Annual Report - dantia.com.au · to innovate, grow, develop new products, relocate or invest in the City. ... government entities to utilise Internet of Things (IoT) technology and

dantia.com.au

Annual Report 2018-2019

dantia.com.au Annual Report 2018-2019 | 01

Contents

Executive summary and CEO’s report 2

Vision, Mission, Values and Strategic Objectives 4

Chair’s report 5

Key performance indicators • Operations results • Governance compliance

6 7

Financials • Audit and Risk committee report • Management representations • Financial annual report

o Directors’ report o Auditor’s independence declaration o Financial report o Directors’ declaration o Independent auditor’s report

7 8

15 17 20 21 35 36

Operational plan reports • Guide • Identity objectives • Investment objectives • Infrastructure objectives • Innovation objectives • Governance and management

39 40 41 42 42 43

Remuneration committee report 44


Executive summary and CEO’s report

On behalf of the Board and Executive of The Lake Macquarie Economic Development Company (LMEDC) we are pleased to present the 2018-19 Annual Report, outlining the organisations operational and financial performance in line with the 2018-19 operational plan.

The 2018-19 report shows record performance for the company including the creation of 810 local jobs, $34 million of investment into the region and the construction of more than 1,000 new dwellings. Additionally, LMEDC supported over 85 businesses to innovate, grow, develop new products, relocate or invest in the City.

Along with this success, LMEDC also prepared and launched a pivotal strategy that will shape the City’s sustainable economic future, the Lake Macquarie City Economic Development Strategy 2018-2038. Unanimously endorsed by Lake Macquarie City Council (LMCC) in late 2018, the strategy provided guiding targets that were adopted in the citywide Imagine Lake Mac 2050 planning vision document. The Economic Development Strategy sets a clear pathway to expedite and increase dwelling supply and related construction, increase the City’s working population and create significant and diverse employment opportunities for the region.

A framework for collaboration between LMEDC and LMCC was also derived as part of the Economic Development Strategy which has further strengthened the collaboration between the two parties. Importantly, this new framework has created opportunities for early investor and council engagement, collaboration and cocreation, increased approval volumes, and decreased approval time. The result is genuine certainty and higher levels of investor confidence in the City.

Together LMEDC and LMCC have successfully completed a comprehensive analysis of Dwelling Supply that demonstrates the City has sufficient land for projected dwelling construction and associated population growth that underpin the Economic Development Strategy.

The Economic Development Strategy also introduced an innovative new method for collaborating and delivering complex, high-value projects called the sandbox approach. This method brings strategic stakeholders together in the early-stage of a project and allows conceptual ideas to be developed with cooperation and flexibility. Applying this outcome-driven approach to a number of early-stage strategic projects in 2018-19 has produced mutually beneficial and highly positive results for the City. LMEDC lead, facilitated, guided and supported many projects some of which are profiled below:

• The Pasminco project has involved developing and guiding strategic actions that will enable the ex-Lead and Zinc smelter site, based in Boolaroo NSW, to be adaptively reused to deliver over $2 billion in economic benefits and 2,000 jobs annually. The activity has involved coordination of various state agencies, local government, commercial businesses and hostile administrators. The project is well progressed at year-end and the new financial year will see key milestones achieved including, funds for long-term management of contamination cells and a clear path for investment by national and international commercial entities. The project will provide diversification and significant economic and social stimulus for the City.

• The Glencore project in West Wallsend NSW is an innovative example of adaptive reuse of ex-mining land. Prior to LMEDC’s involvement, the 1,200 ha parcel of land, which previously employed over 700 people, was slated for return to bushlands and over $50m of infrastructure assets were due to be removed. LMEDC has facilitated and strategically guided Glencore and key decision makers in local and state government to collaborate on ways to achieve adaptive reuse outcomes for the site. A broad group of stakeholders are now advocating for the project to be a state significant pilot repurpose ex-mining land to diversify and grow local economies.

