4Disclosure of Responsible Individuals

4               Disclosure of Responsible Individuals

4.1           The responsible individuals of a disclosing entity are its:

(a)      specified directors, being all the directors of the entity required to prepare the financial report; and

(b)     specified executives, being the five or more executives (other than specified directors) with the greatest authority for the strategic direction and management of the entity.

4.2           The following details about each specified director and specified executive must be disclosed:

(a)      the name of the individual;

(b)     the position held; and

(c)      where the period of responsibility in the current reporting period is less than the reporting period, the date or dates identifying the period of responsibility during the current reporting period.

4.2.1      The definitions of specified director and specified executive are given in paragraph 12.1 and discussed in paragraphs 12.1.1 to 12.1.7.  The group of specified executives comprises at least five executives specified in accordance with the definition in paragraph 12.1.

4.2.2      The type of description of position provided for an individual is likely to vary according to classification as director or executive.  For specified directors, a position description would identify whether the individual was the chairman, an executive, non-executive or alternate director, and, for an executive director, the job title.  For specified executives, the job title and, where different from the entity preparing the report, the name of the employer entity will frequently provide sufficient description.

4.3           If any of the following changes occur in the period after the reporting date and prior to the date of signing the Directors’ Declaration of the financial report, the name, position and date for each individual involved must be disclosed for:

(a)      each change in the chief executive officer and directors of the disclosing entity; and

(b)     the retirement of a specified executive.

4.3.1      Appointment in the period following the reporting date would not cause a director or executive to be specified in the reporting period or included in the other disclosures required by this Standard.  Resignation or other retirement after the reporting date does not affect an individual’s classification in the current reporting period.