New Board member for Yojee

Yojee has announced the appointment of David Morton to its recently announced Advisory Board team.
This is the final appointment to the existing Advisory Board, rounding out the strategic and operational growth focus of the Company for 2019.
David is an experienced Corporate Banker with a successful career spanning 40 years at Westpac and HSBC.
He has recently returned to Australia after 12 years working in Asia (Vietnam, Malaysia, Hong Kong) in a number of pan Asian roles including Managing Director, Head of Corporate, Financials and Multinationals Banking, Asia-Pacific.
David Morton is a Graduate of the Australian Institute of Company Directors, GAICD and holds a Business Studies degree (Accounting) from Victoria University.
“I am excited about the opportunity to assist Yojee in executing its strategies within the Asian region and scale across the world. The Company has a wonderful opportunity for its platform to support all stakeholders in the supply chain and logistics ecosystem, from shipper to carrier and from governmental and financial institutions where data and transparency is key. It’s recent announcement with a multi-national organisation shows the true potential of this early stage business,” David said.
“The Company has been strategically building its board and advisory structure with globally proven talent across technology, supply chain, automation and finance and capital markets with David being a great addition to complete our advisory structure. We are very pleased to have David joining us and look forward to our group of experienced board and advisors engaging the executive team in robust discussions around strategy and growth along with providing public market strategy and strong corporate governance,” Ed Clarke, MD, Yojee said.

TWAL announces Board appointments

Transport Women Australia Limited (TWAL) welcomed two new members to its Board and farewelled Michelle Harwood at its annual general meeting held 26 November.
Jacquelene Brotherton has retained her role as Chair with Directors Di Caldwell-Smith and Coralie Chapman as Vice Chair and Secretary respectively.
TWAL welcomed Roslyn Anderson of Wales Truck Repairs, Sydney and Cinzia Chu of PACCAR, Melbourne to the Board.
“It is with regret we accepted the resignation of Michelle Harwood from the Board after one year with us,” Brotherton said in a statement.
“She has been an amazing asset who has devoted a huge amount of time and energy over the past 12 months. Michelle has been the force behind the Women Driving Transport Careers initiative, designed our Conference website and will be remain involved with TWAL, especially in the planned website upgrade.
“My heartfelt thanks to Di, Coralie and Michelle for the amazing achievements of TWAL over the past year, and to our volunteers throughout the year, especially Rebecca Coleman of the LBRCA who has edited our Newsletter for the past 12 months and was our conference AV manager.
“Thanks also to our other volunteers throughout the year in particular Tracey Boschetti, Rosie Cirillo, Rachel Hesse and Paula Sita.
“We extend an enormous thank you to the continued support of our Foundation Business Partners – NTI and Volvo Group Australia, to our Long Term Sponsors – Daimler Truck and Bus Australia, PACCAR Australia, Cummins, AEI Transport Insurance Brokers, Prime Creative Media, BP and TWUSUPER.
“We also extend a warm welcome and thanks to our new sponsors Scania, Viva Energy, SRT Logistics, NHVR, Westfund Health Insurance, Ron Finemore Transport and Chilled Australia Specialised Logistics.
“We would also like to thank the employers of the Board, with special mention to Oxford Cold Storage for the huge support given to the organisation over the past 12 months; none of this would be possible without their unswerving support.
“As an association, we have achieved so much due the dedication of the Board, the members, sponsors and volunteers and we are sure this will continue into 2019 and beyond as we have many exciting plans.
“We are anticipating more interaction with Girl Guides Australia, the expansion of the Women Driving Transport Careers initiative and have many other plans, not least our 20th Anniversary Gala Dinner set for November 16 2019.”

