Section 2 - Sugar Research and Development Corporation

Note 10: Contingent Liabilities and Assets
Sugar Research and Development Corporation
NOTES OF THE FINANCIAL STATEMENTS
Guarantees Guarantees Total Total
2011
$’000
2010
$’000
2011
$’000
2010
$’000
Contingent liabilities
Balance from previous period – – – –
Total contingent liabilities – – – –
Net contingent assets (liabilities) – – – –
Quantifi able Contingencies
At 30 June 2011, the Corporation had no quantifi able contingencies.
Unquantifi able Contingencies
At 30 June 2011, the Corporation had no unquantifi able contingencies.
Signifi cant Remote Contingencies
The Corporation has no signifi cant remote contingencies.
Note 11: Directors Remuneration
The number of non-executive directors of the Corporation included in these fi gures are shown
below in the relevant remuneration bands:
2011
No.
2010
No.
less than $30,000 14 6
$30,000 to $60,000 2
Total (2) 14 8
Total remuneration received or due and receivable
by directors of the Corporation
162,705 223,551
Notes:
1. Part-time non executive directors and the Chairman of the Corporation received fees and allowances
as determined by the Remuneration Tribunal. Remuneration includes salary, allowances and
superannuation.
2. In 2009–2010, eight non-executive directors were employed by the Corporation and completed
their term on 30 April 2011. On 27 May 2011, seven non-executive directors were employed by the
Corporation for a three year term including one who was reappointed.
3. The Executive Director is the only full-time director of the Corporation and receives a salary and
allowances as approved by the Board. This is disclosed in Note 13 in 2010–2011. In 2009–2010,
two offi cers held positions as Acting Executive Director and as a Part Year Executive Director. This
has not been disclosed in either Note 11 or 13. The remuneration was less than $150,000 for each
individual Director. The combined remuneration for these directors was $212,477 for the Financial
Year 2009–2010.
SRDC Annual Report 2010–2011 99