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FINANCE, AUDIT & RISK COMMITTEE David Coogan [Chair] PricewaterhouseCoopers Greg Cantor Australian Catholic Superannuation & Retirement Fund Ann Drohan HESTA Super Fund Maryann Mannix-White AIST Stephen Miller AIST Andrew Proebstl legalsuper Fiona Reynolds AIST Katiana Velcek AIST David Coogan, Finance, Audit & Risk Committee Chair The audited accounts for the year ended 31 December 2010 are included with this report. Income for the year was $7,090,725 compared to $5,919,974 in the 2009 financial year. This included membership income of $822,059 (2009: $630,415), event registrations and sponsorship income of $4,756,846 (2009: $3,797,674) and training and compliance income of $1,148,810 (2009: $1,035,798). Income for the 2010 year increased on the previous year due to an increase in income (from CMSF, ASI etc) together with income from the Global Dialogue, which did not occur in 2009. The overall result for the year was a surplus of $278,110 compared with a loss of $26,579 in 2009. This is a very good result for AIST and our members who have supported the organisation and will help fund further trustee training initiatives in future years. AIST’s balance sheet includes net assets of $1,911,235 (2009: $1,633,125). At a Finance, Audit and Risk Committee level we held six meetings in 2010 with the committee not just focussing on financial management issues, but also risk management and compliance matters. I would like to thank the committee members for their active contribution during the year. Expenditure for the year was $6,787,605 (2009: $5,921,608). This expenditure included $2,977,909 (2009: $2,782,255) in office salary and wages expenses and event-related expenditure of $1,753,991 (2009: $1,463,048). 20
SPECIAL PROJECTS COMMITTEE Mavis Robertson [Chair] AIST Robyn Buckler HOSTPLUS John O’Flaherty Statewide Super Megan McAlpine Health Super Fiona Reynolds AIST Cate Wood AGEST, CARE Super Peter Gebert Cbus Mavis Robertson, Special Projects Committee Chair A highlight of AIST’s 2010 program was the third Global Dialogue, held in Hong Kong from May 30 to June 4. With the assistance of Andrew Dawson, the staff of AUSTRADE, our sponsors and our staff we put together an amazing program which kept all 70 or so participants busy learning and discussing the views of retirement income providers from Hong Kong, China, South Korea, Malaysia, Vietnam, Britain, Canada and the USA. The one day visit to Shenzhen in China provided opportunities to see and hear about the pace of industrialisation and of ambitious plans for development. In our many discussions throughout the Dialogue, participants learnt about the difficulties and rewards to be found in investing in China and in Asia generally. Many of us had our first introduction to Islamic finance, a topic not yet widely discussed in Australia. Our guest speakers from Asia gave us considerable insights, while we shared Australia’s experiences in the provision of superannuation through our compulsory system. funds, and to consider the ways funds can develop their investment programs, separately and together, in some of the most dynamic markets in the world. Everyone commented favourably on the variety of speakers – women and men – and on the fact that everything proceeded seamlessly (in reality it was the AIST events team, Debi Bruce and Nicole Browne, who made sure that everything worked so well). Some of the feedback from participants was so good that many wanted AIST to consider the idea that the Global Dialogue should be an annual event. In practice AIST wants to keep this part of our education program special. The Global Dialogue will take place next in 2012. The time gap will help ensure that those who planned the program and found speakers to cover a wide range of topics will maintain the high standards achieved in 2010. Special thanks to all those who contributed to the program. The Global Dialogue provided not only opportunities for education and training, but also the opportunity for participants to learn from each other, to hear the experiences of trustees and senior staff from all participating 21
Page 1 and 2: 2010 ANNUAL REPORT Australian Insti
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Page 18 and 19: AIST BOARD COMMITTEES The Board has
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Page 42 and 43: KEY DATES FOR 2011 28 MARCH 2011 AI
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