fellow of the Audiological Society of Australia. Appointed 24 June 2002. Current term expires 18 June 2005. MS ANTHEA GREEN, BA | MANAGING DIRECTOR Worked in health for 20 years at chief executive level in public, private and not-for-profit sectors. Last few appointments have been General Manager, Royal Hospital for Women Sydney, CEO of the Victorian Transport Accident Commission Rehabilitation Centre, CEO of Southern Health New Zealand and CEO of the National Heart Foundation of Australia. Appointed 23 October 2002. 36 AUSTRALIAN HEARING ANNUAL REPORT 2003–04 DIRECTORS’ REPORT 37
Corporate Governance statement THE BOARD HAS DELEGATED AUTHORITY FOR THE OPERATION AND ADMINISTRATION OF AUSTRALIAN HEARING TO THE MANAGING DIRECTOR. • require and monitor legal and regulatory compliance including compliance with accounting standards, OH&S and other statutory requirements; • approve annual accounts, annual report and other public documents and sensitive reports; • ensure an effective system of internal controls exist and operate as expected. The board met eight times during the year to perform the functions described above. BOARD OF DIRECTORS The functions of the board of directors are to: • formulate the strategic direction for Australian Hearing; • approve and review the overall corporate strategies and significant policies such as the corporate and operational plans and budget; • ensure that adequate risk management processes exist and are being used; • provide guidance to senior management and meet regularly and effectively as a board; • ensure the organisation’s long-term viability and enhance its financial position; • approve and monitor financial reporting and capital management; • agree to KPIs; • ensure that Australian Hearing has appropriate corporate governance structures in place, including standards of ethical behaviour, and a culture of corporate and social responsibility; • monitor/assess performance of the organisation including the board, management and major projects; • monitor developments in the industry and the operating environment; AUDIT AND RISK MANAGEMENT COMMITTEE The Audit and Risk Management Committee of the board has the following objectives: • understand, monitor and enhance the management and internal control framework necessary to manage the business; • ensure Australian Hearing has appropriate risk identification and management practices in place; • provide assurance that Australian Hearing is conducting its affairs ethically and is maintaining effective controls against employee conflict of interest and fraud; • provide assurance that financial disclosures made by management reasonably portray Australian Hearing’s financial condition, results of operations, plans and long-term commitments; • continue to improve the objectivity and quality of significant financial information; • assist the board to review corporate policies relating to compliance with laws and regulations and other obligations. The Audit and Risk Management Committee comprises two non-executive directors, Mr Michael Shepherd and Mr Michael Batchelor, following the retirement of Mr Tom O’Brien AM as Chairman. The committee assists the board in fulfilling its responsibilities. Internal auditing was outsourced to Deloitte Touche Tohmatsu up to 23 March 2004. Price Waterhouse Coopers was appointed from 24 March 2004. The committee monitored major tender processes and the implementation of new supply contracts. Regular reports are received from management and internal and external auditors, and recommendations for improved internal controls, processes and efficiencies were implemented. The committee meets at least once a year with the auditors, independent of management. 38 AUSTRALIAN HEARING ANNUAL REPORT 2003–04 CORPORATE GOVERNANCE STATEMENT 39
Page 1 and 2: Australian Hearing Annual report 20
Page 3 and 4: Table of contents Australian Hearin
Page 5 and 6: Message from the Chairman Australia
Page 7 and 8: The year in review AUSTRALIAN HEARI
Page 9 and 10: OUR MISSION Australian Hearing prov
Page 11 and 12: and in Canberra and Newcastle) to c
Page 13 and 14: Corporate services Quality at work
Page 15 and 16: these include Hear & Now, Australia
Page 17 and 18: The support activity review aimed t
Page 19 and 20: Our clients “Grace has helped her
Page 21: • A study on Factors Affecting Sp
Page 25 and 26: 42 AUSTRALIAN HEARING ANNUAL REPORT
Page 27 and 28: Statement of financial position AS
Page 29 and 30: Fair and deprival values for each c
Page 31 and 32: NOTE 2 ADOPTION OF AUSTRALIAN EQUIV
Page 33 and 34: NOTE 9 CURRENT ASSETS 9a RECEIVABLE
Page 35 and 36: NOTE 11 PROVISIONS AND PAYABLES CUR
Page 37 and 38: NOTE 20 FINANCIAL INSTRUMENTS Float
Page 39 and 40: APPENDIX 2. BOARD ATTENDANCE Direct
Page 41 and 42: Note: permanent centres indicated b

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Stralian Hearing Annual Report 2003â04 - Australian Hearing