AWB Limited - 2003 Annual Report

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AWB (International) Limited AWB (International) Limited (AWBI), is a wholly owned subsidiary of AWB Limited, created to operate the AWB National Pool as a requirement of the AWB constitution and the Wheat Marketing Act 1989. The constitution was framed by the Commonwealth Government in consultation with the Grains Council of Australia as part of the process of privatising the Australian Wheat Board, effective in July 1999. The Board of AWBI under its constitution has responsibility to maximise net pool return for growers who sell wheat into the AWB National Pool by securing, developing and maintaining markets for wheat and minimising costs as far as practicable. Directors of AWB Limited under their constitution have the same obligation to growers. Thus, the two constitutions and the governance obligations of the two Boards are aligned. AWBI has a separate Board from AWB Limited. Since AWBI should not on its own account make either a profit or a loss, the primary function of the Board is to watch over the interests of growers for maximising returns from the AWB National Pool. While the Chairman and three other directors are required under its constitution to be common to the Boards of AWB Limited and AWBI, three directors – Wayne Gibson, Clinton Starr and Ian Donges – are grower elected directors for AWBI only. (Their qualifications and experience are set out at the end of this statement.) The Wheat Export Authority, a Commonwealth statutory authority, monitors AWBI’s performance in accordance with the Wheat Marketing Act 1989. The Board met 10 times during the year. Compliance Committee AWBI has appointed a Compliance Committee – the membership of which is restricted to the three directors directly appointed to AWBI by growers to oversee the relationship between AWB Limited and AWBI. A Charter issued by the Board of AWBI establishes the purpose, role and functions of that Committee. The Compliance Committee has the responsibility of ensuring that: any dealing that AWBI has with its parent and subsidiaries of AWB Limited are not in conflict with the objectives of AWBI as operator of the AWB National Pool; the business rules and obligations as set down in the Services Agreement with AWB Limited are observed and maintained and are consistent with the objectives of AWBI as operator of the AWB National Pool; and the requirements of the appropriate laws, regulations, the constitution of AWBI and appropriate industry codes, agreements and regulations are observed. Although both AWBI and AWB Limited have specific constitutional requirements to maximise and distribute net pool returns to growers, the Compliance Committee is designed as an additional mechanism to ensure that these obligations to growers are fulfilled. In fulfilling its Charter, the Compliance Committee reports to the Board of AWBI. AWBI charged the Compliance Committee with responsibility of negotiating the Services Agreement with AWB Limited. The Committee met nine times during the year. The members of the Compliance Committee at the date of this report are Mr Clinton Starr (Chair), Mr Ian Donges and Mr Wayne Gibson. AWBI 2004 Review Committee The role of the AWBI 2004 Review Committee is to oversee the company’s contribution to the review of AWBI’s performance in managing the Single Desk, to be conducted in accordance with the Wheat Marketing Act 1989. The Committee met twice during the year. The members of the AWBI 2004 Review Committee at the date of this report are Mr Clinton Starr (Chair), Mr Brendan Stewart and Mr Andrew Lindberg. 40
Brendan Stewart Chairman, Non-executive director Committee: AWBI 2004 Review (refer to page 38 for personal details) (pictured on page 6) Andrew Lindberg Director (refer to page 32 for personal details) (pictured on page 6) Christopher Moffet Non-executive director (refer to page 39 for personal details) Peter Polson Non-executive director (refer to page 39 for personal details) Ian Donges Non-executive director, 57, FAICD Committee: Compliance Appointed on 15 March 2001. Mr Donges is a grain grower from central NSW. He has operated, in partnership with his wife, a farming business since 1975. Mr Donges has extensive representative involvement in farm organisations including at a local level through NSW Farmers and the NSW Agricultural Bureau. At a state level, Mr Donges has been involved with NSW Farmers and has served that organisation in a number of capacities including President for three years and Chairman of the Grains Committee. Mr Donges has represented NSW on