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Wool Stocktake : Annual Report 2006-07
23 Australian Wool Innovation Limited 2006/07 insurAnce of officers During the year, Australian Wo ol Innovation Limited paid an insurance premium of $50,065 (2006: $32,753) to insure the Directors and Ofﬁcers of the entity against liability and professional indemnity. non-Audit services The Group may decide to appoint the auditor on assignments additional to their statutory audit duties where the auditor’s experience with the Group and/or the consolidated entity are important. Details of the amounts paid to the auditor (PricewaterhouseCoopers) for audit and non-audit services provided during the year are set out in Note 19 to the Financial Statements. Auditors’ independence declArAtion A copy of the auditors’ independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 24. rounding of Amounts The company is of a kind referred to in Class Order 98/0100, issued by the Australian Securities & Investments Commission, relating to the ‘rounding off’ of amounts in the Directors’ Report. Amounts in the Directors’ Report have been rounded off in accordance with that Class Order to the nearest thousand dollars, or in certain cases, to the nearest dollar. dividends pAid AWI’s Constitution does not allow the Company to pay any dividend. shAre options AWI’s Constitution does not allow the Company to grant any share options to any directors or executives of the Group. environmentAl regulAtion The Group’s operations are not subject to any particular or signiﬁcant environmental regulations under either Commonwealth or State legislation. proceedings on behAlf of the compAny No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or part of those proceedings. No proceedings have been brought or intervened in on behalf of the company with leave of the Court under section 237 of the Corporations Act 2001. stAtutory funding Agreement obligAtions In addition to usual annual reporting requirements, there are additional reporting requirements imposed upon the company under Schedule 3 of the Statutory Funding Agreement between Australian Wo ol Innovation Limited and the Commonwealth of Australia. These are all dealt with in this annual report with the exception of a listing of the projects for which Commonwealth Matching Funds have been claimed. This will be provided separately to the government. A number of the matters identiﬁed in this report contain ‘commercial in conﬁdence’ information and the company has elected to exercise its prerogative to provide that report separately to the Commonwealth on an ‘in conﬁdence’ basis. This report is made in accordance with a resolution of Directors. I M McLachlan AO Sydney Chairman 20 September 2007
AWI Annual Report 2007-08