Qantas 2006 Annual Report Download - page 51

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Qantas Annual Report 2006
Directors’ Report
for the year ended 30 June 2006
The Directors of Qantas Airways Limited (Qantas) present their report
together with the Financial Report of the consolidated entity, being Qantas
and its controlled entities (Qantas Group), for the year ended 30 June 2006
and the Independent Audit Report thereon.
DIRECTORS
The Directors of Qantas at any time during or since the end of the year are:
Margaret Jackson, AC
Geoff Dixon
Peter Gregg
Paul Anderson
Mike Codd, AC
Peter Cosgrove, AC, MC (appointed 6 July 2005)
Patricia Cross
Garry Hounsell
Jim Kennedy, AO, CBE (retired 30 June 2006)
James Packer
John Schubert
James Strong, AO (appointed 1 July 2006)
Details of Directors, their qualifications, experience and any special
responsibilities, including Qantas Committee Memberships, are set out on
pages 36 to 39.
PRINCIPAL ACTIVITIES
The principal activities of the Qantas Group during the course of the year
were the operation of international and domestic air transportation
services, the provision of time definite freight services, the sale of
international and domestic holiday tours and associated support activities
including information technology, catering, ground handling and
engineering and maintenance. There were no significant changes in the
nature of the activities of the Qantas Group during the year.
DIVIDENDS
The Directors declared a final dividend of $215.1 million (final dividend of
11.0 cents per share) for the year ended 30 June 2006 (2005: final dividend
of 10.0 cents per share). The final dividend will be fully franked and follows
a fully franked interim dividend of $212.2 million (11.0 cents per share),
which was paid during the year.
REVIEW OF OPERATIONS AND STATE OF AFFAIRS
A review of, and information about, the Qantas Group’s operations,
including the results of those operations and changes in the state of affairs
of the Qantas Group during the year together with information about the
fi nancial position of the Qantas Group appears on pages 11 to 31. In the
opinion of the Directors, there were no other signifi cant changes in the state
of affairs of the Qantas Group that occurred during the year under review.
EVENTS SUBSEQUENT TO BALANCE DATE
With the exception of the final dividend identified above, the increase in
fuel costs, the Qantas Engineering negotiation regarding the potential sale
of inventory, the investigations into price fixing in the air cargo market
disclosed as a contingent liability in Note 23 and the formation of a new
domestic freighter leasing business there has not arisen since the end of
the year and the date of this Directors’ Report any matter or circumstance
that has significantly affected or may significantly affect the Qantas
Group’s operations, results of those operations or state of affairs in
future years.
LIKELY DEVELOPMENTS
Further information about the likely developments in the operations of the
Qantas Group in future years and the expected results of those operations
has been omitted from this Directors’ Report because disclosure of the
information is likely to result in unreasonable prejudice to the Qantas
Group. Further information about the Qantas Group’s business strategies
and its prospects for future years has been omitted from this Directors’
Report because disclosure of the information is likely to result in
unreasonable prejudice to the Qantas Group.
DIRECTORS’ MEETINGS
The number of Directors’ Meetings held (including Meetings of Committees of Directors) and the number of Meetings attended by each of the Directors during
the year are as follows:
Qantas Board
Audit
Committee
Safety,
Environment
& Security
Committee
Remuneration
Committee
Nominations
Committee
Scheduled
Meetings
Unscheduled
Meetings
Directors Attended Held1Attended Held1Attended Held1Attended Held1Attended Held1Attended Held1
Margaret Jackson 8 9 1 1 4242
244 41 1
Geoff Dixon 9 9 1 1 4243 44
24– –
Peter Gregg 9 9 1 1 4241
24– –– –
Paul Anderson 9 9 1 1 – – – – 4 4 – –
Mike Codd 9 9 1 1 4 4 4 4 124– –
Peter Cosgrove399112
244 4– –– –
Patricia Cross499112
242 244 4– –
Garry Hounsell 9 9 1 1 4 4 4243
24– –
Jim Kennedy 9 9 1 1 3 4 – – 4 4 – –
James Packer 8 9 1 1 – – – – 124– –
John Schubert 9 9 1 1 – – 4 4 – – 1 1
1 Reflects the number of Meetings held during the time that the Director held office during the financial year.
2 Attended Meetings in an ex-officio capacity.
3 Mr Cosgrove was appointed as a Member of the Safety, Environment & Security Committee on 20 July 2005.
4 Mrs Cross was appointed as a Member of the Audit Committee on 19 July 2006.