01020304050607151012102018840146Ordinary
Special
01020304050607151012102018840146Ordinary
Special
Profit after Tax (A$m)
continuing operations
before non-recurring items
Corporate Governance
The corporate governance practices
of the Group are detailed within this
report and Wattyl has an ongoing
commitment for continuous
improvement, transparency in
reporting and good corporate
governance.
In the important area of risk
management, the Group continues to
focus on improving the identification
and management of risks to the
organisation. During the year, an
Executive Risk Committee was
established to drive this process
and the committee regularly reports
directly to the Board of Directors
on risk management matters. An
outsourced internal audit function
was also established during the year
to assist management and the Board
in ensuring compliance with internal
controls and risk management
programs. I am confident that
management have put in place
Earnings per Share (cents)
continuing operations
before non-recurring items
an effective risk management system
for the Group, which ensures that risk
management is embedded in all
aspects of the Group’s operations.
New Director
In March 2007 we were able to
fill a vacancy on the Board with
the appointment of Mr Mark Luby
as a non-executive director of the
company. Mr Luby brings significant
business skills and operational
experience to the Board of Directors
and will offer himself for election
at the annual general meeting on
26th October 2007.
Future
Looking ahead, whilst the housing
market in particular in Australia only
shows moderate improvement in
the short term, the company with
its re-established cost base, clear
goals and strategic direction is in
an excellent position to continue
to deliver value to our shareholders.
Dividends (cents)
Employees
In closing I would like to thank my
colleagues on the Board for their
contribution over the last financial year
and on behalf of the Board I would
like to thank the Wattyl team for their
continued efforts during the 2006/07
year. We have many talented and
loyal staff in the organisation, who are
committed to the Group’s future
success.
Whilst many challenges and
opportunities lie ahead for the Group,
the refocused organisation will enable
the Group to meet these challenges
and opportunities into the future.
John Ingram,
Chairman
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