Icon Energy Limited Annual Report 2016

EVENTS AFTER THE BALANCE DATE There has not arisen in the interval between 30 June 2016 and the date of this report, any item, transaction or event of a material or unusual nature likely in the opinion of the Directors, to affect substantially the operations or state of affairs of the consolidated entity in subsequent financial years unless otherwise noted in the Annual Report. CORPORATE STRATEGIES AND FUTURE DEVELOPMENTS Reference to corporate strategies and future development is included in the Chairman’s and Managing Director’s Report. Other than matters included in this Report or elsewhere in the Annual Report, likely developments in the operations of the consolidated entity and expected results of those operations have not been disclosed as the Directors believe that the inclusion would most likely result in unreasonable prejudice to the Company (in accordance with Section 299A(3) of the Corporations Act 2001 ). FINANCIAL POSITION The net loss after tax for the Company and its controlled entities for the financial year ended 30 June 2016 was $5,602,229 (30 June 2015: $5,863,547). Further information on the company’s financial position is included in the Chairman’s and Managing Director’s Report. DIVIDENDS The Directors recommend that no dividend be paid by the Company. No dividends have been declared or paid by the Company since the end of the previous financial year (30 June 2015: Nil). REMUNERATION REPORT The Remuneration Report for the financial period which forms part of the Director’s Report can be found on page 30 of this Annual Report. COMPANY SECRETARY Dr Kevin Jih was appointed as Company Secretary on 13 May 2015. Details of Dr Jih’s qualifications and experience are set out in the Board of Directors section of this Annual Report. MEETINGS OF DIRECTORS During the financial period, sixteen meetings of Directors (including committees) were held. Attendances at these meetings by each director were as follows: Directors Meetings Audit and Risk Management Committee Meetings Remuneration Nominations and Succession Committee Meetings Held Attended Held Attended Held Attended R S James 6 6 – – – – S M Barry 6 6 3 3 2 2 D Murphy 6 6 3 3 2 2 K Hilless 6 5 3 3 – – H Lu 6 6 – – – – K Jih 6 6 – – – – ENVIRONMENTAL REGULATION The consolidated entity’s operations are subject to various environmental regulations. The Company has a policy of full compliance, but in most cases exceeding environmental performance obligations. Further information on the Company’s environmental performance can be found in the Sustainability section of this Annual Report. The Directors are not aware of any environmental breaches nor has the Company been notified of any breaches by any Government Agency during the financial period. DIRECTORS' REPORT for the year ended 30 June 2016 FINANCIAL REPORT 28 ICON ENERGY ANNUAL REPORT 2016