Page 7 - Suncorp_Review

Suncorp Group Limited Annual Report 2010/11 5

3. Directors’ meetings

The number of directors’ meetings (including meetings of committees of directors) and number of meetings attended by each of the directors of the Company 1 during the fnancial year ended 30 June 2011 were:

BOARD OF DIRECTORS

AUDIT COMMITTEE

RISK COMMITTEE

REMUNERATION COMMITTEE

NOMINATION COMMITTEE

A B A B A B A B A B

J D Story 13 13 6 6 7 7 4 4 3 3

P J R Snowball 13 13 6 6  2 7 6  2 4 4  2 – –

I R Atlas 6 6 3 2 3 3 3 3 – –

W J Bartlett 13 13 6 6 – – 4 4 3 3

Dr I D Blackburne 2 2 – – 2 2 – – 2 2

P J Dwyer 13 13 6 6 – – – – 3 3

S I Grimshaw 13 13 6 6 7 7 – – 3 3

E J Kulk 13 13 – – 7 7 4 4 3 3

G T Ricketts 13 13 – – – – – – 3 3

Dr Z E Switkowski 13 13 – – 7 7 4 4 3 3

A number of meetings held during the year while the director was a member of the Board or committee.

B number of meetings attended by the director during the year while the director was a member of the Board or committee. 1 On 7 January 2011, Suncorp Group Limited replaced Suncorp‑Metway Ltd as the listed parent of the Suncorp Group as part of the non‑operating holding company restructure. The meetings listed in the table are a combination of meetings conducted by directors of Suncorp‑Metway Ltd over the period 1 July 2010 to 7 January 2011 and meetings conducted by directors of Suncorp Group Limited over the period from the Restructure to 30 June 2011.

2 The Managing Director attends Audit Committee, Risk Committee and Remuneration Committee meetings at the invitation of those committees. There are no management representatives appointed as members of any board committee.

4. Remuneration Report

The Remuneration Report is set out on page 11 and forms part of the Directors’ Report for the fnancial year ended 30 June 2011.

5. Principal activities

The principal activities of the Suncorp Group during the course of the year were the provision of general insurance, banking and life insurance, superannuation and funds management products and related services to the retail, corporate and commercial sectors in Australia and New Zealand.

During the year, the Suncorp Group disposed of some investments in entities operating funds management businesses. Further details are set out in Section 6.5. There were no other signifcant changes in the nature of the activities of the Suncorp Group during the year.

5.1 Suncorp Group’s objectives

The Suncorp Group’s ‘Clarity of Purpose’ outlines its core aspirations:

–– To be ‘One Company, Many Brands’; and

–– To protect and grow the fnancial wellbeing of aspiring Australians and New Zealanders.

The focus is on simplicity and relentless execution to deliver on these aspirations, maximising value through four strategic priorities – cost, capital, customer and culture.

The Suncorp Group remains committed to delivering consistent, strong returns through its unique, diversifed business model which consists of fve operating divisions with end‑to‑end accountability, supported by a lean, strong corporate centre and a shared service function for common services and infrastructure. 

6. Operating and fnancial review

6.1 Overview of the Suncorp Group

During the fnancial year, the Suncorp Group substantially completed its fve key projects, known as the building blocks projects, on time and within budget. The successful completion of these projects has occurred during an unprecedented series of major events across Australia and New Zealand with the Suncorp Group managing more than 100,000 food, cyclone, earthquake and other natural hazard claims at an estimated gross cost of around $4 billion. Additionally, the Suncorp Group simplifed its business by divesting non‑core assets and implementing a Non‑Operating Holding Company (NOHC) structure, improving transparency of capital and allowing more effcient use of group capital. The Suncorp Group’s proft after tax was $457 million, compared to $789 million in the prior fnancial year.