5 August 2016 Finance Committee Meeting Minutes

.au Domain Administration Ltd

Finance and Audit Sub-Committee Meeting

Friday 5 August 2016, 11.00am  

Via Teleconf

Present:  Kartic Srinivasan (Chair), Jo Lim, Grant Wiltshire, Joe Manariti, Miguel Wood, John Higgins (Moore Stephens), Jacki O'Sullivan (Minutes)

Apologies:  Nil

 

1.    Continuous Disclosure

Joe Manariti disclosed that he has been appointed to the Committee of Tourism, Hepburn (Hepburn Shire Council).

2.    Confirmation of June 2016 Minutes

The Committee noted the 10 June 2016 minutes which had been Committee and Board approved via email and published.

3.    Accounts

The June 2016 end of year accounts were circulated via email for Committee review prior to the meeting and were summarised as follows:

  • Total cash and investments - $13.1m (includes cash, US$ Bank accounts, Term Deposits and Investments).
  • Net Assets $13.144m
  • J Higgins advised that $2.8M cash in the bank and on deposit, was currently attracting a low interest rate and the Committee may wish to consider moving this into a higher deposit account or into the investment portfolio.  J Higgins will email the information and options to the Finance Committee for consideration.
  • Budget vs. YTD variances were summarised and reviewed with no major issues noted.  The Committee was advised that an invoice had not yet been received for ICANN fees and J Higgins will prompt ICANN for the invoice.
  • It was noted there were a few invoices received in July that still needed to be included in the June end of year accounts.  These will be now be included along with a few minor amendments to the accounts prior to the commencement of the audit processes.
  • The Chair queried the provision for staff holiday pay. It was noted there is no formal policy regarding staff leave however staff are encouraged not to accrue more than 8 weeks leave.  The Chair will think about a policy and discuss with the auDA Chair.  It was noted this should be discussed with the new CEO as it is an operational matter.
  • The Chair indicated the Committee would like to see variances noted and explained on the accounts for future meetings.  It was agreed this would commence with the July 2016 accounts on a monthly basis.
  • The Committee approved the accounts to be forwarded to the Board for the August 2016 Board meeting, once J Higgins had completed the final updates.

Motion (proposed J Manariti, seconded G Wiltshire).  That monthly financial reports are forwarded to both the CEO and Finance Committee Chair with associated comments on variances commencing with the July 2016 accounts.  Carried.

Motion (proposed K Srinivasan, seconded J Manariti).  That the new CEO review the Profit and Loss statements at future Finance Committee meetings commencing at the next meeting in October 2016.  Carried

4.    Third party/Supplier agreements/costs

  • The Committee was advised Moore Stephens has a list of current suppliers however was not aware of any fixed terms or contracts for any suppliers.
  • It was agreed J Higgins & J Lim would compile a list of major suppliers and relevant information for any expenses over $10K p/month, to be circulated to the Committee by 31 August 2016.

5.    Expenditure above $50K

  • There was no expenditure above $50K.

6.    Any Other Business

  • G Wiltshire gave the committee a summary of a dashboard reporting sample which is commonly used by Boards looking at a higher level of reporting for the Board.  It was agreed the sample would be placed in OwnCloud for other Finance Committee members to review and think about steps going forward, post Strategic review.

7.    Actions

  • J Higgins to email proposed further investment options to the Finance Committee for consideration.
  • J Higgins to follow up ICANN invoice for payment
  • J Higgins & J Lim - compile a list of major suppliers and relevant information for any expenses over $10K p/month, to be circulated to the Committee by 31 August 2016.
  • G Wiltshire/K Srinivasan – put dashboard reporting sample in OwnCloud for Committee members to review.

8.    Next Meeting

  • Friday 7 October 2016 – 11.00am (TBC)