9 December 2015 Finance Committee Minutes

9 December 2015, 11.00am

Via Teleconference

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

  • Nil

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.

8.    Actions

  • 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.