2008 Annual Report - ASB Community Trust

32THE MAIN ACT2007-2008 TrusteesTrust governanceASB Community Trust operates under its Trust Deed and theCommunity Trusts Act 1999.Board membershipThe Board of Trustees comprises 15 trustees appointed by theMinister of Finance for a four-year term.Conflicts of interestIt is recognised that Trustees will have a wide range ofinvolvement with the community and the potential for conflictof interest will arise from time to time.To cover this eventuality, any Trustee who has an interest in anymatter before the Trust must record that interest in the Trust’sRegister of Interests.That Trustee is not counted in the quorum present at themeeting. They may not vote in respect of the matter they havean interest in and must absent themselves from any discussionor consideration of it.Before the conduct of business, the Chair of any meeting of theTrustees asks for the disclosure of any interest in the upcomingbusiness. The minutes of the meeting record any disclosureof interest made, the entry in the Register of Interests of thatdisclosure and the absence of the Trustee from the meetingwhile the matter is dealt with.1. Reviewing monthly and annual financial statementsand information prior to submission to the full Boardfor approval.2. Reviewing annual budgets prior to submission to the fullBoard for approval.3. Reviewing any taxation issues in relation to the Trust.4. Consideration of any major expenditure items prior tothese being discussed and approved by the full Board.d) Audit and risk – This committee is responsible for:1. Identifying, assessing and managing business andorganisational risk and assisting the Board in thedischarge of financial reporting responsibilities.2. Reviewing the effectiveness of internal control systems.3. Providing a formal forum for the Board, auditors and staff.4. Agreeing with the external auditors on the nature, scopeand cost of the audit.5. Ensuring the Board meets financial reportingrequirements and that external reporting of informationis of high quality.Board committees 2007/08 financial yearThe Board has formally established four sub-committees toassist with the operation of the Trust:a) Grants – This committee reviews all applications whichhave been assessed by the grants team and makes arecommendation to the full Board of the Trust. It alsoconsiders policy and strategy development.b) Investments – This committee considers the investmentpolicy, objectives, strategies and asset allocations of theTrust and makes recommendations to the full Board andreviews fund manager appointments and performance.c) Finance and administration – This committee is principallyresponsible for:INTRODUCING (from left) – Pat Snedden, Yoon Boo Lee,Lorraine Wilson, Waitai Petera, Phil Greenbank, Wilmason Jensen, Kevin Prime,Mary Foy, Candis Craven, Brian Lythe, Peter Rowe, Jenny Kirk, Ann Green,Soana Pamaka, Kristen Kohere-Soutar.