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Wool Stocktake : Annual Report 2006-07
17 Australian Wool Innovation Limited 2006/07 The Board The Board continued to meet regularly during 2006/07, concentrating on core functions including: –Enhancing corporate governance systems, managing risk and threats to the industry and providing transparent, balanced reporting of company operations to shareholders; –Building a portfolio of research, development, innovation and marketing programs and projects aimed at enhancing the long-term proﬁtability of Australian woolgrowers. A number of AWI Board committees continue to monitor and guide speciﬁc activities. These committees assist the Board to effectively implement, monitor and enforce the Corporate Governance Principles throughout the company. boArd committees At 30 June 2007, there were four Board committees: Finance and Audit Committee, chaired by Brian van Rooyen The Committee’s main roles are to: –Assist the Board in managing its responsibilities relating to all ﬁnancial and legal matters; –Ensure the Company’s ﬁnancial controls are working effectively; –Monitor and guide the Company’s approach to corporate governance and risk management. Intellectual Property and Commercialisation Committee, chaired by Hugh Nivison The Committee’s major role is to provide policy direction for the management of AWI’s Intellectual Property ( IP) portfolio. (See the schedule of IP in Appendix C .) Remuneration and Appointments Committee, chaired by Brian van Rooyen The Committee sets executive remuneration, terms of employment and conditions, stafﬁng policies and stafﬁng levels as well as reviewing management performance. Integration Committee, chaired by Ian McLachlan After the Memorandum of Understanding was signed between AWI and AWS, the Integration Committee formed and delegated its task to a subcommittee to urgently deal with the integration. statutory Funding Agreement AWI is obliged to contract with the Federal Government on the use of levy monies. This contract is called the Statutory Funding Agreement ( SFA). The SFA requires AWI to allocate funds to authorised research, development, innovation and marketing activities to ensure that the projects AWI invests in are to the beneﬁt of Australian woolgrowers, and that projects are efﬁcient, effective and ethical. The SFA for 2004–2007 expired on 1 July 2007. A new SFA for 2007–2010 was signed on 28 June 2007 and came into effect on 1 July 2007. The main change to the SFA was to expand it to include marketing activities as per the outcome of Wo olPoll 2006. Va r i o u s other changes were also made as a consequence of the Department of Agriculture, Fisheries and Forestry standardising certain aspects of all its SFAs with R & D Corporations. The new SFA is available on the AWI website at www.wool.com.au/corporatepublications Audit AWI has continued to strengthen its internal controls and level of accountability, and engages the services of three of Australia’s leading professional services ﬁrms. PricewaterhouseCoopers is engaged to conduct the external audit and report to shareholders in the annual report. Deloitte Touche Tohmatsu conducts internal audits on a regular basis, reporting on internal controls and processes and the day-to-day management of AWI to the Finance and Audit Committee. Ernst & Young provides advice to AWI management on taxation, the integration with AWS and other related matters.
AWI Annual Report 2007-08