PDF - 1.62 MB - Sydney Harbour Federation Trust

Annual Report 2006-073 Operational Aspects20Corporate GovernanceThe affairs of the Trust are managed by the ExecutiveDirector subject to the directions of the Trust and inaccordance with the policies determined by the Trust.Members’ MeetingsThere were seven meetings of the Trust in the 2006-2007 financial year, two of which were open to thepublic. Under the Trust’s enabling legislation the Trustmust meet at least four times a year and at least twoof the meetings have to be open to the public.Members attended as follows:The members of the Audit and Risk ManagementCommittee during the 2006-2007 financial year were:Mr P LowryTrust member and Chair of the committee.Clr Susan HoopmannTrust member.Brigadier Kevin O’Brien (ret.)Trust member.There were two Audit and Risk ManagementCommittee meetings held during the 2006-2007financial year with members attending as follows:MemberNumber ofmeetings attendedMr K McCann, Chair 7Mr R Conroy 6Ms D Talty 5Clr S Hoopmann 7Mr P Lowry 7Dr J Moriarty 7Brigadier K O’Brien 6The Hon B O’Keefe 6Audit and Risk Management CommitteeThe functions of the Audit and Risk ManagementCommittee include:• Assisting the Trust to comply with its statutoryobligations;• Providing a forum for communications betweenthe Trust, the Executive Director, senior managersand internal and external auditors; and to oversee:– Effective identification and management of risks;– Reliable financial and management reporting;– Compliance with applicable laws and regulations;– Maintenance of an effective and efficientaudit service;– Effective fraud prevention and control measures.MemberNumber ofmeetings attendedMr P Lowry, Chair 2Clr S Hoopmann 2Brigadier K O’Brien (ret) 2Walter Turnbull conducted two internal audits duringthe reporting period:• Follow-up audit of recommendations ofprevious audits;• Business risk assessment.Finance CommitteeIn 2006-07, the Trust established a Finance Committee.The purpose of the committee is to provide a detailedreview of proposed budgets for the Trust and addressany specific financial issues raised by the Trust. Thecommittee recommends amendments to the proposedbudget and its acceptance.The members of the Finance Committee during the2006-07 financial year were:Mr K McCannTrust Chairman and Chair of the Committee.The Hon B O’KeefeTrust member.