BWP TRUST ANNUAL REPORT 2015
51
COMPANY SECRETARY
Ms K A Lange, FGIA, FCIS, MBus, MAICD
Ms K A Lange has been the company secretary since 9 April 2008.
Ms Lange has more than 25 years company secretarial experience
including company secretary of Woodside Petroleum Limited and
Wesfarmers Limited.
DIRECTORS’ UNITHOLDINGS
Units in the Trust in which directors had a relevant interest at the date
of this report were:
Director
Units in the Trust
Mr J K Atkins
89,413
Mr J A Austin
343,859
Mr E Fraunschiel
111,766
Ms F E Harris
20,000
Mr R D Higgins
20,000
Mr A J Howarth
20,000
Mr M J G Steur
-
Mr M J Wedgwood
-
No directors have other rights or options over interests in the Trust or
contracts to which the director is a party or under which the director
is entitled to a benefit and that confer a right to call for or deliver an
interest in the Trust.
INSURANCE AND INDEMNIFICATION OF DIRECTORS
AND OFFICERS
During or since the end of the financial year insurance has been
maintained covering the entity’s directors and officers against certain
liabilities incurred in that capacity. Disclosure of the nature of the
liability covered by the insurance and premiums paid is subject to
confidentiality requirements under the contract of insurance.
Directors and officers are indemnified by the responsible entity against
the costs and expenses of defending civil or criminal proceedings in
their capacity as directors and officers in which judgement is given
in favour of, or acquittal is granted to, a director or officer, unless the
liability arises out of conduct involving a lack of good faith.
No indemnity payment has been made under any of the
arrangements referred to above during or since the end of the
financial year.
REVIEWAND RESULTS OF OPERATIONS
The operations of the Trust during the financial year and the results
of those operations are reviewed on pages 5 to 10 of this
report and in the accompanying financial statements. This includes
information on the financial position of the Trust and its business
strategies and prospects for future financial years.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
During the financial year, the value of the Trust’s investment
properties increased by $199.4 million (2014: $391.0 million increase)
to $2.0 billion (2014: $1.8 billion), with the number of investment
properties decreasing from 87 properties to 82 properties at the
financial year end due to property sales during the year.
There were no other significant changes in the state of affairs of the
Trust during the financial year.
SIGNIFICANT EVENTS AFTER THE BALANCE DATE
No matters or circumstances have arisen since the end of the financial
year that have significantly affected or may significantly affect the
operations, results of operations or state of affairs of the Trust in
subsequent financial years.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS
Likely developments in and expected results of the operations of the
Trust in subsequent years are referred to elsewhere in this report,
particularly on pages 5 to 10. In the opinion of the directors,
further information on those matters could prejudice the interests of
the Trust and has therefore not been included in this report.
CORPORATE GOVERNANCE
In recognising the need for high standards of corporate behaviour
and accountability, the directors of BWP Management Limited
support and comply with the majority of the ASX Corporate
Governance Principles and Recommendations. The responsible
entity’s corporate governance statement is contained on pages
23 to 29 of this annual report.
ENVIRONMENTAL REGULATION AND PERFORMANCE
The Trust’s operations are not subject to any particular significant
environmental regulations under either Commonwealth or State
legislation. The Trust is not aware of any breach of environmental
regulations.
BOARD COMMITTEES
As at the date of this report, the responsible entity had an Audit and
Risk Committee and Remuneration and Nomination Committee. Each
committee is comprised of all of the non-executive directors of the
responsible entity.
There were three Audit and Risk Committee and three Remuneration
and Nomination Committee meetings held during the year.
ROUNDING
The amounts contained in this report and in the financial statements
have been rounded to the nearest thousand dollars under the option
available to the Trust under ASIC Class Order 98/100, unless otherwise
stated. The Trust is an entity to which the Class Order applies.
AUDITOR INDEPENDENCE
The lead auditor’s independence declaration is set out on
page 53 and forms part of the Directors’ report for the year
ended 30 June 2015.
