Section 2 - Sugar Research and Development Corporation

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SRDC GOVERNANCE
Audit Committee
The Audit Committee provides advice to the
Board to assist it to fulfi l its responsibilities
relating to the accounting, reporting and
compliance practices of the Corporation.
The Committee: reviews audits by the
Corporation’s external auditors; maintains
communication between the Board and the
Corporation’s accountants; reviews the fi nancial
information presented by management; and
reviews the adequacy of the Corporation’s
administrative, operating and accounting
controls.
It also oversees the management of risk
including: the development of a risk profi le
for the Corporation; fraud control; corporate
governance practice; and environmental issues.
It is the Corporation’s practice to exclude the
Chair and Executive Director from membership
of the Audit Committee.
Members of the Audit Committee
in 2010–2011 were:
��Mr Ian Sampson, a non-executive Director
of the SRDC Board was appointed Convenor
of the Audit Committee from 6 June 2008
to 30 April 2011.
��Mr David Campbell, a non-executive Director
of the SRDC Board was a member of the Audit
Committee from 6 June 2008 to 30 April 2011.
��Mr Steve Guazzo, a non-executive Director
of the SRDC Board was a member of the Audit
Committee from 6 June 2008 to 30 April 2011.
��Dr Anthos Yannakou, a non-executive Director
of the SRDC Board was appointed Convenor
of the Audit Committee from 15 June 2011.
��Ms Lindy Hyam, a non-executive Director
of the SRDC Board was appointed a member
of the Audit Committee from 15 June 2011.
��Mr Jay Venning, a non-executive Director
of the SRDC Board was appointed a member
of the Audit Committee from 15 June 2011.
SRDC Annual Report 2010–2011
The SRDC Executive Director or Finance Manager
represents the organisation at these meetings.
The Audit Committee met on two occasions
during 2010–2011. Attendance by members
is listed in Table 2.0. The meetings were also
attended by the Executive Director and the
Corporation’s Senior Investment Manager.
The corporation’s external accountant and
a representative of the external auditor will
attend the July 2011 meeting to comment
on and respond to queries on the 2010–2011
annual accounts.
Scholarship Committee
Members of the Scholarship Committee
in 2010–2011 were:
The Scholarships Committee oversees the
SRDC Scholarship Program and at least half the
membership must comprise SRDC Directors.
Members of the Committee in 2010–2011 were:
��Ms Angela Williams, a non-executive
Director of the SRDC Board was appointed
a member of the Scholarship Committee from
6 June 2008 to 30 April 2011.
��Ms Caroline Coppo, a non-executive
Director of the SRDC Board was appointed
a member of the Scholarship Committee from
6 June 2008 to 30 April 2011.
��Dr Paul Donnelly, a non-executive Director
of the SRDC Board was appointed a member
of the Scholarship Committee 15 June 2011.
��Dr Tracy Henderson, a non-executive
Director of the SRDC Board was appointed
Convenor of the SRDC Scholarship Committee
15 June 2011.
The SRDC Executive Director or Senior
Investment Manager represents the organisation
at these meetings.
The Committee met on 23 September 2010
and 22 October 2010 to assess scholarship
applications, and interview and select successful
candidates. Attendance by Directors is listed in
Table 2.0.