BWP TRUST ANNUAL REPORT 2015
28
MANAGING DIRECTOR’S STATEMENT
Before the Board approves the Trust’s financial statements for a
financial period, it receives from its Managing Director a declaration
that in his opinion, the financial records of the Trust have been
properly maintained and that the financial statements comply with
the appropriate accounting standards and give a true and fair view of
the financial position and performance of the Trust and that the opinion
has been formed on the basis of a sound system of risk management
and internal control which is operating effectively. The declaration was
provided for both the half-year results to 31 December and the year
end results to 30 June and met the requirements of section 295A of
the Corporations Act and Recommendation 4.2 of the ASX Principles.
REVIEW OF BOARD AND COMMITTEE
PERFORMANCE
The Board and its committees participate in performance
evaluations on average every two years.
The last Board performance evaluation was completed in December
2013. A reviewwas not conducted during the reporting period. The
next review is due in the second half of calendar year 2015.
REMUNERATION POLICIES
The right of the responsible entity to be remunerated and indemnified
by the Trust is set out in the constitution of the Trust and disclosed in
Note 2 to the financial statements in this report. The constitution is
available fromASIC and is available to unitholders on request.
REMUNERATION OF NON-EXECUTIVE DIRECTORS AND
EXECUTIVES
Remuneration expenses of the responsible entity are not borne by
the Trust. Directors are remunerated by the responsible entity, and
management services are provided to the responsible entity by
Wesfarmers. Wesfarmers employees seconded to the responsible
entity to provide management services to the Trust are engaged
in dedicated roles to act exclusively for the responsible entity on
behalf of the Trust and are paid directly by Wesfarmers. Short term
incentives paid by Wesfarmers to employees engaged by the
responsible entity are based entirely on the performance of the
Trust and furthering the objectives of the Trust.
For the financial year ended 30 June 2015, each non-executive
director was entitled to a director’s fee. Non-executive directors
do not receive options or bonus payments, nor do they receive
retirement benefits in connection with their directorships other than
statutory superannuation. There are no equity incentive schemes
in relation to the Trust.
Details of the remuneration policy for directors are disclosed in
Note 17(b) to the financial statements.
COMPANY SECRETARY
Karen Lange is the Company Secretary to the responsible entity.
She is a Fellow of the Governance Institute of Australia and a
member of the Australian Institute of Company Directors. She has
extensive experience across the mining, industrial and financial
services industry sectors and more than 25 years company
secretarial experience, including company secretary of Woodside
Petroleum Limited andWesfarmers Limited. The Company
Secretary is accountable to the Board, through the Chairman, on all
matters to do with the proper functioning of the Board. All directors
have access to the Company Secretary for advice and services.
RIGHTS OF UNITHOLDERS
The responsible entity respects the rights of the Trust’s unitholders
and ensures that appropriate information is provided to them
via the annual report, half-year report, ASX announcements, the
Trust’s website and at periodic unitholder meetings.
In addition, prompt responses are provided to unitholders who
contact the responsible entity with questions concerning the Trust’s
activities. Unitholders can also attend the investor teleconferences
following the release of half and full-year results. Recordings of these
teleconferences are retained on the website for a reasonable period.
The responsible entity utilises the services of Computershare, a
professional share registry service provider with a progressive
approach to online security holder services. Unitholders are
provided with options to receive communications from, and send
communications to, the Trust and the registry electronically.
The responsible entity has a pro-active investor relations program
which includes engaging with institutional investors, private
investors, sell-side and buy-side analysts, the financial media
West Ipswich, QLD
GOVERNANCE
