Annual report 2009, Territory Insurance Office
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Territory Insurance Office (N.T.); Territory Insurance Office (N.T.) -- Periodicals; Insurance, Accident -- Northern Territory; Insurance, Automobile -- Northern Territory; Insurance, No-fault Automobile -- Northern Territory
Territory Insurance Office
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TIO Annual Report 2008/2009 The Territory way. 7 I am grateful for the wise counsel of my fellow board members. They represent a strong level of expertise from across the Territory and Australia. TIO board members have sat on and do sit on the boards of significant Australian companies and organisations. I would particularly like to acknowledge the efforts of Richard Ryan who retired in December 2008 and Sheila OSullivan who retired in August 2009. I am comfortable that we can continue to operate with a reduced number of Board members. The Board maintains a Corporate Governance Statement that includes eight principles covering structure, ethical behaviour, responsible decision-making, integrity in reporting, disclosure, respect and risk management. Our role is to provide leadership to the executive management team, ensure the interests of our stakeholders and the community are protected and to manage risk. This year I was delighted to work with the new Chief Executive Officer Richard Harding to re-examine the purpose and direction of TIO. Richard has undertaken an extensive program of staff and community engagement to ensure TIO is well positioned as a strong and sustainable business. Richard and his executive team are working through a program of strategic realignment of the business, moving to a more focused and flexible business model that will ensure TIO remains both competitive in its market as well as relevant to the Northern Territory. Looking forward, we continue to operate in uncertain times but have much cause for optimism. While our performance is subject to fluctuations in the global financial economy, our forecasts see TIO as a whole and all businesses within it, return to full profitability in the new financial year. We also anticipate increases in profitability over subsequent years. Our renewed focus on our core purpose will ensure we remain relevant and competitive in our environment. Finally, I would like to recognise and acknowledge the contributions of our staff and management team, as well as the support of the Treasurer, Under-Treasurer and their staff. John Flynn Chairman 23 September 2009
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