Ann: Grange Full Yr Statutory Accts 12 Months Ended 31 Dec 2017, page-26

Sorry to have a different view. Managements responsibility is about risk management. Clearly they have failed in this regarding FX management in the current year. The company has recorded an FX loss of $7.4m. The auditors have signed off on this, so I am sure its compliant with Australian Accounting standards.

Saying GRR have always been unhedged doesn't really fly with me. The level of exposure will vary depending on the amount of foreign currency the company has. I am sure they didn't have $100m of Foreign currency exposure in 2008.

What you are saying is that management sit on there hands, run a $100m FX exposure and say, it will be right. Swings and roundabouts. Really.

We are paying the CEO over $500k and the CFO over $300k. We pay them to manage this risk.

This also goes for the argument that Shangong have control over the company.

This is an Australian publicly listed company with independent directors. If the largest shareholder is telling them what to do, they need to represent all the shareholders or resign.

Should ASIC look into this, if you believe a foreign corporation is telling directors and management what to do?