• The Gateshead health precinct evolves the expansion of Lake Macquarie’s largest health facility and private employer, Lake Macquarie Private Hospital, owned and operated by Ramsey Health Care. The project has involved engaging with key decision makers in this global business to support investment in a strategic masterplan to both validate and improve confidence in future investment decision. Investment in the health care sector increases the diversification of the City’s economy and is an important on-going project. Currently in feasibility phase.

• Black Rock Motor Sport Park will see Lake Macquarie become home to the first dedicated motor sport park in the southern hemisphere. The $80m project capitalised on the City’s exceptional location on the eastern seaboard with road, air and rail access and demonstrates an adaptive reuse of ex-mining lands. When complete, the facility will diversify the current adventure tourism product base opening the City up to national and international visitation. LMEDC coordinated predevelopment approval engagements with LMCC, valued the projects contribution to the economy, advocated at the Regional Planning Panel and is currently assisting with removing road blocks associated with the commercial condition’s precedent. Anticipating turning of the sod by June 2020.

Other significant achievement in financial year 2019 include:

• The opening of Southern Star Windows in the south west of the City. LMEDC worked with a local land owner to attract Southern Star Windows to the city from Sydney resulting in an $8 mil relocation and set up investment, producing $300 mil of annual economic benefits to the region and creating 400 direct and multiplier induced jobs. Southern Star relocated their east coast manufacturing and distribution facility to better service the residential construction sector, capitalising on lower establishment costs and improved workforce retention. This project was successfully delivered in late 2018.

• The launch of the Lake Macquarie IoT Network in July 2018. This infrastructure was installed to provide coverage across the entire city area – 650km square, in an Australian first. The infrastructure is creating significant opportunities for startups, commercial and government entities to utilise Internet of Things (IoT) technology and to innovate. The project was delivered through a unique partnership LMEDC facilitated between National Narrowband Network Company (NNNCo) and LMCC. This critical infrastructure will attract talented working population and new business investment, two important factors to diversifying the economy.


This year also marked the launch of Dashworks’ second site – Makespace. Located in Warners Bay NSW, Makespace is purpose-built to support hardware innovators and product developers essential to underpinning future manufacturing and related service operations in the City. The space is already home to 9 businesses with 22 products in development. The facility and its programs are a collaboration between, The MELT Accelerator and ResTec, designed to enable rapid product research and development, commercialisation and manufacturing, for startups and commercial entities, important to the economic viability of the region.

During the 2018-19 period LMEDC invested in the rebrand of both its’ trading entities Dashworks and Dantia, building a confident, distinctive look and feel for both brands. 2019-20 will see further roll out of these new brand profiles across digital and social platforms creating a foundation to increase the companies reach across local, national and ultimately international audiences.

Over the past fiscal year, the organisation strengthened its’ operational and financial management. Taking a 4-year budgetary planning approach, aligned to the funding agreement, the company consolidated and strengthened its’ financial position using a sound investment strategy, increased financial monitoring and tighter fiscal management across both trading entities.

2018-19 has been a strong year for LMEDC and the following report highlights LMEDC’s financial and operational success. Peter Francis CEO

“Economic development is the continuous process of growing an area’s level of income and capital (wealth) and distributing the wealth (through expenditure and jobs) to the community, typically measured in terms of income and employment. It is also measured by improvements in education, skills, health, culture, community wellbeing, a sense of place and the environment.” SC Lennon 2018


Vision In 20 years, Lake Macquarie will be one of the top 10 most liveable cities in Australia.

“A liveable city is a place assessed to have a positive quality of life based on reliable access to economic stability, health, culture, environment and provision of infrastructure. A liveable city attracts people as a destination in which to: invest and work; create homes; play and rest.” Economist Intelligence Unit 2018

Mission To embrace, lead, facilitate and collaborate with domestic and international businesses and governments to deliver investment and long-term employment in Lake Macquarie.

