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CIMIC Group Limited Annual Report 2016 |
Directors’ Report
In February 2013 the Board resolved to extend similar deeds of indemnity to any person that is or becomes:
•
a Director, Secretary, General Counsel or an executive (in a role that has been approved by the CEO, CFO or Company Secretary) of
the Company, an Operating Company or a subsidiary of an Operating Company; or
•
a Director, Company Secretary or an executive (in a role that has been approved by the CEO, CFO or Company Secretary) of a non-
controlled entity at the request of the Company or an Operating Company.
INSURANCE FOR GROUP OFFICERS
During and since the end of the 2016 Financial Year, the Company has paid or agreed to pay premiums in respect of contracts insuring
persons who are or have been a Group Officer against certain liabilities (including legal costs) incurred in that capacity. Group Officer for
this purpose means any Director or Company Secretary of CIMIC or any Subsidiary and includes any other person who is concerned with,
or takes part in, the management of CIMIC or a Subsidiary.
Under the directors’ deeds and the deeds of indemnity described above, the Company has undertaken to the relevant Officer, employee
or former Officer or employee that it will insure the Officer or employee against certain liabilities incurred in their applicable capacity in
the Company or any Subsidiary or as an Officer or employee of a non-controlled entity where the position is, or was, held at the request
of the Company or any Subsidiary.
The insurance contracts entered into by the Company prohibit disclosure of the specific nature of the liabilities covered by the insurance
contracts and the amount of the premiums.
NON-AUDIT SERVICES
Details of the amounts paid or payable to our external auditor, Deloitte, for non-audit services provided during the 2016 Financial Year to
entities within the Group are set out in the table below.
The Board has considered the position and, in accordance with the advice received from the Audit and Risk Committee, is satisfied that
the provision of non-audit services during the 2016 Financial Year is compatible with the general standard of independence for auditors
imposed by the Corporations Act.
The Board is satisfied that the provision of non-audit services by Deloitte, as set out in the following table, did not compromise the
auditor independence requirements of the Corporations Act for the following reasons:
•
all non-audit services were reviewed by the Audit and Risk Committee and the Committee believes that they do not impact the
impartiality and objectivity of Deloitte because of the nature of the services provided during the 2016 Financial Year and the
quantum of the fees which relate to non-audit services compared with the overall fees;
•
the Directors believe that none of the services undermine the general principles relating to auditor independence, including
reviewing or auditing Deloitte’s own work, acting in a management or decision-making capacity for the Group, acting as advocate for
the Group or jointly sharing economic risk and rewards; and
•
these assignments were carried out in accordance with the External Auditor Independence Charter.
The non-audit services supplied to entities within the Group by Deloitte and the amount paid or payable by type of non-audit service
during the 2016 Financial Year were as follows:
Non-audit services
Amount paid/payable $’000
Other assurance services
-
Taxation and other services
135
Total
135
ROUNDING OF AMOUNTS
As the Company is a company of the kind referred to in
ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191
dated 24 March 2016, the Directors have chosen to round amounts in this Directors’ Report and the accompanying Financial Report to
the nearest hundred thousand dollars, unless otherwise indicated.
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