Annual Report 2008 Alliance Group Annual Report 2008

ALLIANCE GROUP LIMITED ANNUAL REPORT 2008obligations, that high ethical standards are maintainedand that the company is a responsible corporate citizen.Particular emphasis is placed on the health and welfareof employees and the protection and sustainable useof the environment. All directors register and formallyrecord any conflicts of interest.Board MeetingsEleven board meetings are scheduled each year withextra meetings held if required. Comprehensivemanagement reports are provided to directors duringthe week prior to board meetings being held. Theboard encourages the chief executive to bring to boardmeetings employees who can provide additional insightinto the matters being discussed because of personalinvolvement in those matters.Audit CommitteeThe audit committee comprises four directors and thefinancial adviser who meet three times a year. Thecommittee operates under a charter approved by theboard and is required to establish a framework ofinternal control mechanisms and ethical standards toensure proper management of the company’s affairs.The committee reviews the annual external audit planand the report of the auditors following completion ofthe audit. It assists the board to meet its accountingand reporting responsibilities under the Companies Act1993 and related legislation. The committee is alsoresponsible for the internal audit plan and reviews allinternal audit reports.The Role of ShareholdersAlliance Group makes every effort to keep shareholdersinformed of all major developments affecting theircompany. Information is communicated to shareholdersthrough the Alliance Group website, annual report andregular company newsletters. Each year a series ofmeetings is held throughout the South Island at whichthe chairman and chief executive update shareholderson issues affecting the company and the industry.These meetings also provide the opportunity toreceive and discuss feedback on issues important toshareholders. The board welcomes full participation ofshareholders at these meetings.Turnover($ millions)Net Surplusafter tax for the year($ millions)Pool Surplus($ millions)1300402512001100351000900302080070060025201550015104003002001001055004 05 06 07 08004 05 06 07 08004 05 06 07 0811