Values and behaviours

• disruptive and challenging analysis • creative and innovative • transparent collaborations • resilient, tenacious and agile • passionate leadership, with integrity.

Objectives

Strategic objectives Strategic drivers

1. Position Lake Macquarie as a nationally and (ultimately) globally recognised city

IDENTITY

2. Drive investment from existing and new businesses to create long-term intergenerational employment

INVESTMENT

3. Identify and influence the delivery of infrastructure to encourage and support investment decisions

INFRASTRUCTURE

4. Deliver future thinking, technology and innovation to Lake Macquarie INNOVATION


Chair’s report

This report provides an opportunity to reflect on a significant year for Dantia. This year saw Dantia expand its operations as part of its vision of increasing employment, attracting new investment and furthering the economic development and wellbeing of the City of Lake Macquarie. Dantia has operated in accordance with the new four year strategic plan concentrating on the four pillars of Identity, Investment, Infrastructure and Innovation. The company has been successful in supporting major developments and investments which will drive sustainable growth for the city. The Dashworks Makespace facility at Warners Bay commenced operation during the year. Our coworking spaces are home to some exceptional businesses. The financial performance of the company remained strong whilst expanding operations. The Board of Dantia has undergone a number of changes over the past year. Trent Bagnall resigned as Chair of the company in September, 2018. I would like to acknowledge the outstanding contribution of Trent in his role as Chair of Dantia. Thank you to Sandra Hutton who stepped into the role of Acting Chair until my appointment in February this year. This year we welcomed Tim Williams and Professor Alex Zelinsky AO who have added significant value to the Board. I would like to thank the Board for their professionalism, commitment and hard work throughout year. Our Chief Executive Officer, Peter Francis, and the Dantia staff continue to be key in our success and I thank them for their enthusiasm in embracing the opportunities for the economic development in the city. Thanks also to the Councillors and staff of Lake Macquarie City Council for their continued support of Dantia. I look forward to working with all our stakeholders in meeting the challenges and opportunities together with our continuing success in this next year. Dianne Allen Chair


Key Performance Indicators – Operations results

Key performance indicator Target Result Evaluation

IDENTITY

Reach of marketing (web, socials, media, programs, facilitated networking and event attendance)

120,000 Minimum 250,000 Target 750,000 Stretch

56,613 Minimum not achieved

Initiatives including business, industry events facilitated and attended

5+ Minimum >10 Target 15+ Stretch

116 Stretch achieved

Business,, government and start up conversations conducted (# of businesses engaged)

New to City 50+ Minimum >99 Target 100+ Stretch

103 Stretch achieved

Existing in City 50+ Minimum >99 Target 100+ Stretch

51 Minimum achieved

INVESTMENT

Number of new dwellings constructed. Note 1 731+ Minimum >1,463 Target 2,926+ Stretch

1,000 Minimum achieved

Total local jobs directly and indirectly created. Note 2

481+ Minimum >962 Target 1,925+ Stretch

810 Minimum achieved

New businesses that express an interest in locating to lake Macquarie


19 Stretch achieved

New businesses that decide to locate or establish in Lake Macquarie


15 Stretch achieved

Existing businesses assisted to make the decision to invest in growth in Lake Macquarie City


23 Target achieved

Value of actual business delivered investment (only completed projects)

New to City $20m+ Minimum >$50m Target $100m+ Stretch

$20.50m Minimum achieved

Existing to City $2m+ Minimum >$5m Target $10m+ Stretch

$13.84m Stretch achieved

INFRASTRUCTURE Infrastructure projects, identified, supported and delivered


12 Stretch achieved

INNOVATION Businesses that have been assisted to innovate (e.g. startup, undertake R&D, export, co-work)


