Corporate Governance Report - The United Basalt Products Ltd

Other Statutory Disclosures (continued) June 30, 2007
Directors’ Service Contracts
Except for Mr Jean Michel Giraud who has a contract of employment with the Company, there are no service contracts
between the Company and any of the Directors.
Directors’ Remuneration
Total remuneration and benefits received by the Directors from the Company and its subsidiary companies were
as follows:
2007 200
Executive Non- Executive Non-
Executive Executive
Rs’000 Rs’000 Rs’000 Rs’000
The Company 4, 78 1,1 4 4,018 566
Subsidiary Companies :
Sainte Marie Crushing Plant Ltd - 9 - 60
Welcome Industries Ltd - - - -
Marbella Espace Maison Ltée - - - -
Marbella Ltd - - - -
Land Reclamation Ltd - - - -
Stone & Bricks Co. Ltd - - - -
The Stone Masters Co. Ltd - - - -
UBP International Ltd - - - -
UBP Madagascar - - - -
United Granite Products (Pvt.) Ltd - - - -
Compagnie de Gros Cailloux Ltée - - - -
Pricom Ltd - - - -
Directors’ Share Interests
Please refer to page 17 – Corporate Governance Report
Statement of Directors’ Responsibilities
in respect of the preparation of financial statements and internal control.
The Directors are responsible for the proper maintenance of accounting records which disclose at any time, and with
reasonable accuracy, the financial position of the Group and the Company. They are also responsible for safeguarding
the assets of the Group and the Company and for taking reasonable steps to prevent and detect any fraud and other
irregularities.
The Directors are also responsible for the preparation and presentation of financial statements for each financial year,
and in so doing they are required to :
• select and apply consistently suitable accounting policies
• comply with the provisions of the Companies Act 2001 and the International Financial Reporting Standards (IFRS),
and to explain any departure therefrom
• use the going-concern basis wherever appropriate.
The Directors acknowledge that they have exercised their responsibilities as described above for the financial year under
review and report that nothing has been brought to their attention which could indicate any material breakdown in
the internal control systems and cause a material impact on the trading and financial position of the Group and the
Company.
Donations
The Company and its subsidiary companies have donated Rs 746,045 during the year ended June 30, 2007 (2006:
Rs 564,081).
Auditors
The auditors’ remuneration was as follows:
THE GROUP THE COMPANY
2007 200 2007 200
Rs’000 Rs’000 Rs’000 Rs’000
Audit fees 1,042 817 9 510
Non-audit fees 12 215 107 197
The auditors, Ernst & Young, have expressed their willingness to continue in office and a resolution for their reappointment
is being proposed at the Annual Meeting of shareholders.
On behalf of the Board
Thierry Lagesse Jean Michel Giraud
Chairman Managing Director
November 19, 2007
22 ANNUAL REPORT 2007
ANNUAL REPORT 2007
2