10 February 2016 Finance Committee Meeting Minutes

.au Domain Administration Limited

 

Finance & Audit Sub-Committee Meeting

 

10 February 2016, 11.00am

Via Teleconference

 

Present:

Graham McDonald (Chair), Chris Disspain, Stuart Benjamin, Kartic Srinivasan, Joe Manariti, Miguel Wood, Jo Lim, John Higgins (Moore Stephens), Neal Dunn (Moore Stephens – Item 4), Jacki O'Sullivan (Minutes)

 

Apologies:

Grant Wiltshire

 

1.    Continuous Disclosure

  • There were no matters to be disclosed.

 

2.    Previous Minutes

  • The Committee noted the 9 December 2015 minutes which had been Committee and Board approved via email and published.

 

3.    Financial Statements

  • The January 2016 accounts were circulated via email for Committee review prior to the meeting and were summarised as follows:
    • Total cash and investments - $11.5m (includes cash, US$ Bank accounts, Term Deposits and Investments).
    • Net Assets $11.115m
    • 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

  • Neal Dunn from Moore Stephens attended the meeting and provided the committee with an update on the investment status and forecast.
  • Background for new Directors on the investment strategy noted the portfolio had been selected conservatively as various ways of maximising investment whilst maintaining security and minimising risk.  It was also highlighted that the NAB had previously approached the CEO with a view to reviewing and providing a better investment portfolio and had not been able to provide any better investment options than the current portfolio.
  • Neal Dunn advised there were no major concerns or recommended changes with the current portfolio.

 

5.    Expenditure above $50K

  • Nil

 

6.    Outstanding Action Items

  • There were no outstanding action items.

 

7.    Any other business

  • The Chair suggested to the Committee that the accounting processes that have been put in place over the years should now be formally documented.  The Committee agreed that C Disspain, G McDonald, S Benjamin and J Higgins would document the existing processes and circulate to the Committee by 15 March 2016 for review/amendment as required before formally approving the final processes.  It was also agreed that until completion and sign-off of formal policies, the CEO would work with his operational delegations but any expenditure relating to the CEO (expenses or travel) would be approved by the auDA Chair.
  • It was noted that John Higgins would be providing an overview of accounts at the upcoming Director's Induction day.

 

8.    Actions

  • CD – circulate January 2016 accounts to Board for the February meeting.
  • CD/GMcD/SB/JH - document the existing accounting processes and circulate to the Committee by 15 March 2016 for review/amendment as required before formally approving the final processes.

 

9.    Next Meeting

  • Wednesday 13 April 2016 at 11.00am via teleconference.