Axiom 2014 Annual Report - page 43

Directors’ Report
41
2014 Annual Report
continued
Likely developments and expected results
In the opinion of the Directors it may prejudice
the interests of the Company to provide additional
information in relation to the future developments and
business strategies of the operations of the Company and
the expected results of those operations in subsequent
financial years.
Environmental regulation
The Group is subject to significant environmental
regulation with respect to its exploration activities. The
Group aims to ensure that the appropriate standard of
environmental care is achieved, and in doing so, that it
is aware of and is in compliance with all environmental
legislation. The Directors of the Company are not aware
of any breach of environmental legislation for the year
under review.
Auditors
The Group’s financial statements have been audited by
Hall Chadwick Chartered Accountants and Business
Advisors.
Other transactions with KMP and their related
parties
Apart from the transactions disclosed in the
remuneration report above and in Note 20 to the
consolidated financial statements, there were no other
transactions conducted between the Group and KMP or
their related parties, relating to equity, compensation
and loans, that were conducted other than in
accordance with normal employee, customer or supplier
relationships on terms no more favourable than those
reasonably expected under arm’s length dealings with
unrelated persons.
Indemnification of officers and auditors
During the financial year, the Company paid an
insurance premium in respect of a contract insuring
Directors and officers against liability arising from
claims brought against them individually or jointly
while performing services for the Company, and against
expenses relating thereto, in accordance with the
Company’s constitution. In accordance with commercial
practice, the insurance policy prohibits disclosure of the
amount of the premium and the nature and the amount
of the liability covered.
Non-audit services
The Board of Directors, in accordance with advice from
the audit committee, is satisfied that the provision of
non-audit services during the year is compatible with
the general standard of independence for auditors
imposed by the Corporations Act 2001. The Directors
are satisfied that the services disclosed below did not
compromise the external auditor’s independence for
the following reasons:
––
all non-audit services are reviewed and approved by
the Board prior to commencement to ensure they do
not adversely affect the integrity and objectivity of
the auditor; and
––
the nature of the services provided does not
compromise the general principles relating to auditor
independence in accordance with APES 110: Code
of Ethics for Professional Accountants set by the
Accounting Professional and Ethical Standards Board.
Audit fees and fees for non-audit services are disclosed
in Note 19 to the consolidated financial statements.
Auditor’s independence declaration
The lead auditor’s independence declaration for the year
ended 30 September 2014 has been received and can be
found on page 42 of the financial report.
This Directors’ Report, incorporating the Remuneration
Report, is signed in accordance with a resolution of the
Board of Directors.
Signed in accordance with a resolution of the Board
of Directors.
Stephen Ray Williams
Chairman
Dated at Brisbane 29 December 2014
GROUP FINANCIAL REPORT
1...,33,34,35,36,37,38,39,40,41,42 44,45,46,47,48,49,50,51,52,53,...116
Powered by FlippingBook