9 December 2015 Finance Committee Minutes
9 December 2015, 11.00am
Present: Graham McDonald (Chair), Chris Disspain, Stuart Benjamin, Kartic Srinivasan, Jo Lim, John Higgins (Moore Stephens), Jacki O'Sullivan (Minutes)
Apologies: Joe Manariti
1. Continuous Disclosure
- There were no matters to be disclosed.
2. Previous Minutes
- The Committee noted the 12 August 2015 minutes which had been Committee and Board approved via email and published.
3. Financial Statements
- The November 2015 accounts were circulated via email for Committee review prior to the meeting. and were summarised as follows:
- Total cash and investments - $11.52m (includes US$ Bank accounts, Term Deposits and Investments).
- Net Assets $11.195m
- Budget vs. YTD variances were reviewed with no major issues noted other than minor fluctuations in the unrealised foreign exchange and investment balances.
4. Investment Portfolio update
- It was noted the PIMCO investment was slightly down due to market fluctuations, this will be monitored going forward.
- Term Deposits continue to be rolled over when due (for appx 6 months each time). Rates are generally around 2.8-2.9% in line with the current market.
- The Committee requested Neil Dunn (Moore Stephens), attend the February Committee meeting and provide a verbal investment update and forecast summary.
5. Expenditure above $50K
6. Outstanding Action Items
- There were no outstanding action items.
7. Any other business
- The Committee was advised that, as per Board agreement at the 8 October 2015 Board meeting, additional US$ had now been purchased and will be reflected in the December accounts.
- CD – circulate November accounts to Board for the December meeting
- JH – arrange Neil Dunn to attend February mtg for investment update/forecast summary
9. Next Meeting
- Thursday 10 February 2016 at 11.00am via teleconference.