46 Stretch achieved

OPERATIONAL TASKS

External funds attracted / secured $100k+ Minimum >$200k Target $500k+ Stretch

$340k Target achieved

Compliance with submission of briefings and reports

80% Minimum 90% Target 100% Stretch

100% Stretch achieved


Key Performance Indicators – Governance compliance

Key performance indicator Compliant Non-compliant

(a) Maintain a seat each on the Board of Directors for both the Mayor and General Manager of the Council 100%

(b) comply with all its obligations under the Corporations Act 2001 (Cth) and any other laws applicable to its operations 100%

(c) cause its Board of Directors to meet at least six times during each of the periods of 12 months commencing on 1 July 2018 100%

(d) provide the reports and plans to the Council as required by this Agreement in a timely manner 100%

(e) effect and maintain appropriate insurances at all times and provide copies thereof to Council 100%

(f) provide information to the Council as to its activities as may be requested of it and which are consistent with acquitting the Company's duties in expending publicly provided funding 100%

(g) ensure that at all times it has in place proper accounting policies and maintains records of all expenditures and income 100%

(h) ensure that its expenditures are consistent with standards in the semi-government sector and are not excessive 100%

(i) pay its staff in accordance with applicable agreements and/or awards together with payments for them pursuant to superannuation guarantee obligation 100%

(j) provide all employee entitlements to staff in accordance with relevant law 100%

(k) comply with its taxation obligations under all relevant law 100%

(l) perform its activities in a manner consistent with the expectations of the City's community in respect of an entity largely funded with public moneys 100%

(m) carry on the business of the Company as expressed in the Company's Constitution and the Strategic and operational plans 100%

(n) Provide reports and briefings to Council three (3 x) per annum 100%


Audit and Risk Committee report

The A & R Committee met regularly in respect of the 2019 financial year to consider many matters including the following: • Reviewing the risk register after consideration of risks within the operations of the Company and recommending updates where

appropriate. • Reviewing the annual insurance requirements of the Company. • Tracking actual financial performance of the Company to budget. • Review of the internal management reporting function and suggesting changes for ease of preparation and understanding. • The provision of ad-hoc technical support to the Finance, Risk and Compliance Manager, Nicole Cowley. • Review of budgets for the following financial year. • Undertaking tax planning prior to the financial year end and determining the scope of the year-end financial reporting and audit

process. Including a review of the impact that new accounting standards would have on the financial reporting and how best the Company should deal with these changes.

• Meet with Company auditors PwC to review the financial statements, tax return and Audit Committee Report for the 2019 financial year.

Of particular note are the following matters:

• PwC has issued an unmodified audit report in respect of the Company’s financial reports for the 2019 financial year indicating the reports provide a true and fair view of operations for the year. The financial reports shows: a nil profit/(loss) before tax; and a net loss of $3,287 after tax, which is the same as the previous year and in accordance with the expectations of the Company’s Board. There was an increase in cash and cash equivalents of $59,732 for the 2019 financial year, leaving a balance of cash and cash equivalents at the end of the financial year of $199,855. The Company is reporting a tax loss of $18,157 after adjustments to the accounting profit, and will result in total carry forward tax losses of $42,498 at the end of the 2019 financial year.

• On completion of the 2019 audit PwC will be resigning as the Company’s auditors after three years in the role. On behalf of the Board, the A & R Committee would like to recognise the role that PwC has played in establishing sound and appropriate financial reporting and taxation policies for the Company to adopt which aid in the achievement of the Company’s objectives and produce credible and reliable financial reports. We have a solid foundation on which to progress.

• The Board has approved the appointment of Bishop Collins as auditors for the 2020 financial year, with an option to renew for a further two years subject to satisfactory performance and mutual agreement by both parties. Bishop Collins are based on the Central Coast of NSW and also have a satellite office in Lake Macquarie.

• The 2020 budget for the Company estimates that the Company will essentially break even from a cash perspective, prior to accounting for depreciation and amortisation.

