Wellcom_FY11-Financial-Report

Wellcom_FY11-Financial-Report - For personal use only...

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Wellcom Group Limited A.C.N. 114 312 542 Financial report for the year ended 30 June 2011 For personal use only
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1 Annual financial report for the financial year ended 30 June 2011 1. Corporate Governance Statement 2 2. Directors’ Report 11 3. Auditor’s Independence Declaration 21 4. Independent Auditor’s Report 22 5. Directors’ Declaration 24 6. Consolidated Income Statement 25 7. Consolidated Statement of Comprehensive Income 26 8. Consolidated Statement of Financial Position 27 9. Consolidated Statement of Changes in Equity 28 10. Consolidated Statement of Cash Flows 29 11. Notes to the Consolidated Financial Statements 30 For personal use only
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Wellcom Group Limited Corporate Governance Statement 2 Corporate Governance Statement Wellcom Group Limited (‘the Company’) and the board of directors are committed to achieving the highest standards of corporate governance. The board continues to review the framework and practices to ensure they meet the interests of shareholders. The Company and its controlled entities together are referred to as the Group in this statement. A description of the Group’s main corporate governance practices is set out below. All these practices, unless otherwise stated, were in place for the entire year. They comply with the August 2007 ASX Principles of Good Corporate Governance and Best Practice Recommendations . Principle 1: Lay solid foundations for management and oversight The relationship between the board and senior management is critical to the Group’s long-term success. The directors are responsible to the shareholders for the performance of the Group in both the short and the longer term and seek to balance sometimes competing objectives in the best interests of the Group as a whole. Their focus is to enhance the interests of shareholders and key stakeholders and to ensure the Group is properly managed. Role of the board The board’s role is to provide strategic guidance and effective oversight of management. It is ultimately accountable to shareholders for the management and direction of management and of the business of the Group and therefore, has ultimate authority over management. In carrying out its role and exercising its powers, the board acts in accordance with the letter and spirit of the law and the Company’s Constitution. It acts honestly, fairly and with integrity in accordance with the Company’s policies, codes of conduct and ethical and other standards and in a manner which will create and develop sustainable value for shareholders. It has regard to the interests of the Company’s stakeholders, its employees, suppliers, customers or other stakeholders and the general community. Responsibilities of the board In performing its role, the board undertakes the responsibility for: the oversight of the Company, its business, activities, corporate governance and internal controls, including the development of its commercial, strategic and financial objectives and the monitoring of the implementation and execution of those objectives; the
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