Annual Report 1998

The Sir Robert Menzies Memorial Foundation Limited
(A Company Limited by Guarantee) ACN 008 543 897
Directors' Report

In respect of the financial year ended 31 December 1998 the directors of The Sir Robert Menzies Memorial Foundation Limited submit the following report made out in accordance with a resolution of the directors:

1. The names of the directors of the company in office at the date of this report

The Hon Sir Daryl Dawson, AC, KBE, CB (Chairman)
Mr MH Codd, AC, (Deputy Chairman)
Mr BJ Doyle, (Secretary)
Mr PGF Henderson, AC
Mr CPH Kiefel
Associate Professor DAF Morgan
Ms BG Gibson
Dr S Maddocks
Mr JL McLachlan
Mrs JM Trethewey
Mr M Darian-Smith
Professor SR Leeder
Mr KH Spencer

2. Principal activities

The Foundation's principal activities are the development and support of "Menzies" medical, scientific and educational institutions, scholarships, fellowships and lectureships. No change in the nature of the Foundation's activities occurred during the year.

3. Operating results

The net amount of the surplus of the Foundation for the year was $296,025 (1997 surplus: $220,837). The surplus does not take into account the unrealised capital gain on the Foundation's investments.

The directors are conscious of the need to protect the capital corpus of the foundation. The directors are committed to achieving revenue growth in excess of the annual Australian inflation rate.

4. Dividends

No dividends are paid. The Foundation is prohibited by its Memorandum and Articles of Association from making any distribution to its members.

5. Review of operations

A review of operations is included in a separate report to the Chairman of the Foundation and which forms part of this report.

6. State of affairs

The Foundation's investment strategy for its Australian investments is designed to ensure sufficient income is generated to meet the Foundation's operational commitments whilst maintaining the Foundation's capital base.

7. Events subsequent to balance date

Since the end of the financial year the directors are not aware of any matter or circumstance not otherwise dealt with in the report or the financial statements that has significantly or may significantly affect the operations of the Foundation, the results of those operations or the state of affairs of the Foundation in subsequent financial years.

8. Likely developments

The Foundation will continue with its principal activities as indicated in note 2 above, these being, in the opinion of the Board, appropriate forms of national memorial to Sir Robert Menzies.

9. Board members' benefits

No director of the Foundation has, since the end of the previous financial year, received or become entitled to receive a benefit by reason of a contract made by the Foundation or a related body corporate with the director or with a firm of which the director is a member, or with an entity in which the director has a substantial financial interest.

10. Directors' meetings

The number of directors' meetings held in the period each director held office during the calendar year 1998 and the number of meetings attended by each director are:

Board of Directors Meetings
Number
Held

Number
Attended
The Rt Hon Sir Ninian Stephen
2
2
Robert J White
2
1
Peter GF Henderson
3
2
A Paul Sheahan
2
1
Charles PH Kiefel
3
1
Raymond J Hornsby
3
3
Basil G Atkinson
2
2
David AF Morgan
3
2
Belinda G Gibson
3
3
John A Young
2
-
Michael H Codd
3
3
Simon Maddocks
3
3
Brian J Doyle
3
1
Thomas H Hurley
3
3
James L McLachlan
3
3
Jean M Trethewey
3
3
The Hon Sir Daryl Dawson
2
2
Mark Darian-Smith
2
2
Ken H Spencer
1
1
Stephen R Leeder
1
1

11. Information on directors

Information on directors' qualifications and experience is outlined in the annual report.

12. Environmental Regulation

The company materially complies with all particular and significant environmental regulations.

13. Auditor

PricewaterhouseCoopers continues in office in accordance with section 327 of the Corporation Law.

14. Insurance of officers

No premium was paid during the year in respect of liability insurance for officers of the Foundation.

For and on behalf of the board

Daryl M Dawson
Director

Michael H Codd
Director

Melbourne
12 March 1999
Full financial statements are available in hard copy from the Menzies Foundation.