XXXXX DIRECTORS’ REPORT
Significant Changes in the State of Affairs There were no significant changes during the year, except for the impacts of COVID-19 as discussed in this report. Likely Developments and future operations The board and management meet annually to develop a strategic plan for the business. In the 2023 financial year the key strategic priorities are concerned with: 1. Ensuring adequate service levels to members 2. Maximising value from the sales team investment 3. Driving higher sales performance through E-commerce 4. Automating business processes and deriving business insights from better data capture Insurance of Officers During the financial year, the Group has paid insurance premiums in respect of its Directors, executive officers and secretary and those of its subsidiaries under the Corporations Act 2001. The insurance premiums relate to: • costs and expenses incurred by the relevant officer in defending proceedings; and • other liabilities that may arise from their position, with the exception of conduct involving a wilful breach of duty or improper use of information or position to gain a personal advantage or any other liability that Go Vita is prohibited at law from paying an insurance premium in respect of. The contract prohibits disclosure of the nature of the liabilities and the amount of the premium. A deed of indemnity has been executed by all Directors and Officers.
Proceedings on Behalf of Company No person has applied for leave of Court to bring proceedings on behalf of the company or intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings. The company was not a party to any such proceedings during the year. After balance date events The Managing Director is currently negotiating with the landlord with regards to the amount of rent to be paid during the 1 year lease option period of 27 December 2022 to 27 December 2023. Although the outcome of this negotiation has not been finalised it is considered likely based on discussions so far that the amount of rent to be paid from 27 December 2022 will be higher than the current rental amount. There have been no other events since 30 June 2022 that impact upon the financial report. Status of incorporation The Company is a public company limited by shares. All voting shareholders own health and wellness businesses. Auditors Independence Declaration The Auditor’s Independence Declaration on page 37 forms part of this Director’s Report. Signed in accordance with a resolution of the Board of Directors:
Clinton Hayes Director 11 October, 2022
36 I GO VITA GROUP LIMITED ANNUAL REPORT 2021-2022
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