12. MEMBERS’ FUNDS The Company is limited by guarantee. The Constitution states that, if the Company is wound up, each nominated member at the time the winding up starts and each person who was a nominated member at any time in the 12 months before the winding up started, is required to contribute a maximum of $2 each towards payment of the debts and liabilities of the Company including the costs of winding up. Any surplus members' funds on wind up must not be paid to members but must be paid or transferred to another corporation with similar objects to the Company and a constitution which prohibits the distribution of its income and property among its members. 2007 2006 Group A members Nominated 6,347 6,226 Joint 5,919 5,872 12,266 12,098 Group B members 2 2 Total Group A and Group B members 12,268 12,100 13. COMMITMENTS Research and development expenditure commitments Commitments contracted for at reporting date but not recognised as liabilities are as follows: Not later than one year 13,689 17,569 Later than one year but not later than five years 6,513 7,732 20,202 25,301 The Company enters into contracts with research organisations. Research and development expenditure commitments relate to amounts expected to be paid in respect of research, development and extension, which are set out in these contracts. The period of contracts is up to a maximum of three years. Contracts include clauses which enable the Company to withhold or cease further funding in the event of factors arising which are outside the Company’s control. Operating lease expenditure commitments Future minimum rentals payable under non-cancellable operating leases as at 30 June are: Not later than one year 1,241 1,257 Later than one year but not later than five years 933 1,898 2,174 3,155 16. DIRECTOR AND EXECUTIVE DISCLOSURES (A) DETAILS OF KEY MANAGEMENT PERSONNEL (I) DIRECTORS: Mr M Roberts Chair (non-executive) Mr P Rowley Chair (non-executive) Resigned 24 November 2006 Dr M J Ginnivan Managing Director Mr G Akers Director (non-executive) Dr A Astin Director (non-executive) Mr J Doyle Director (non-executive) Mr K Jackson Director (non-executive) Appointed 24 November 2006 Dr B Kitchen Director (non-executive) Mr P Nankervis Director (non-executive) Mr S O’Rourke Director (non-executive) (II) EXECUTIVES: Ms K Cadigan Manager Human Resources Mr S Coats Group Manager Farm Productivity and Delivery Ms H Dornom Group Manager Technical Issues Mr D Langdon Group Manager Corporate Services Ms I MacNeill Group Manager Value Chain Innovation Mr R Lange Group Manager National Marketing Mr C Phillips Group Manager Trade and Strategy Mr P Smith Group Manager Corporate Affairs
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