Female ASX 200 appointments surge past 50%

New figures released today by the Australian Institute of Company Directors show that more women than men have been appointed to ASX 200 boards in the first quarter of 2018.
This marks the first time that female appointments to ASX 200 boards have exceeded male appointments since the AICD began tracking monthly appointment rates.
Of the 56 appointments to ASX 200 boards in the first three months of the year, 52% have been women.
This compares to 33% female appointments in the first quarter of 2017 and 44% over the first quarter of 2016.
AICD Chairman Elizabeth Proust AO welcomed the figures but warned against complacency.
“When it comes to increasing gender diversity on Australia’s largest boards, we know that it’s never been a supply problem, it’s been a demand problem,” she said.
“What today’s figures hopefully show is that, finally, we are seeing the demand.
“Research shows that one woman alone does not do enough to achieve the full benefits of diversity and rather that three women, or 30% for most boards, is where the magic happens.
“Importantly, today’s figures aren’t a sign that it’s time to take the foot of the brake. We will only reach our target of 30% female representation across ASX 200 boards by the end of this year if the female appointment rate remains strong.
“Greater gender diversity on our boards is crucial to the future of good governance in this country.”
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Toll announces Board of Directors appointment

Logistics company, Toll Group, has appointed Geoff Wilson to its Board of Directors, effective 1 October 2017.
According to Toll, Wilson has over 35 years of executive leadership experience with professional service company, KPMG, in Australia, Hong Kong and the US.
“We are delighted to welcome Geoff to the Toll Board. His deep knowledge and experience across multiple markets, including Japan, and his leadership of large, dynamic workforces will be invaluable to Toll’s transformation, governance and future growth agenda,” said Toll Group Executive Chairman, John Mullen.
“We welcome the skills and knowledge Geoff will bring to our board, and we look forward to his contribution to the future of our business,” he said.
Wilson will reportedly assume the role of Chairman of the Audit Committee with the commencement of his directorship.
Toll has said that Wilson will become the last of eight directors to have been appointed to Toll following the rebuilding of the board this year.
With Wilson’s appointment, the Toll Board now comprises eight Directors: Chairman John Mullen, Managing Director, Michael Byrne, Geoff Wilson, Kunio Yokoyama, Tomohiro Yonezawa, Taneki Ono, Noboru Ichikura and Norio Wakasa.

New property lease accounting standards to be adopted in Australia

In February the Australian Accounting Standards Board (AASB) announced that it will be adopting  the International Accounting Standards Board (IASB) new requirements on dealing with property leases on company's accounts. 

The AASB have decided to adopt the standards following the release of the IFRS 16 Leases which set out to improve the financial reporting of company's leases.

The new standards will treat leases as one as opposed to the current arrangement of being either a finance or operating lease.

Therefore moving forward all companies will be required to recognize leased assets (as a right to use the property) and financial liabilities to pay rent on their balance sheets.

For all leases with a term greater than 1 year the leasee will need to recognize depreciation of lease assets separately from interests on lease liabilities in the income statement.

Bringing all leases onto balance sheets will give investors, banks and analyst a complete picture of a company including lease liabilities so a more accurate assessment can be made of company's liabilities.

The new standard will be an added administration burden for companies, especially companies who lease multiple properties (all existing leases at the time will need to be recorded as there are no grandfathering arrangements), in compiling and recording this information which will include all rental payments and rental escalation over the lease term.

With the requirement for all leases to be shown on balance sheets this may force some companies to review their leased portfolio requirements moving forward.

  • The changes may result in companies looking more closely at the ideal lease term for their business and the impacts of longer term leases on the company's balance sheet compared with shorter term leases. This will be particularly challenging in the Design and Construct pre commitment industrial markets where landlords demand longer lease commitments.
  • As opposed to long term leases companies may decide to purchase their next premises as opposed to lease. Once again this may be more of a consideration in the industrial market where long term leases are agreed and companies sometimes invest significant capital into the facility to meet their operational requirements. Companies may look to implement a strategy where larger facilities or strategic locations are owner occupied with smaller facilities and branches leased to maintain flexibility.
  • A more considered approach may be taken by companies to reduce their lease footprint and rent costs with consolidating more of their oeprations to save on rent costs.
  • What will be the best way to structure the next lease? Some matters that a company may need to consider are whether all leases should be negotiated on an effective lease basis, the rent review mechanisms and also whether an Option term should be negotiated or not. On the later under the new standard Option lease payments only have to be included when the lessee is reasonably certain to extend the period or when an event occurs within the lessee control which effects the exercise of Options. 

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