In wrapping up I’d like to acknowledge the efforts of the Dantia team led by Peter Francis and in particular the Finance, Risk and Compliance Manager, Nicole Cowley for the role she has played in providing the Company with sound financial reporting and controls. Additionally, I would like to thank my fellow Committee members Dianne Allen and Wayne Lowe for their efforts and support during the year. Darren Glover Chair - Audit and Risk Committee


Financials – Management representations







Financials – Financial annual report

























Operational plan reports - Guide

Partner engagement This table shows the level of engagement of project partner(s), risks and the effect these have on the progress of an operational task or project.

Status Level of engagement and risk

Good momentum

current level of 3rd party engagement and participation is positive

issues/risks are known and are actively and constructively being addressed

likely that the actions will be realised

Some momentum

current level of 3rd party engagement is impacting progress

issues/risks are known and resolving them is challenging

likely that actions will be realised

Slow momentum

current level of 3rd party engagement is negatively impacting progress

issues/risks are significant barrier to progress

actions unlikely to be realised

Project progress This table uses a percentage to track a task or projects progress in the project pipeline and the likelihood of it being completed.

Status as a percentage of progress in the project pipeline

Idea/

concept Feasibility

Approvals

Planning

Approvals

Commercial Delivery Completed

10% 30% 50% 50% 80% 100%


Operational plan reports – Identity objective

Task Status as at 30 June 2019

• Strengthen trading entity brands – Dantia and Dashworks Dantia Completed 100% Dashworks Completed 100%

• Engage with LMCC to achieve strategic alignment with the LMCC brand

Good momentum 80%

• Finalise development of, and articulate LMEDC services and product mix

Dantia Completed - see 2019/20 Operational plan 100% Dashworks Completed - see pricing schedule 100%

• Build high-end web presence for all trading entities – web-based prospectus

Dantia Good Momentum 80% Dashworks Completed 100%

• Utilise case studies to demonstrate services and products Dantia Good momentum 50% Dashworks Completed (2 x weekly social presence) 100%

• Utilise technology/social media to maximise market penetration beyond the City

Achieved social media and web penetration to Sydney 66% users from the Sydney region 100%

• Leverage achievements to build awareness, knowledge and profile

Good momentum – via word of mouth 30%

• Support LMCC to lead attraction strategies for major events Completed 100% • NSW SLS Championships 2019 • Lake Mac Big Weekend, Superboats 2018 DNSW • Australian Jet Ski Championship 2019 • Australian SLS Championship – proposal with NSW Minister

for Tourism for determination


Operational plan reports – Investment objective


• Collaborate with LMCC and investors to sandbox strategic projects

Pasminco Good momentum 30% • Whole of NSW Government engaged with solution strategy

formalised • Costco, Ikea and GCG actively engaged Charlestown Good momentum 50% • State Government (Transport) engaged • Follow workshops to be conducted with landowners Glencore (West Wallsend) Good momentum 10% • NSW whole of Government task force engaged • Awaiting budget from Glencore Gateshead health precinct Good momentum 30% • Next workshop to be conducted Jul 2019 Eraring power station Good momentum 30% • Origin to resolve fly ash storage issues • Origin test facility for hydrogen technology North Wallarah Good momentum 30% • LMCC feedback re value-add opportunity positive Morisset Good momentum 50% • Concept plan finalised and Pre Da meeting with LMCC

conducted Catherine Hill Bay Some momentum 10% • LMCC historical study TBC

• Identify, build and maintain conversations and relationships with high value projects like Black Rock Motor Park, West Wallsend, Charlestown CBD activation

Good momentum 50% Black Rock • RPP approval • Dantia engaged with NSW Premiers to gain release of land

for Anglo

• Utilise sandbox approach to develop proof of concepts and prototypes of the Lake Macquarie Investment Attraction Package

o identify strategic sites and projects o define outcomes and minimum success criteria

Strategic sites and projects identified Completed 100% Project outcomes and success criteria Completed - milestones identified as per Operational plan 2019/20 100%

