annual report 2011

IOOF | annual report 2011
Directors’ report (cont’d)
The Directors are not aware of any other matter or
circumstance not otherwise dealt with in this report, or the
accompanying financial statements and notes thereto, that has
arisen since 30 June 2011 that has significantly affected, or may
significantly affect:
a the Group’s operations in future financial years,
b the results of those operations in future financial years, or
a the Group’s state of affairs in future financial years.
Environmental regulation
The Group is not subject to significant environmental
regulation.
Non-audit services
The directors are satisfied that the provision of non-audit
services, during the year, by the auditor (or by another person
or firm on the auditor’s behalf) is compatible with the general
standard of independence for auditors imposed by the
Corporations Act 2001.
• fees earned from non-audit work undertaken by KPMG are
capped at 1.0 times the total audit fee;
• all non-audit services have been reviewed and approved to
ensure that they do not impact the integrity and objectivity
of the auditor; and
• none of the services undermine the general principles
relating to auditor independence as set out in Code
of Conduct APES 110 Code of Ethics for Professional
Accountants issued by the Accounting Professional &
Ethical Standards Board, including reviewing or auditing the
auditor’s own work, acting in a management or decisionmaking
capacity for the Company, acting as advocate for
the Company or jointly sharing economic risks and rewards.
Amount paid/payable
Non-audit service 2011 $ 2010 $
Taxation services 332,880 446,680
Consultancy services 87,292 51,772
Total 420,172 498,452
Lead auditor’s independence declaration
The lead auditor’s independence declaration is included on
page 45 of the Annual Report and forms part of the Directors’
Report for the financial year ended 30 June 2011.
Rounding off of amounts
The Company is a company of the kind referred to in ASIC
Class Order 98/100, dated 10 July 1998, and in accordance with
that Class Order amounts in the Annual Financial Report are
rounded off to the nearest thousand dollars, unless otherwise
indicated. The amounts disclosed in the Directors’ Report (with
the exception of the Remuneration Report) are rounded off to
the nearest thousand dollars but expressed in whole dollars,
unless otherwise indicated.
Information on Directors
Mr I Blair OAM, MMgt, FCA.
Chairman - Non-Executive Director. Age 64.
Experience and expertise
• Non-Executive Director of IOOF Holdings Ltd since 2002.
• Extensive experience in the fields of finance, accounting,
audit and taxation with accounting firm Deloitte Touche
Tohmatsu. Responsible for management of Deloitte as
Managing Partner and CEO between 1989 and 1997.
Other current directorships
• Capral Ltd (Director since 2006).
Special responsibilities
• Group Chairman of IOOF Holdings Ltd since 2005.
• Ex officio Status of all Board Committees.
• Chairman of the Remuneration and Nominations
Committee.
Shares in IOOF Holdings Ltd (as at the date of
this report)
• 9,677 ordinary shares held directly.
• 25,412 ordinary shares held indirectly.
Dr R Sexton AM B.Ec. (Hons), M.Ec. Ph.D (Econ), FAICD, FAIM.
SFFin, C. P Mgr, C.Univ
Deputy Chairman - Non-Executive Director. Age 61.
Experience and expertise
• Non-Executive Director of IOOF Holdings Ltd since 2002.
• Over twenty years experience in senior management
in finance and the investment banking industry and a
specialist in the areas of corporate reconstruction, mergers
and acquisitions, and asset management. Dr Sexton is also a
member of the Australian Accounting Standards Board.
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