the Grains Council of Australia for six years and is a past president of the National Farmers Federation. Mr Donges has represented Australia at a number of international forums. Mr Donges is a director of Supermarkets Asia Limited and ACS Limited and Chairman of the Grain and Graze Program, an initiative of three research and development corporations. Wayne Gibson Non-executive director, 55, MCDA Committee: Compliance Appointed on 3 February 2000 and reelected 13 March 2003. Mr Gibson is a grain grower from Kondinin, Western Australia and a former executive committee member of the Kondinin Group and former WA Farmers Federation Zone President and Grains Council delegate. Mr Gibson is a Councillor of the Kondinin Shire Council and a member of the Corporate Directors’ Association of Australia. Clinton Starr Non-executive director, 56, BEc, MBA Committees: Compliance (Chair) and AWBI 2004 Review (Chair) Appointed on 4 November 1998 and reelected on 14 March 2002. Mr Starr has had 20 years experience in international funds management, including 10 years experience in international funds marketing. This extended to all main asset classes and he served as an executive director from 1986 until 1998 both in Australia and overseas. Since 1998, he has managed the family partnership, which has interests in small company management consulting and farming. He is also a non-executive director of Multimedia Ltd (Deputy Chairman), Biological Farmers of Australia (Co-op) Ltd, Green Environmental Pty Ltd, Mulch-Tech Pty Ltd, Green Planet Holdings Pty Ltd (Chairman), Longboat Holdings Pty Ltd (Chairman) and Marshall Lord Launches Australia Pty Ltd (Chairman). Mr Starr is currently completing a Doctorate in Business Administration at RMIT, researching the optimal growth paths for small/medium entrepreneurial businesses in Australia. Richard Fuller General Manager, Executive and Company Secretary, 44, BA (Hons), PhD (Political Science) (refer to page 33 for personal details) (pictured on page 33) Christopher Moffet Peter Polson Ian Donges Clinton Starr Wayne Gibson 41
Page 1 and 2: Annual Report 2003 imagine the futu
Page 3 and 4: During the past year, Australia has
Page 5 and 6: FINANCIAL PERFORMANCE SUMMARY Droug
Page 7 and 8: There are six key business streams
Page 9 and 10: chairman’s and managing director
Page 11 and 12: As a gesture of AWB's appreciation
Page 13 and 14: pool management services AWB Nation
Page 15 and 16: For the 2001/02 Pool, AWB managed a
Page 17 and 18: finance and risk management Harvest
Page 19 and 20: Through “ring fencing”, AWB was
Page 21 and 22: grain acquisition and trading Grain
Page 23 and 24: supply chain and other investments
Page 25 and 26: Children of AWB employees enjoying
Page 27 and 28: grain technology AWB Grain Technolo
Page 29 and 30: landmark Overview Landmark is Austr
Page 31 and 32: our people and systems People AWB e
Page 33 and 34: AWB has committed itself to a thoro
Page 35 and 36: Charles Stott Group General Manager
Page 37 and 38: the chairman, Mr Robert Barry and M
Page 39 and 40: Identification and Management of Si
Page 41: Birchip in Victoria and a former Vi
Page 45 and 46: international presence 43
Page 47 and 48: INNOVATION FOCUS TO DELIVER NEW OPP
Page 49 and 50: LIKELY DEVELOPMENTS AND EXPECTED RE
Page 51 and 52: DIRECTORS' MEETINGS (continued) Dir
Page 53 and 54: STATEMENT OF FINANCIAL POSITION AS
Page 55 and 56: NOTES TO AND FORMING PART OF THE FI
Page 57 and 58: (h) Derivatives (continued) transac
Page 59 and 60: 2. REVENUE FROM ORDINARY ACTIVITIES
Page 61 and 62: 4. TAXATION Consolidated AWB Limite
Page 63 and 64: 8. OTHER ASSETS Consolidated AWB Li
Page 65 and 66: 11. OTHER FINANCIAL ASSETS Consolid
Page 67 and 68: 13. PROPERTY, PLANT AND EQUIPMENT (
Page 69 and 70: 16. PROVISIONS Consolidated AWB Lim
Page 71 and 72: 20. OUTSIDE EQUITY INTERESTS Consol
Page 73 and 74: 24. REMUNERATION OF DIRECTORS Conso
Page 75 and 76: 27. RELATED PARTY DISCLOSURES (cont
Page 77 and 78: 28. SEGMENT INFORMATION (continued)
Page 79 and 80: 31. EMPLOYEE BENEFITS AND SUPERANNU
Page 81 and 82: 32. FINANCIAL INSTRUMENTS (continue
Page 83 and 84: 32. FINANCIAL INSTRUMENTS (continue
Page 85 and 86: 33. DEED OF CROSS GUARANTEE Pursuan
Page 87 and 88: 34. CONTROLLED ENTITIES (continued)
Page 89 and 90: 35. EARNINGS PER SHARE Consolidated
Page 91 and 92: INDEPENDENT AUDIT REPORT TO MEMBERS
Page 93 and 94:
FINANCIAL CALENDAR - 2004 Annual Ge
Page 95 and 96:
AWB GROUP LOCATIONS ROYCE DESIGN AW
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AWB Limited - 2003 Annual Report

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