• Initial strategic projects to focus on and include diverse industry opportunities that: >create a construction pipeline >increase the City’s market size >increase the City’s employment workforce >create jobs within the City >develop new tourism product >repurpose expired mining & heavy industry sites >diversify retail assets/town centres to facilitate leisure/night time economy >support education institution investments

Completed 100% Current projects and sandbox initiatives addressing opportunity criteria as listed above endorsed

• Explore opportunities to activate LMCC land holding as early sandbox projects e.g. West Wallsend Colliery, Charlestown CBD

Completed 100% LMCC participating in Catherine Hill Bay, North Wallarah and Charlestown Sandbox initiatives


Operational plan reports – Infrastructure objective


• Work with LMCC to define land as infrastructure essential for facilitating market growth and job creating investment, and develop comprehensive Urban Development Plan (UDP) that maintains long-term environmental, lifestyle and social infrastructure

• Residential land - completed 100% • Employment land – some momentum 10%

• Encourage LMCC to define detailed land limitation reports and utilities plans as essential infrastructure required to facilitate market growth and job creating investments

Good momentum 50%

• Identify barriers and develop options that will facilitate delivery of interim/short-term transport links that support Lake Macquarie/Sydney conurbation

Good momentum 30% • Engaged with Minister for Transport to deliver car park

installations at strategic railway stations.

• Drive government, corporates, start-ups and partners to fully realise the potential of the Internet of Things (IoT)

Good momentum 80% • IOT retailers engagement completed • LMCC engagement completed • Start-ups engagement underway

• Deliver enterprise grade, high-speed digital infrastructure capability

Good momentum 80% • LMCC out to tender/ Dantia providing input

• Engage the Sydney Commission, the Committee for Sydney and the Committee for the Hunter regarding the role of the Lake Macquarie within each conurbation

Good momentum 50% • Participating in CfH establishment reviews

Operational plan reports – Innovation objective


• Enable product research and development, commercialisation and advanced manufacturing by opening and commencing operations at Dashworks – Warners Bay

Complete 100%

• Grow and maintain business collaborations at Dashworks – Charlestown

Completed 100%

• Encourage creative and forward-thinking land use planning to facilitate innovation

Good momentum 80% • Coordinating industry engagement and contributing to

LMCC Housing Strategy

• Stimulate participation in the Lake Macquarie LoRaWAN network

Good momentum 80% • Facilitating LMCC and Hunterwater engagement with

NNNCo and start-ups

• Incorporate unique and creative funding schemes into infrastructure projects

Some momentum 10% • North Wallarah – tourism product delivery • Caves Beach tourism product

• Incorporate new technology into supplying utilities where infrastructure gaps would otherwise constrain investment

Some momentum 10% • Engaged with housing strategy and LMCC enviro team


Operational plan reports – Governance and management


Board & Committees

• Maintain two seats on Board for Mayor and CEO of LMCC Completed 100%

• Review board membership – include capability across range of skills and industries

• Recruit, induct and train new directors

Completed 100% 2 national profile board members (Alex Zelinsky and Tim Williams)

• Maintain up-to-date pecuniary interest register Completed 100%

• Audit and Risk, and Remuneration committees’ complete actions as per board calendar

Completed 100%

Finance Risk & Compliance

• Review company policies as per established timetable Completed 100%

• Maintain up-to-date risk register Completed 100%

• Ensure appropriate insurances in place Competed 100% (2yr approval)

• Maintain obligations under the Corporations Act 2001 (Cth) and any applicable laws

Completed 100%

• Maximise capability of financial, CRM, records and IT systems • IT review - completed 100% • file system - Good momentum 80% • CRM – completed 100% • Financial systems – completed 100%

