Section 2 - Sugar Research and Development Corporation

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32 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.
Section 2 SRDC STAFF The SRDC staff members are employed under Section 87 of the PIERD Act. At 30 June 2011 the Corporation employed fi ve full-time and three part-time staff members in addition to the Executive Director. All are located at the SRDC offi ce in the T&G Building, Level 16, 141 Queen Street, Brisbane, Queensland. Executive Director Annette Sugden Senior Investment Manager Senior Investment Manager Investment Manager Senior Investment Manager (special projects) Bianca Cairns Dr Diana Saunders (on maternity leave from May 2011) Ben Baldwin (Acting Senior Investment Manager while Dr Saunders on leave Dr Peter Twine (part-time) Communications Manager Communications and Project Offi cer Executive Assistant/ Board Secretary Offi ce Manager Finance Manager Carolyn Martin Kara Billsborough Christine Ipson Kathy Mitchell (part-time) Karen Rowen (part-time) Staff profi les can be viewed at www.srdc.gov.au The SRDC team (left to right) Carolyn Martin, Kara Billsborough, Bianca Cairns, Diana Saunders, Annette Sugden and Ben Baldwin (Absent: Kathy Mitchell, Christine Ipson, Peter Twine and Karen Rowen). SRDC Annual Report 2010–2011 33
Page 1 and 2: SRDC ANNUAL REPORT 2010-2011 Invest
Page 3 and 4: SRDC ANNUAL REPORT 2010-2011 Invest
Page 5 and 6: Section 1 5 Report from Chairman &
Page 7 and 8: Section 1 REPORT FROM CHAIRMAN & EX
Page 9 and 10: Section 1 IMPACT OF SRDC INVESTMENT
Page 11 and 12: SRDC fostered the greater use of ec
Page 13 and 14: Events New Chairman Fourth generati
Page 15 and 16: Value of sugarcane production Cane
Page 17 and 18: Figure 1.1 Area harvested for milli
Page 19 and 20: Section 2 INTRODUCING SRDC The SRDC
Page 21 and 22: Rural Research and Development Corp
Page 23 and 24: Collaborative Partnership for Farmi
Page 25 and 26: The roles and responsibilities of m
Page 27 and 28: SRDC PEOPLE David Campbell B Agr Sc
Page 29 and 30: SRDC Directors May 2011 SRDC PEOPLE
Page 31 and 32: SRDC PEOPLE Dr Tracy Henderson B Ap
Page 33: Ian Sampson Appointed Director (8 M
Page 37 and 38: Indemnities and Insurance Premiums
Page 39 and 40: Rural Research and Development Prio
Page 41 and 42: Table 2.1 Outcomes, outputs and inp
Page 43 and 44: Number of SRDC project reports rece
Page 45 and 46: Mackay Sugar Factory Manager for Ra
Page 47 and 48: Income explanation Income in 2010-2
Page 49 and 50: SPREAD OF RESEARCH INVESTMENTS ACRO
Page 51 and 52: Industry Overview - Northern Region
Page 53 and 54: Section 3 RESEARCH PROJECT SUMMARIE
Page 55 and 56: The total area planted using zonal
Page 57 and 58: Emerging technologies Key Performan
Page 59 and 60: People development Capacity Buildin
Page 61 and 62: Group Capacity Building Projects (C
Page 63 and 64: Better frost tolerant varieties for
Page 65 and 66: Section 3 SRDC INNOVATION AWARDS 20
Page 67 and 68: Due diligence At every meeting in 2
Page 69 and 70: QUT Senior Research Fellow, Dr Ian
Page 71 and 72: Auditor’s Report Independent Audi
Page 73 and 74: SRDC Annual Report 2010-2011 71
Page 75 and 76: BSES Limited Researcher Dr Prakash
Page 77 and 78: Sugar Research and Development Corp
Page 83 and 84: 1.3 Signifi cant Accounting Judgeme
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Sugar Research and Development Corp
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1.12 Financial Assets The Corporati
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Revaluations Fair values for each c
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Note 3: Expenses Note 3A: Employee
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Note 4: Income OWN-SOURCE REVENUE N
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Note 5C: Investments Accounted for
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Note 6D: Other Non-Financial Assets
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Note 8: Employee Provisions Sugar R
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Note 10: Contingent Liabilities and
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Note 15: Financial Instruments Note
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Note 15E Liquidity Risk Sugar Resea
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Appendices Appendix A Composition o
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Appendix B1 Sugar Research and Deve
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Arena: Regional Futures Priority St
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Arena: Regional Futures Priority St
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Arena: Emerging Technologies Sugar
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Arena: People Development Priority
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Arena: People Development Priority
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Regional Futures Farming and Harves
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People Development Individual Capac
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Program 1.1: Sugar Research and Dev
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Appendix F Abbreviations ABCR Advan
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DEEDI Sustainable Agriculture Direc
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Section 2 - Sugar Research and Development Corporation

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