ANZCA Bulletin - June 2009 - Australian and New Zealand College ...

Annual General MeetingminutesContinued1. Confirmation of previous meeting held on May 6, 2008The President advised that the minutes of the last meetingheld on May 6, 2008 had been previously circulated, andthere being no amendment, moved that they be accepted.ResolutionFrom the ChairThat the minutes of the Annual General Meeting held onMay 6, 2008 be accepted.Carried2. Report of the CouncilThe President highlighted the following items:• A number of outstanding CME activities took place during2008, with the Annual Scientific Meeting in Sydney ahighly successful and well-received event.• The introduction of the e-newsletter and revamp of theBulletin have helped improve communication with Fellowsand Trainees.• Support for research continued in 2008 through ongoinginput to the ANZCA Foundation.• There was ongoing support for Fellows involvedin training, including increased involvement withgovernment in core areas of training and standard setting.• There has been an increase in the number of Traineesregistering with the College, and the largest examinationsin the College’s history were held during 2008.• The review of the FANZCA curriculum was commenced in2008, and input has been sought from a variety of sourcesas part of this process.• The separation from ANZCA of the Joint Faculty ofIntensive Care Medicine, and the establishment of a newCollege has been negotiated in an atmosphere of mutualrespect. ANZCA was happy to support JFICM’s view thatthe specialty of Intensive Care Medicine would be bestserved through an independent College. As many of theprocesses are separate for most Fellows and Trainees, itwas anticipated that there would be minimum impact asa result of the final separation. The College has undertakento work with the new College to try to ensure that noFellows or Trainees are adversely affected.In concluding her report, the President acknowledged theextensive pro bono work undertaken by Fellows as membersof a variety of committees, supervisors of training, regionaleducation officers, module supervisors, tutors, mentors,examiners and Councillors. She also thanked Collegesolicitor, Mr Michael Gorton, and the CEO, Dr Mike Richardsand the staff for their extensive contributions to the College.There were no questions for the President.3. Annual Financial Reports and Auditor’s ReportThe Honorary Treasurer was invited to present his firstreport on the College’s financial affairs. He highlighted thatthe College maintains its sound financial position with nooutstanding loans or debts. He reported an operating deficitof approximately $500,000 for 2008, which was a significantimprovement on the 2007 deficit of close to $2 million. Themore favourable result for 2008 related to a number ofcost-reduction measures put in place by management.A significant loss for 2008 was reported as a result of adecrease of 30% in the investment portfolio since June ofthat year. It was explained that this has been partially offsetby an 8.3% investment return to date. It was highlighted thatin recent years, the College relied on the investment portfolioto offset any losses incurred in operations. The investmentportfolio encompasses the ANZCA Foundation and representsa source of funding for a variety of scholarships andprofessorships offered by the College, and in addition,provides a capital reserve.The Treasurer reported that in December 2008, Councilresolved that the 2009 management plan would beimplemented in such a way that normal operations wouldno longer be reliant on income from the investment portfolioto balance the overall budget.The College holds net assets of $18 million. Financial checksand balances were completed for 2008 and it was confirmedthat the College has fully complied with the external auditors’recommendations. In addition to this, an internal auditorhas been appointed for 2009.In reiterating the sound financial position of the College, theTreasurer highlighted that this has resulted from the ongoingcommitment of Councillors, committee members, staff andFellows throughout Australia, New Zealand, Hong Kong andSouth East Asia.There were no questions for the Treasurer.The President moved that the balance sheet, income andexpenditure account and auditor’s report for the period endedDecember 31, 2008 be received and adopted.ResolutionFrom the ChairThat the balance sheet, income and expenditure accountand auditor’s report for the period ended December 31,2008 be received and adopted.Carried10The ANZCA Bulletin June 2009