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experience. Sydney Dance Company is currently working towards financial sustainability. Our 2014 result again contributes further towards bettering our accumulated financial position and our business plan is geared towards building reserves. The 2014 result is the sixth consecutive surplus result. 5. Risk management Risk analysis and management, including financial, health and safety and reputational risks, is undertaken by management and reported to the Audit and Risk Committee. A detailed risk management plan is included in the Sydney Dance Company five year Strategic Plan identifying the ten most direct and damaging risks to the Company’s future as well as listing controls and strategies to deal with each risk. 6. Encourage enhanced performance The Chairman and Chair of the Audit and Risk Committee meet regularly with the Company management to assess and refine operations around enhancing the Company’s output in all areas. A structured framework of subcommittees is in place in order to harness Board expertise most effectively. Regular cross industry referencing via AMPAG and industry forums is undertaken and audience feedback is sought at regular intervals. Feedback is incorporated into planning and programming activities and schedules. Assistance through structured volunteer programs is undertaken and designed to maximise outputs particularly in the area of development. 7. Remunerate fairly and responsibly The audit committee functions as the remuneration committee on an annual and as needed basis with reference to both performance and industry standards. Responsibility for
recruitment and remuneration negotiations with administrative staff is delegated to the Executive Director and reported on within the Audit and Risk Committee papers. A conscientious effort is made to keep remuneration levels within industry norms. Negotiation for dancers levels of remuneration happen between the union and management. 2014 represents the first year of the current three year dancer collective agreement. 8. Recognise the legitimate interests of stakeholders The Board recognises the legitimate interests of the many stakeholders and meets regularly with our funding stakeholders. Our partners, donors and sponsors are listed and recognised on Company marketing material and season programmes. Within the arts industry, Sydney Dance Company is considered a leader with regard to communicating with our dance class and performance audiences through social media and online engagement. The Board believes that the Directors and management both recognise the legitimate interests of stakeholders and strive to service those interests. Andrew Messenger Chair