Experian 2010 Annual Report Download - page 56

Experian Annual Report 2010 Governance54
Directors’ report
commitment to the role. Further details
regarding the evaluation process are
contained in the corporate governance
statement.
Judith Sprieser and Paul Walker will
also retire at the annual general meeting,
being the rst annual general meeting
following their appointment, and,
being eligible, will offer themselves for
election.
Insurance and third party
indemnication
During the year, the Company
maintained liability insurance and third
party indemnication provisions for its
directors.
Acquisitions and disposals
Details of acquisitions and disposals
made during the year are contained in
the business review and in note 36 to the
Group nancial statements.
Post balance sheet events
On 23 April 2010, the Company
announced that The First American
Corporation had notied Experian that it
had exercised its option over Experian's
residual interest in FARES for gross
cash consideration of approximately
US$314m. On 12 May 2010, the Company
announced that it had reached
agreement to divest part of its UK
database marketing activities to a newly
formed business venture with British
Sky Broadcasting.
Substantial shareholdings
Substantial shareholders are required to
notify their interests in accordance with
the Company’s articles of association,
which obliges shareholders to comply
with the notication obligations to the
Company contained in the Disclosure
and Transparency Rules. As at 19 May
2010, the Company had been notied of
the interests below in its issued ordinary
share capital or voting rights.
Company nancial statements
The nancial statements of the
Company for the nancial year ended
31 March 2010 have been prepared and
presented in US dollars as the US dollar
is the currency of the primary economic
environment in which the Company
operated during the year. Comparative
gures, which were originally reported
in sterling as the Company’s previous
functional currency, have been
represented in US dollars.
Directors
The names and biographical details
of the directors are shown on the
immediately preceding pages. Laurence
Danon resigned as a director of the
Company on 31 December 2009. Judith
Sprieser and Paul Walker have been
appointed as directors of the Company
with effect from 1 June 2010.
Particulars of directors’ remuneration,
service contracts and interests in
the ordinary shares of the Company
are shown in the report on directors’
remuneration. There were no changes in
the directors’ interests in such ordinary
shares between the end of the nancial
year and 19 May 2010.
In accordance with the Company’s
articles of association, each director is
required to retire at the annual general
meeting held in the third calendar year
following the year in which he or she was
elected or last re-elected. Alan Jebson,
Don Robert and David Tyler will retire at
the annual general meeting in July 2010
and, being eligible, will offer themselves
for re-election. Formal evaluations of
Board performance, the performance
of the principal Board committees and
the performance of individual directors
were carried out during the year ended
31 March 2010 and the Board is satised
that each of the three directors retiring at
the annual general meeting contributes
effectively and demonstrates
The directors present their report and
the audited nancial statements for the
year ended 31 March 2010.
Principal activities
and business review
Experian provides data and analytical
tools to businesses to help manage
credit risk, prevent fraud, target and
engage customers and automate
decision making. Experian also helps
individuals to manage their credit
relationships and protect against
identity theft.
Details of the development and
performance of the Group’s businesses
during the year, an indication of the
key performance indicators and
information regarding principal risks and
uncertainties are set out, together with
information equivalent to that required
for a business review, in the business
review section of the annual report and
are incorporated into this report by
reference.
Research and development
Research and development plays a key
role in supporting Experian’s activities
and details of such activities are given
in the business review section of the
annual report.
Results and dividends
The Group income statement shows
a prot for the nancial year ended
31 March 2010 of US$636m (2009:
US$506m). The directors have
announced the payment of a second
interim dividend in lieu of a nal dividend
of 16.00 US cents per ordinary share
(2009: 13.25 US cents) to be paid on 23
July 2010 to shareholders on the register
of members on 25 June 2010. An interim
dividend of 7.00 US cents per ordinary
share was paid on 29 January 2010 giving
a total dividend for the year of 23.00 US
cents per ordinary share (2009: 20.00 US
cents).
Substantial shareholdings
Date of notication Shareholder
Direct/indirect
interest
Number of ordinary
shares /voting rights
Percentage of issued
share capital/voting
rights
14 October 2009 Legal & General Group plc Direct 40,756,800 3.97%
4 March 2010 Artisan Partners Limited Partnership Indirect 51,639,960 5.03%
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