Qantas 2000 Annual Report Download - page 35

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ENVIRONMENTAL REGULATIONS
The Qantas Group’s operations are subject to a range
of Commonwealth, State, Territory and international
environmental legislation. The Qantas Group is committed
to a high standard of environmental performance and the
Board places particular focus on the environmental aspects
of its operations through the Safety, Environment & Security
Committee, which is responsible for monitoring compliance
with these regulations and reporting to the Board.
The Directors are satisfied that adequate systems are in
place for the management of the Qantas Group’s
environmental exposures and environmental performance.
The Directors are also satisfied that all relevant licences and
permits are held and that appropriate monitoring procedures
are in place to ensure that those licences and permits are
complied with. Any significant environmental incidents are
reported to the Board.
The Directors are not aware of any breaches of any
environmental legislation or of any significant environmental
incidents during the financial year which are material in nature.
DERIVATIVES AND OTHER FINANCIAL INSTRUMENTS
The Qantas Group’s activities expose it to changes in interest
rates, foreign exchange rates and fuel prices. It is also
exposed to credit risks from its operations. The Qantas Group
manages these risk exposures using various financial
instruments, based upon a set of policies approved by the
Board. Compliance with these policies is strictly monitored
by management and reported to the Board.
It is the Qantas Group’s policy not to enter, issue or hold
derivative financial instruments solely for speculative
trading purposes.
INDEMNITIES AND INSURANCE
Under Clause 12.1 of the Qantas Constitution, Qantas is
required to indemnify, to the extent permitted by law, each
officer of Qantas (subject to certain qualifications) against:
• liability to third parties (other than related Qantas Group
companies) arising out of conduct undertaken in his or her
capacity as a Qantas officer, unless the liability arises out
of conduct involving a lack of good faith; and
• the costs and expenses of successfully defending legal
proceedings arising out of conduct undertaken in his or
her capacity as a Qantas officer.
The Directors listed on page 29 and the secretaries of Qantas,
being Brett Johnson, Garie Hillier and Steve Heesh, have the
benefit of the indemnity in Clauses 12.1 to 12.4 of the Qantas
Constitution, which also applies to all executive officers of
Qantas. Qantas has insured against amounts which it may be
liable to pay on behalf of officers pursuant to Clauses 12.1 to
12.4 of the Qantas Constitution or which it otherwise agrees
to pay by way of indemnity.
During the financial year, Qantas paid a premium for
Directors’ and Officers’ liability insurance policies, which
cover all Directors and officers of the Qantas Group.
Details of the nature of the liabilities covered, and the amount
of the premium paid in respect of the Directors’ and Officers’
insurance policies are not disclosed, as such disclosure is
prohibited under the terms of the contracts.
ROUNDING
Qantas is a company of a kind referred to in ASIC Class
Order 98/100 dated 10 July 1998 and in accordance with
that Class Order, amounts in the Concise Financial Report,
Financial Report and Directors’ Report have been rounded
off to the nearest one hundred thousand dollars unless
otherwise indicated.
Signed pursuant to a Resolution of the Directors:
JAMES STRONG
Chief Executive and Managing Director
7 September 2000