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APN
annual report
2011
directors’ report
APN News & Media Limited and Controlled Entities
15. INSURANCE OF DIRECTORS AND OFFICERS
The parent entity has paid for an insurance policy for the benefit of all persons who are or have been Directors or officers of the parent entity
or the consolidated entity against liabilities incurred during the financial year. The insured persons include current and former Directors,
officers and company secretaries of the parent entity and the consolidated entity. The insurance policy specifically prohibits the disclosure
of the nature of the liability covered and the premium paid.
16. 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 a court under section 237 of the
Corporations
Act 2001
.
17. NON-AUDIT SERVICES
Full details of the amounts paid or payable to the auditors for audit and non-audit services provided during the financial year are set out in
note 28 to the financial statements.
During the financial year, the Company’s auditor, PricewaterhouseCoopers, received or is due to receive $1,323,000 for the provision of non-audit
services. In addition, KPMG (auditors of a controlled entity) received or is due to receive $185,000 for the provision of non-audit services.
The Company auditor has provided the Directors with an Auditor’s Independence Declaration in relation to the audit, a copy of which
follows immediately after this Directors’ Report. The auditor has also confirmed to the Directors that it has in place independence quality
control systems which support its assertions in relation to its professional and regulatory independence as auditor of the consolidated entity
(including the requirements of APES 110
Code of Ethics for Professional Accountants
).
The Audit Committee has reviewed the fees provided to the auditor for non-audit services in the context of APES 110, the requirements of the
Audit Committee Charter and general corporate governance practices adopted by the consolidated entity.
Based on the above factors, the Audit Committee has no reason to believe that there has been any compromise in the independence of the
auditor due to the provision of these non-audit services and has advised the Board accordingly.
In accordance with the advice of the Audit Committee, the Directors are therefore satisfied that the provision of non-audit services during
the financial year by the auditor is compatible with the general standard of independence for auditors imposed by the
Corporations Act 2001
and that the provision of non-audit services during the financial year did not compromise the auditor independence requirements of the
Corporations Act 2001
.
18. AUDITOR’S INDEPENDENCE DECLARATION
A copy of the Auditor’s Independence Declaration, as required under section 307C of the
Corporations Act 2001
, follows immediately after
this Directors’ Report.
19. ROUNDING OF AMOUNTS TO NEAREST THOUSAND DOLLARS
The Company is of a kind referred to in Class Order 98/100 issued by the Australian Securities and Investments Commission, relating to the
rounding off of amounts in this report and the financial report. Amounts in this report and the financial report have been rounded off to the
nearest thousand dollars, or in certain cases to the nearest dollar, in accordance with that Class Order.
This report is issued in accordance with a resolution of the Directors.
Gavin O’Reilly
Chairman
Brett Chenoweth
Director
Sydney
20 March 2012