Dairy Australia - Annual Report 2006/07

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S E C T I O N 2 : C O R P O R A T E O P E R A T I O N S
LEGAL FRAMEWORK As a public company limited by guarantee, Dairy Australia operates within the legal framework of the Corporations Act 2001, other relevant laws and the Dairy Australia Constitution. In addition, as the industry services body under the Dairy Produce Act 1986, Dairy Australia is party to a funding deed with the Commonwealth of Australia and is bound by the terms of the deed. CONSTITUTION Dairy Australia’s Constitution is the key set of rules which governs the operation of the Company. The Constitution deals with matters such as the Company’s objects, the criteria for eligibility for membership, how members’ voting entitlements are determined and requirements for the composition of the Board and the election and rotation of Directors. Together with the provisions of the Corporations Act 2001, the Constitution sets out the Company’s reporting responsibilities to members. FUNDING DEED Since its inception in 2003, Dairy Australia has operated in accordance with the terms of a Statutory Funding Deed with the Commonwealth. A new deed was negotiated with the Commonwealth during the year and came into effect on 1 June 2006. Under the funding deed, the Commonwealth agrees to pay the Company Dairy Service Levy funds paid by dairy farmers and matching Government R&D funds. In addition, the deed sets out the respective obligations of Dairy Australia and the Commonwealth with regards to the terms of payment of the levy and matching R&D funds, how those funds may be used, and Dairy Australia’s reporting and accountability requirements to the Commonwealth. It also deals with Dairy Australia’s responsibilities in its role as trustee of the Dairy Structural Adjustment Fund. MEMBERSHIP Under Dairy Australia’s Constitution, all Australian dairy farmers who pay Dairy Service Levy or who have levy deducted from the proceeds of their milk sales are eligible to become Group A members of Dairy Australia and participate in general meetings of the Company and the election of Directors. In addition, bodies that represent a significant sector of the Australian dairy industry are eligible to become Group B members of the Company. Dairy Australia’s Constitution provides for formal consultation with Group B members in relation to the Company’s strategic and operating plans. At 30 June 2007, Dairy Australia had 12,266 Group A members (including 5,919 joint members). These members represented 64.36 per cent of active dairy enterprises. Dairy Australia has two Group B members - the Australian Dairy Farmers Limited and the Australian Dairy Products Federation. The Company Constitution and the funding deed with the Commonwealth are on Dairy Australia’s website.

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