AWB Limited - 2003 Annual Report

LIKELY DEVELOPMENTS AND EXPECTED
RESULTS
The consolidated entity will continue to pursue its policy of
increasing the profitability and market share of its major business
areas during the next financial year. Further information about
likely developments in the operations of the consolidated entity and
the expected results of those operations in future financial years
has not been included in this report because disclosure of the
information would be likely to result in unreasonable prejudice to
the consolidated entity.
ENVIRONMENTAL REGULATION AND
PERFORMANCE
The consolidated entity's operations are subject to various
Commonwealth, State and Territory environmental legislation and
regulation. There is no environmental regulation specific to the
consolidated entity. The board is not aware of any significant
environmental breaches during the financial year.
INDEMNIFICATION AND INSURANCE
The constitution of AWB Limited provides an indemnity for all
current and previous company directors, secretaries and executive
officers. The company indemnifies these people to the maximum
extent permitted by law for any liabilities or expenses incurred in
defending any proceedings where judgement is given in the
person's favour. The indemnity does not however, cover conduct
involving a lack of good faith.
A Deed of Access, Indemnity and Insurance was entered into
between the company and each director during the period which
provides that the company will maintain a directors' and officers'
insurance policy. The Deed also provides an indemnity to the
maximum extent permissible by law to the director for any liabilities
incurred as a director, other than liabilities to the company or a
related body corporate, or liabilities arising out of conduct involving
lack of good faith.
A directors' and officers' insurance policy is maintained; however,
the terms of the contract prohibit disclosure of the amount of the
premium. During or since the end of the financial year, no director,
officer or auditor had recourse to the indemnity or insurance.
DIRECTORS' AND OTHER OFFICERS'
EMOLUMENTS
Remuneration policy
The Remuneration Committee of the board of directors is
responsible for reviewing and recommending remuneration and
performance of the Managing Director, the Performance Appraisal
Policy and any Employee Share Plans and superannuation policies.
The remuneration and performance of the executive team is
assessed by the Managing Director on a periodic basis by
reference to relevant employment market conditions with the
overall objective of ensuring maximum shareholder benefit from the
retention of a high quality executive team.
Details of the nature and amount of each element of the
emolument of each director and each of the five executive officers
of AWB Limited and the consolidated entity receiving the highest
emolument for the financial year are as follows:
Emoluments of directors of AWB Limited
Base fee
$
Superannuation
$
2002 bonus paid in
current year $
Brendan Stewart 147,425 14,688 – 5,850 167,963
Robert Barry 55,500 5,400 – – 60,900
Andrew Lindberg 630,265 33,087 150,000 3,470 816,822
Ian Cush 1 28,500 2,700 – – 31,200
Brendan Fitzgerald 2 32,857 2,957 – – 35,814
Laurie Marshall 55,500 5,400 – – 60,900
Xavier Martin 2 32,857 2,957 – – 35,814
Warrick McClelland 21,660 39,240 – – 60,900
Christopher Moffet 55,500 5,400 – – 60,900
Peter Polson 3 30,238 2,721 – – 32,959
Kerry Sanderson 55,500 5,400 – – 60,900
Brenda Shanahan 4 28,500 2,700 – – 31,200
Michael Shanahan 1 28,500 2,700 – – 31,200
John Simpson 55,500 5,400 – – 60,900
John Thame 55,500 5,400 – – 60,900
Total 1,313,802 136,150 150,000 9,320 1,609,272
Other
$
Total
$
1
Not re–elected at the 2003 Annual General Meeting
2
Elected at the 2003 Annual General Meeting
3
Appointed 31 March 2003
4
Resigned 31 March 2003
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