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155 AUSTRALIAN SPORTS FOUNDATION LIMITED DIRECTORS REPORT For the year ended 30 June 2015 Indemnities and insurance premiums for officers The Foundation maintains directors and officers liability insurance and general liability insurance policies. The Foundation indemnifies the retiring directors to the maximum extent permitted by law against legal costs reasonably incurred in defending an action for a liability incurred as a director of the Foundation unless the costs are incurred by the director in defending or resisting proceedings brought against the director by the Foundation. Each indemnity is a continuing obligation separate and independent from the other obligations of the parties. If the retiring director becomes liable to pay any amount for which they are indemnified the Foundation must pay that amount within 30 days from receiving satisfactory evidence that the director is liable to pay that amount. No person has applied for leave of Court to bring proceedings on behalf of the Foundation or to intervene in any proceedings to which the Foundation is a party for the purpose of taking responsibility on behalf of the Foundation for all or any part of those proceedings. The Foundation was not a party to any such proceedings during the year. Auditors independence declaration A copy of the Auditors independence declaration in relation to the audit for the financial year is provided with this report. Directors benefits Since the end of the previous financial year no director has received or become entitled to receive a benefit other than a benefit included in the aggregate amount of emoluments received or due and receivable by directors by reason of the contract made by the Foundation or a related corporation with the director or with a firm of which he or she is a member or with a company in which he or she has a substantial financial interest. During the year the Foundation opted to pay directors fees to one director. Dated at _______________________________ city this _____________ day of _________________ 2015 ______________________________ ______________________________ Mark Stockwell Sally Carbon OAM Board Chair Director Signed in accordance with the resolution of the directors. AUSTRALIAN SPORTS FOUNDATION LIMITED DIRECTORS REPORT For the year ended 30 June 2015 Directors meetings Five directors meetings and three Audit Committee meetings were held during the financial year. The number of meetings attended by each director of the Foundation during the financial year is Director Board Meetings Audit Committee Meetings A B A B Mark Stockwell 5 5 - - Michael Bushell 2 2 - - Sally Carbon OAM 5 5 3 3 Josh Liberman 2 2 - - John Pearce 1 1 - - Ken Ryan 1 1 1 1 A - Number of meetings attended B Number of meetings held during the time the director held office during the year Principal activities The principal activity of the Foundation during the course of the financial year was to raise money for the development of sport in Australia. To achieve this the Foundation receives donations from individual and corporate philanthropists and distributions from ancillary funds and makes discretionary grants to eligible organisations in respect of sporting projects. The Foundations administration has been supported by the ASC in past years but during 201415 it has been implementing a strategy working toward operational separation from the Commission. This project is nearly complete and the Foundation is operating independently with a commercial and service-orientated focus aimed at substantially increasing the amount of money donated to Australian sport. Performance Measures