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AUDA Annual Report Released - $1.78M on consultants

Discussion in 'Domain News' started by snoopy, Oct 30, 2017.

  1. snoopy

    snoopy Membership: VIP

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    Ned had released AUDA's annual report today,

    Perhaps the headline number is the $1.783 million spent on consultants. Was $1.05 million the year before.

    Also restatement of accounts from previous years.

    Having said that they do seem to have cut costs in other areas. In particular "grant expenditure" fell from $417k to 18k. I assume that is due to suspending the dodgy AUDA foundation.

    https://www.domainer.com.au/auda-snippets-30th-october-2017/
     
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  2. Lemon

    Lemon Membership: Trader

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    I don't understand why he went to all that effort as the report will be put before the members at the AGM as is normal company practice.
    The financial report is usually provided with the official AGM Notice which I assume will be sent out this week.
    All members can ask questions about the financial report at the AGM.
     
  3. snoopy

    snoopy Membership: VIP

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    You sound like you've already been in the place for 20 years!

    AUDA should be releasing information to members in a timely manner. That hasn't been done and Ned has got the report himself and released it.

    AUDA seem to have made "withholding information from members" their new motto. Where on is Deloitte report btw, does AUDA have an offical reason for pressing on with panel submissions whilst not releasing information that would obviously be very important to those submissions?
     
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  4. Lemon

    Lemon Membership: Trader

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    And the point is?
     
  5. Scott.L

    Scott.L Membership: Trader

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    auDA Member:
    Yes
    You sound a little "grumpy" about it.
     
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  6. Lemon

    Lemon Membership: Trader

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    Why would I be grumpy it is just a pedantic exercise and what is it trying to prove. It is standard practice for public companies to issue the annual report when they announce the AGM. Members have a right to see it and they also have the right to question it at the AGM.
     
  7. snoopy

    snoopy Membership: VIP

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    What AUDA have done here is far from standard practice. They have sent in their results which members of the public can pay to access, without disclosing them to members.

    This is yet another case of AUDA only following best practices when it suits them and not bothering to inform its members about what is going on.

    If AUDA wants to follow ASX best practices can you imagine the fines and lawsuits an ASX company would get if they disclosed their financial results to some parties and didn't both to inform their members?

    Here is the main ASX principle that they have broken.

    http://www.asx.com.au/documents/asx-compliance/cgc-principles-and-recommendations-3rd-edn.pdf

    I think they have broken Principle 6 also, "Respect the rights of security holders".
     
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  8. Lemon

    Lemon Membership: Trader

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    Reporting Obligations for Public Companies
    http://asic.gov.au/regulatory-resou...s/reporting-obligations-for-public-companies/

    Companies that are not disclosing entities or companies limited by guarantee

    You must prepare annual financial reports in accordance with Chapter 2M of the Corporations Act 2001 (Corporations Act).

    These financial reports must be:
    • audited
    • lodged with ASIC within four months of financial year end
    • sent to members by the earlier of four months after year end or 21 days before the next AGM.
     
  9. snoopy

    snoopy Membership: VIP

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    So in your world it is ok for the public to be able to access AUDA's financials without AUDA bothering to inform their members?

    This is the same old stuff from AUDA where if they think they have an argument as to why something is legal that makes it fine for members.

    Do you think AUDA have breached those ASX principles which they claim to be now following?
     
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  10. snoopy

    snoopy Membership: VIP

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    Another question while you are responding. Do you feel AUDA have breached their SGM commitments given the 26th September minutes haven't been released?
     
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  11. Scott.L

    Scott.L Membership: Trader

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    auDA Member:
    Yes
    CORPORATIONS ACT 2001 - SECT 315

    Deadline for reporting to members

    Public companies and disclosing entities that are not registered schemes

    (1) A public company, or a disclosing entity that is not a registered scheme, must report to members under section 314 by the earlier of:
    (a) 21 days before the next AGM after the end of the financial year; or
    (b) 4 months after the end of the financial year.

    (a) 21 days before the AGM Monday 27 November 2017 there is only 19 Business Days until the AGM.
    (b) October 30th is the final day to fulfill the 4-month rule obligation.

    SECT 315 is very clear on the matter.
     
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  12. Lemon

    Lemon Membership: Trader

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    In the real world all companies follow the same process. You can read all of auDA financial reports on the auDA website just like you can read all the financial reports of most public companies on their website. Anyone can pay to download company reports from ASIC if they want to.
     
  13. Scott.L

    Scott.L Membership: Trader

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    auDA Member:
    Yes
    BHP gave its Members/Shareholder over 2 MONTHs to analyse and review the company’s Accounts.

    BHP Annual Report
    Release Date: 20 September 2017, 08:30 AM

    BHP AGM
    The 2017 AGM of BHP Billiton Limited will be held in Melbourne on Thursday, 16 November 2017 at 11.00am (Melbourne time).

    She'll be right its coming...just like the minutes aye! those are on the way too.
     
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  14. snoopy

    snoopy Membership: VIP

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    Have you ever heard of a public company telling members to go to ASIC if you want the results?
     
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  15. snoopy

    snoopy Membership: VIP

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    I can just imagine AUDA lawyers thinking up a way out of it. Maybe they can argue Ned's report was the report to members given he is now known as the "disclosing entity" on most AUDA matters.
     
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  16. Scott.L

    Scott.L Membership: Trader

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    auDA Member:
    Yes
    LOL... "disclosing Entity" that's funny.
     
  17. Bacon Farmer

    Bacon Farmer Membership: VIP

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    Neddy is just bringing this information to the general public so we can discuss it in a timely manner. Why would an auDA director care?

    Did someone suggest you have a little dig?
     
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  18. DomainNames

    DomainNames Membership: Community

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    https://www.auda.org.au/about-auda/our-org/constitution/
    3.2 Activities

    Without reducing the effect of clause 4, auDA will see to achieve its principal purposes as set out in clause 3.1 through:
    a. ensuring the continued operational stability of the domain name system in Australia;
    b. establishing mechanisms to ensure it is responsive and accountable to the supply and demand sides of the Australian Internet Community;
    c. the promotion of competition in the provision of domain name services;
    d. the promotion of fair trading;
    e. the promotion of consumer protection;
    f. adopting open and transparent procedures which are inclusive of all parties having an interest in use of the domain name system in Australia;
    g. ensuring its operations produce timely outputs which are relevant to the needs of the Australian Internet Community.
    (Amended by Special Resolution, 14 August 2006)