2009 GMHBA Annual Report - GMHBA Health Insurance

GMHBA Limited ABN 98 004 417 092MEMBERS OF THE BOARD OF DIRECTORSFor the year ended 30 June 2009, the directors of the Company at any time during or since theend of the financial year are:Michael J. Dowling, KSJ, B.Ec., FCA, SFCDA, DipCD.Chairman since 2001Director since 1998Chairman Nomination & Remuneration CommitteeMember Strategy CommitteeChartered AccountantDirector – Dowling Corporate Consulting Pty LtdDeputy Chancellor – Deakin UniversityHeather L. Wellington, MBBS, B. Med. Sci.,BHA, FRACMA, LLB, FAICD.Director since 1998Member Health Services CommitteeMember Nomination & Remuneration CommitteeLawyerMedical PractitionerDirector – HPA Consulting Pty LtdChairman – IPG LtdConsultant – DLA Phillips Fox LawyersKenneth E. Jarvis, OAM, KSJ, B App. Sc (Hons),Dip OR.Director since 2004Member Audit & Compliance CommitteeMember Strategy CommitteeExecutive Chairman – Aerolite Quarries Pty LtdExecutive Chairman – Jakape Pty LtdExecutive Chairman – Zambelli RWP Pty LtdChairman – Geelong Club LtdDirector – Aviation Australia Development LtdPresident – Geelong Club LtdGerald Miller, BA, LLB. GAICD.Director since 2007Member Audit & Compliance CommitteeMember Investment CommitteeLawyerRegistered PsychologistDirector – Maryville Aged Care Inc.Director – The Geelong College LtdSue Renkin, RN, MBA, MAICD, FCDA.Director since 2009Chief Executive – Open Family AustraliaManaging Director – intuitively focussed p/lChairman – Monash Centre for Synchrotron ScienceAdvisory BoardChairman – Monash Institute for NanotechnologyAdvisory BoardDirector – General Practice (VIC)Director – Northern HealthMark W. Sibree, BSc (Hons), MBA, MACS, FAICD.Director since 2004Chairman Strategy CommitteeMember Investment CommitteeTrustee of CEDACorporate Strategy AdvisorExecutive Director – Mutual Strategies Pty LtdJames E. Walsh, B.Com, MBA, CA, MAICD.Director since 2005Chairman Audit & Compliance CommitteeMember Nomination & Remuneration CommitteeChartered AccountantDirector – Godfrey Hirst Australia Pty LtdDirector – The Geelong Chamber of CommerceRussell H. Elliott, B.Sc., M. Ed., MAICD.Director since April 2001Chairman Investment CommitteeUniversity ConsultantExecutive Director – Russell Elliott and AssociatesPty LtdKey Associate – Phillips KPA Pty LtdLeanne Rowe, AM, MBBS, Dip RACOG, FRACGP,FAICD, MD. Resigned 29 October 2008Chair Health Services CommitteeGeneral PractitionerImmediate Past Chairman – Royal AustralianCollege of General PractitionersDeputy Chancellor – Monash UniversityCHIEF EXECUTIVE:Mark Valena, BBus (Acc), CA, MAICD.EXECUTIVE MANAGER FINANCE & COMPANYSECRETARY:Michael Carroll, BBus (Acc), CPA, MBA, FCIS.AUDITORS:KPMG147 Collins StreetMelbourne Victoria 3000SOLICITORS:Harwood Andrews Lawyers70 Gheringhap StreetGeelong Victoria 3220BANKERS:Commonwealth Bank of AustraliaCnr Moorabool & Malop StreetsGeelong Victoria 3220GMHBA Limited ABN 98 004 417 092DIRECTORS’ REPORTThe Directors submit their report on the financial statements of GMHBA Limited (Company) for theyear ended 30 June 2009, made out in accordance with a resolution of the Directors.DirectorsThe Directors of the Company at the date of this report are:Michael Joseph DowlingRussell Henry ElliottKenneth Edward JarvisGerald MillerSue RenkinMark William SibreeJames Edmund WalshHeather Louise WellingtonThe qualifications, expertise and special responsibilities of Directors are set out on page 19 ofthese financial reports.Principal ActivitiesThe principal activity of the Company for the financial year ended 30 June 2009 was the provisionof benefits against claims by Fund members relating to hospital, dental and paramedical services.The Company, being not-for-profit, does not earn taxable income and is therefore not subject toincome taxation. The profit for the year was $7,960,038. Refer Note 1(p).Review of OperationsA review of the operations and results of the Company during the financial year are set out in theChairman’s Report on page 5.Significant Changes in the State of AffairsDuring the year, GMHBA Ltd acquired the assets and liabilities of the United Ancient Order ofDruids Friendly Society Ltd Health Fund. The acquisition date was 1 October 2008.Matters Subsequent to the End of the Financial YearThere were no post-balance date events of any significance affecting or which may affect:(a) the operations of the Company;(b) the results of these operations; or(c) the state affairs of the Company in financial years subsequent to this financial year.Environmental RegulationsThe Company is not subject to any significant environmental regulation.Information on DirectorsAll Directors are Fund members of the Company. No Director has received any benefit since theend of the previous financial year, by reason of any contract with the Company or with a firm ofwhich he or she is a member or with a company in which the Director has a substantial interest,with the exception of the Director benefits that may be deemed to have arisen in relation to thefollowing transactions entered into in the ordinary course of business:- As Fund members of the health fund conducted by the Company.1920