• Review, and as required, update financial accounting and management procedures

Completed 100%

• Monitor budget to maximise organisation capacity Completed 100%

• Maintain statutory and superannuation guarantee obligation Completed 100%

• Review the Funding Agreement secure renewal by 30/6/2021 Good momentum 50%

Management & Employees

• Renew the Chief Executive Officer contract Good momentum 80%

• Establish employee’s performance agreements and development plans

Some momentum 20%

• Undertake team building build culture with brand Some momentum 30%

Reporting

• Proactively participate and implement findings of annual independent audit

Completed 100%

• Complete and present to LMCC councillors, as shareholder representatives, the Economic Development Strategy and Annual Operational Plan as per the Funding Agreement

Completed 100%

• Complete the Annual Report Completed 100%

• Perform activities with an ethical commercial mindset (mindful of ‘for purpose entity’ backed by public funds)

Completed 100%


Remuneration committee report

The Remuneration and Nomination (REM) Committee had a productive year in assisting the Board in terms of complying with governance obligations, streamlining processes and introducing new systems to improve oversight. The composition of the committee was Sandra Hutton, Morven Cameron and Scott Williams as Chair. Some of the achievements of the reporting year included:

• Managing overall performance and undertaking a performance review for the Chief Executive Officer (CEO) comprising of the assessment of agreed performance objectives for the current year including highlighting strengths and achievements as well as opportunities for improvement and identifying personal development recommendations.

• Setting the performance objectives of the CEO for the coming year comprising of hard and soft targets linked to KPI compliance, governance obligations and the implementation of the approved strategic plan.

• Development of position descriptions for the roles of Director and Chair as well as providing oversight of the relevant induction packs. • Undertaking a Director recruitment process following the conclusion of the tenures of two Directors and the resignation of Trent

Bagnall as Chair. Two incumbent Directors (Sandra Hutton and Wayne Lowe) were subsequently reappointed and Tim Williams was recruited as a Director with Sandra Hutton acting as interim Chair whilst we searched for a Chair who could fill the vacant ninth position on the Board. Subsequently Alex Zelinsky joined the Board and Dianne Allen accepted the position of Chair through until the 2020 AGM.

• Successfully renegotiating the reappointment of Peter Francis as CEO from the expiry of his current employment contract in April 2020 through until 30 June 2023 to provide organisational leadership stability and certainty. The format of the new contract was modified to be consistent with the balance of the company’s employment contracts which link to organisation policies and procedures.

• Reviewing the salary and annual leave approval basis with the desired outcome of greater transparency. • Aiding and supporting to the CEO in relationship with the recruitment of replacement team members.

Some of the more specific forward goals of REM include updating the Board Skills matrix as we contemplate the recent resignation of Tim Williams and anticipate the completion of three Director tenures at the 2020 AGM, a reassessment of the staff remuneration review protocols as well as overseeing the development of a more transparent and streamlined performance evaluation process for team members. More generally for the year ahead the REM Committee intends to continue to work in concert with and actively support the CEO and his management team and to ensure that we fulfil our commitments in accordance with the Board Obligations Calendar and provide effective and sound recommendations to allow the Board to optimise its performance. As Chairman I would like to take this opportunity to thank the both Sandra and Morven for their contribution, support and counsel over the reporting period. The contribution of the CEO and his management team has greatly assisted REM fulfil its charter and we thank them for their passion and assistance. Scott Williams Chair – Remuneration Committee


Disclaimer

The information contained in this document should not be relied upon, and users should exercise their own independent skill or judgement or seek professional advice if they choose to reference this document or its contents. LMEDC does not accept any legal liability or responsibility for any loss or damage incurred by the use of, or reliance on, or interpretation of, the information contained in this document. The information contained herein is not a substitute for, and is not intended to replace, independent professional advice. Users should consider the need to obtain any appropriate professional advice relevant to their own particular circumstances.

Documents

Annual Report - dantia.com.au · to innovate, grow, develop new products, relocate or invest in the City. ... government entities to utilise Internet of Things (IoT) technology and