wellington capital limited news, page-72

The following is a copy of the duties and responsibilities of the PIF's Compliance Committee which consists of the current mmbers sent to ASIC 18/7/2011::

Mary-Anne Greaves (internal member)



Phillip Wibaux (external member)



Troy Outerbridge (external member)



The functions of the Compliance Committee are governed by the Fund’s Compliance Plan and include:

monitoring compliance with the Compliance Plan and reporting its findings to the directors of the responsible entity at such times it considers necessary or desirable or the directors of the responsible entity require;


as soon as practicable, reporting to the board of any breach of the Corporations Act involving the Fund or a provision of the Constitution of which it becomes aware or that it suspects;

as soon as practicable, reporting to ASIC if the Compliance Committee is of the view that the responsible entity has not taken or does not propose to take appropriate action to deal with any issue so reported;

assessing annually (unless otherwise determined by the Compliance Committee) whether the Compliance Plans are adequate;


reporting on the adequacy of, and making recommendations to the board of the responsible entity about amendments to the Compliance Plans at such times as it considers necessary or desirable; and doing such other things as the Corporations Act requires.

In carrying out its functions, the Compliance Committee may commission independent legal ,accounting or other professional advice or assistance, at the reasonable expense of the Fund.

The duties of the members of the Compliance Committee are, to the extent that the Corporations Actand ASIC policy require, to:


act honestly;


exercise the degree of care and diligence that a reasonable person would exercise if theywere in the member’s position;


not make use of information acquired through being a Compliance Committee member to


either gain an improper advantage for the member or another person or cause detriment t othe Fund;


not make improper us eof their position as a Compliance Committee member to gain (directly or indirectly) an advantage for themselves or for any other person or cause


detriment to the Fund; anddo such other things as the Corporations Act requires them to do, and not do such things as it prohibits them from doing.


In view of the fact that both Jenny Hutson and Mary-Anne Greaves as a PIF directors both signed off on the document below to amend the constitution which was later ruled as a breach of the existing constitution by Justice Gordon as it did not comply with section 601 of the Corporations Act and was revoked, should this not have been brought to ASICs attention by our compliance committee? Isn't it a conflict of interest and a serious breach of duties to have a compliance committee member, Mary-Anne Greaves who is also a director of the PIF sign off on an ammended deed poll which was ruled invalid ?

http://www.wellcap.com.au/assets/pif/updates/2011/nsx%20release%20-%20change%20to%20constitution_10%20may%202011.pdf