An example of separate Chairman and CEO reports is

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					AICD POLICY & ADVOCACY

April 2007




Good Communication with Shareholders

Principle 9: A Simplified Report should include Reviews by the
Chairman and the CEO.
It is customary for periodic reports to contain reviews by the Chairman and/or CEO. In
view of the role of boards, a Chairman’s review might usefully focus on corporate
strategy and governance, while the review by the CEO in contrast would typically focus
on operations and risk management. In some cases it may be considered desirable to
combine these reviews (eg where there exists an Executive Chairman). Whether they are
separate or combined, the reviews should include an evaluation of past performance,
current direction and an outline of quantified future targets, key assumptions and
sensitivities.

Examples

An example of separate Chairman and CEO reports is ANZ’s 2005 Shareholder Review
located at:
http://www.anz.com/Documents/AU/Investor/agm/2005/ShareholderReview.pdf


Examples of combined Chairman and CEO reports are:


Alumina Limited’s 2005 Annual Review located at:
http://aluminalimited.com.au/pdf/ALU4050%20Short%20Form%20FA2.pdf


CBA’s 2006 Shareholder Review located at:
http://shareholders.commbank.com.au/GAC_File_Metafile/0,1687,11264%255Ffinal%25
2520shareholder%252520review%25252012sep06,00.pdf


Telstra’s 2005 Annual Review located at:
http://www.telstra.com.au/abouttelstra/investor/docs/tls466_annualreview2006.pdf




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