2001 Annual Report - OneSteel

Directors’ Report (continued)ENVIRONMENTAL REGULATIONThe OneSteel Group is subject to significant environmental regulation in respect of its mining and manufacturing activities. Environmentalperformance obligations are monitored by management and the Board and subjected, periodically, to internal, independent external andgovernment agency audits and site inspections. The environment report is set out on pages 23 and 24 of the Annual Review.MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEARSince 30 June 2001 and to the date of this report, no matter or circumstance has arisen that has significantly affected or maysignificantly affect:• the OneSteel Group’s operations in future financial years; or• the results of those operations in future years; or• the OneSteel Group’s state of affairs in future financial years.FUTURE DEVELOPMENTSCertain likely developments in the operations of the consolidated entity known to the date of this report have been covered generally withinthe Annual Review. In the opinion of the directors, any further disclosure of information would be likely to result in unreasonable prejudiceto the OneSteel Group.DIRECTORS’ MEETINGSThe number of directors’ meetings (including meetings of committees of directors) and number of meetings attended by each of thedirectors of the Company during the financial year are:Board of Directors Governance & Audit & Compliance Occupational Health,Remuneration Committee Safety & EnvironmentCommitteeCommitteeA B A B A B A BDirectors at 30 June 2001P J Smedley 10 10 2 2R L Every 17 13 (1)E J Doyle 10 10 3 3 3 3C R Galbraith 10 10 2 2 3 3D E Meiklejohn 10 9 2 2 3 3D A Pritchard 10 9 3 3 3 3N J Roach 10 10 2 2 3 3Former directorsB L Carrasco 17 16G M Day 1 1C R Keast 1 –M E Hedges 8 4A – Reflects the number of meetings held during the time the director held office during the year.B – Number of meetings attended.(1) Dr Every did not attend four meetings held prior to the “spin-out” of the company from BHP Limited. These meetings dealt with routine matters relating to the spin-out.The roles of the committees are described on page 27 to 29 of the Annual Review.DIRECTORS’ AND SENIOR EXECUTIVES’ EMOLUMENTSThe Board’s Governance and Remuneration Committee is responsible for reviewing remuneration policies and practices, includingcompensation and arrangements for executive directors and senior management, the company’s superannuation arrangements and, withinthe aggregate amount approved by shareholders, the fees for non-executive members of the Board. This role also includes responsibility forthe company’s share and option plans. Executive and senior management performance review and succession planning are mattersreferred to and considered by the Committee. The Committee has access to independent advice and comparative studies on theappropriateness of remuneration arrangements.Executive directors and senior executives may receive incentives based on the achievement of specific goals related to the performance ofthe consolidated entity. Non-executive directors do not receive any performance-based remuneration.31