Twenty-First Century Fox 2003 Annual Report Download - page 56

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The News Corporation Limited54
Directors’ Report (continued)
FOR THE YEAR ENDED 30 JUNE, 2003
Environmental Regulations
The Group’s operations are subject to various environmental regulations in the countries in which it has a presence.
In Australia, the Group has established an environmental management system in each jurisdiction, which monitors compliance with
existing environmental regulations and new regulations as they are enacted. The management system includes procedures to be
followed should an incident occur which adversely impacts the environment. The Group’s operations hold all relevant environmental
licences and permits and have implemented monitoring procedures to ensure that it complies with licence conditions.
The Directors are not aware of any breaches of any legislation during the financial year which are material in nature.
Subsequent Events
The Directors are not aware of any matter or circumstance that has arisen since the end of the financial year that has significantly
affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group
in the financial years subsequent to the current financial year.
Directors’ and Senior Executives’ Remuneration
Non-executive Directors
Fees paid to Non-executive Directors on the Board take into consideration the level of fees paid to Board members of other
multinational corporations, the size and complexity of the Group’s operations and the responsibilities and workload requirements
of Board members.
Because the focus of the Board is on the long-term direction of the Group, there is no direct link between Non-executive Director
remuneration and the short-term results of the Group.
Executive Directors
The broad remuneration policy is to ensure each compensation package properly reflects the relevant person’s duties and
responsibilities and that remuneration is competitive in attracting, retaining and motivating people of the highest quality. As the
Group operates in a highly competitive environment and continually seeks to improve value for shareholders, it is imperative that
remuneration levels are set to be among the leaders of major multinational corporations, in the appropriate markets.
Directors’ fees are not paid to Executive Directors since the responsibilities of Board membership are considered in determining
remuneration provided as part of the normal employment conditions.