Annual Report 2011 - TIO

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Board Members' ReportTerritory Insurance OfficeBoard Members’ ReportThe Board Members present their report on the financial statements for the year ended 30June 2011 in accordance with a resolution of the Board members and the auditor’s reportthereon.Board membersThe Board Members of the Territory Insurance Office at any time during or since the end ofthe financial year and up to the date of this report are:B J Carter appointed Chairperson 1 st April 2011P J Caldwell retired 31 st January 2011, reappointed 1 st May 2011R A Davis unchangedJ H Davison appointed 1 st October 2010D L Fincham retired 31 st July 2010J G Flynn AM retired 31 st March 2011J F Hand appointed Deputy Chairperson 1 st April 2011J I Messenger retired 31 st January 2011J Schafer appointed 1 st October 2010P C W Tyrrell AO appointed 1 st May 2011G Venardos appointed 1 st October 2010Details of Board Members, their directorships/experience and any special responsibilities areset out in the board members section of the annual report.Corporate structureThe Territory Insurance Office is a statutory body established under Section 4 of theTerritory Insurance Office Act, and is domiciled in Australia. TIO employed 237 employeesas at 30 June 2011 (2010: 231 employees).Principal activitiesThe principal continuing activities during the year of TIO are the provision of directinsurance business and related investment activities, and the administration of the MotorAccidents Compensation Scheme on behalf of the Northern Territory Government. TIO alsooperates a Banking business, which accepts deposits, makes loans and administers theHomestart loan scheme.There was no significant change in the nature of these activities during the year.ResultsNet profit after tax / (loss) forthe yearTIO2011 2010TIOInsurance& BankingMACFundTIOTIOInsurance& BankingMACFund$’000 $’000 $’000 $’000 $’000 $’00051,987 7,720 44,267 35,456 3,290 32,166DividendsThe Board has not provided for a dividend in respect of the 2010/2011 financial year.TIO Annual Report 2010/2011 32
Territory Insurance OfficeBoard Members’ ReportReview of operationsInsurance and Banking performance has resulted in an after tax profit for the year of $7.7mcompared to an after tax profit of $3.3m for the year ended 30 June 2010. The MotorAccidents Compensation Fund [MAC Fund], managed by TIO, reported a surplus of $44.3mcompared to a surplus of $32.2m for the year ended 30 June 2010.A full report on the operations of TIO is provided within the Annual Report section.Impact of legislation and other external requirementsThe Board does not believe that there have been any significant impacts of legislation orother external requirements imposed on TIO during the year that are not otherwisedisclosed in this report.Significant changes in the state of affairsIn the opinion of the Board Members there have been no significant changes in the state ofaffairs of TIO that occurred during the year under review not otherwise disclosed in thisreport.Matters subsequent to the end of the financial yearIn the interval between the end of the financial year and the date of this report, there havebeen no matters or circumstances that have arisen, which have significantly affected or maysignificantly affect:(a)(b)(c)TIO’s operations;the results of those operations; orTIO’s state of affairs.Likely developments and expected results of operationsThe Board does not believe that it would be in the best interests of TIO to discloseinformation other than that disclosed elsewhere in this report.Indemnification and insurance of officersDuring the financial year ended 30 June 2011, TIO paid an insurance premium in respect ofa contract insuring the Board Members and officers of TIO against certain liabilities that maybe incurred in discharging their duties and responsibilities as a Board Member or officer ofTIO. The insurance contract prohibits the disclosure of the nature of the liabilities insuredagainst and the premium paid in respect of that insurance.TIO Annual Report 2010/2011 33
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