Annual Report 2011 - Sydney Opera House

58earning our wayimagination lives insideGovernance: The TrustSydney Opera House is operated and maintained for the Government of NewSouth Wales by the Sydney Opera House Trust, which is constituted as a bodycorporate under the Sydney Opera House Trust Act 1961.The Trust’s Objectives and ConductThe Trust’s objectives are: to administer,care for, control, manage and maintainthe Sydney Opera House building andsite; to manage and administer the siteas an arts centre and meeting place; topromote artistic taste and achievementin all branches of the performing arts;to foster scientific research into andto encourage the development of newforms of entertainment and presentation(excerpt from Sydney Opera House TrustAct 1961).The seven core performance requirementsof the Board of Trustees in providingeffective leadership are:- To agree core artistic, entrepreneurial,financial and operational policies andobjectives on an annual basis and toset all the short, medium and long termdelivery priorities for the enterprise;- To set and appraise the performanceof the CEO and management team;- To monitor and assist in themaintenance of reliable and effectiverelationships with key presentingcompanies;- To manage the financial affairs andvarious supporting systems andreporting frameworks commensuratewith best international standards andpractice;- To maintain the best possible workingrelationship with the Minister for theArts in an environment where there is asecure trust from Parliament and a goodworking relationship with the media;- To maintain the landmark site andbuilding and its amenity to ensure thatit is always presented as a vibrant,contemporary performing arts venuewhich changes and evolves over time;- To promote directly and indirectlythe performing arts with a view tomaximising engagement and enthusiasmfrom diverse audiences for a range ofexceptional experiences.The Trust review and individually sign aCode of Conduct for Trustees on an annualbasis (p.98).Committees, Memberships, AttendancesThe Trust > The Sydney Opera HouseTrust consists of 10 members appointedby the Governor on the nomination of theMinister. A Trustee holds office for threeyears and is eligible for reappointment forno more than three consecutive terms. TheTrust must include at least two personswho have knowledge of, or experience in,the performing arts.Mr Kim Williams AM, Mr Robert LeeceAM, Ms Renata Kaldor AO and Mr LeoSchofield AM were reappointed to theTrust for a further three-year term to31 December 2013.Meeting attendance figures for theperiod 1 July 2010 to 30 June 2011are set out on the next page. All meetingabsences were formally noted andTrustees and members were excusedfrom attending the specific meetings.With key strategic and business itemson the agenda, eight Trust meetings wereheld. Agenda items encompassed: a planningsession including a feedback and prioritiessession with resident companies, annualreview of Trust Committee charters andmembership and discussion of 2030 visionand strategic aspirations; overall businessperformance monitoring; annual budget andthree-year business plan; recurrent assetand maintenance program and performingarts and commercial projects.Audit and Risk Committee > The Audit andRisk Committee oversees: the adequacyof the accounting system, internal