2001 Annual Report - OneSteel

Directors’ Report (continued)At the date of this report, there were available under the scheme 5,330,162 options at an exercise price of 92.58 cents and 241,298options at an exercise price of 88.48 cents, the latter arising from an issue on 9 April 2001 to a new officer. The options do not entitle theholder to participate in any share issue of the company. During, or since the end of, the financial year, the company has not issued sharesas a result of the exercise of options.DIRECTORS’ INTERESTSThe relevant interest of each director in the shares, options or other instruments of the company and related bodies corporate are:OneSteel LimitedSteel and Tube Holdings LimitedShares Rights (1) Options (1) Shares OptionsP J Smedley 100,000R L Every 102,793 1,847,052 2,462,735 6,000E J Doyle 21,858C R Galbraith 10,929D E Meiklejohn 10,000D A Pritchard –N J Roach 10,836(1) Refer details of rights and options above.INTERESTS OF NON-EXECUTIVE DIRECTORS IN CONTRACTS OR PROPOSED CONTRACTS WITH THE COMPANYDirectors of the company have entered into agreements with the company for the payment of retiring allowances on retirement as adirector. Agreements for the provision of benefits to directors on retirement are made under the provisions of OneSteel’s Constitution. Inaddition, directors of the company have declared their interests in contracts or proposed contracts that may result from their directorships ofother corporations, as listed in their personal profiles set out on page 26 of the Annual Review.The OneSteel Group had normal business transactions with directors (or director-related entities) of the company during the year, includingpayments to Allens Arthur Robinson, solicitors, of which firm Mr C R Galbraith is a partner, in respect of legal costs and advice amountingto $1,640,012. Normal 30-day settlement terms applied and the amount payable at balance date was $84,482.INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORSThe company has agreements with each of the directors of the company in office at the date of this report, and certain former directors,indemnifying these officers against liabilities to any person other than the company or a related body corporate that may arise from theiracting as officers of the company notwithstanding that they may have ceased to hold office, except where the liability arises out of conductinvolving a lack of good faith.The directors have not included details of the nature of the liabilities covered or the amount of the premium paid in respect of the directors’and officers’ liability and legal expenses insurance contracts, as such disclosure is prohibited under the terms of the contract.ROUNDING OF AMOUNTSThe company is of the kind referred to in the Australian Securities and Investments Commission Class Order 98/0100 dated 10 July 1998and in accordance with that class order, amounts in the financial report have been rounded off to the nearest one hundred thousanddollars or, where the amount is $50,000 or less, zero, unless specifically stated to be otherwise.Signed in Sydney this 21st day of August 2001 in accordance with a resolution of directors:P J SmedleyChairmanR L EveryManaging Director33