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Beyond the Bale : September 2011
3 September 2011 BEYOND THE BALE UPFRONT Review of Performance As the research, development and marketing company for the Australian wool industry, AWI operates on a three- year business cycle determined by legislation, regulations and the Statutory Funding Agreement with the Australian Government. Underpinning this cycle is AWI's accountability and reporting to woolgrowers. AWI's activities are directly driven by woolgrowers through ongoing engagement throughout the year, quarterly meetings with AWI's Woolgrower Industry Consultative Committee (ICC) and state farm organisations (SFOs), and the twice yearly Woolgrower Forums. Throughout the year AWI reports on its performance in a number of ways: formally through the ICC and SFO meetings, the Woolgrower Forums, the Annual Report and at the AGM. We also report informally through Beyond the Bale, the monthly e-newsletter and other forums. AWI is also required to report quarterly to the Government on operations and performance, and attend Senate Estimates when necessary. In the lead up to WoolPoll every three years, AWI is required by the Wool Services Privatisation Act to conduct an independent review of performance. In addition to this, AWI has also conducted two annual independent reviews of performance in 2009/10 and 2010/11. Demonstrating our commitment to continual improvement, these annual independent reviews of performance are important tools to assist woolgrowers assess the value for money that AWI delivers. Independent consultants developed assessment criteria against nine areas of the business to determine AWI's performance. Similar to an audit, relevant supporting documents were provided by AWI and senior managers were interviewed. External stakeholders were also interviewed to gauge their views on AWI's performance over the past 12 months. A summary of the 2010/11 Independent Review of Performance is provided in the table below. Following the outcome of the 2009/10 Independent Review of Performance, it was agreed that four broad areas would be the focus of this review: 'Strategy', 'Operations', 'Governance' and 'Monitoring and Evaluation'. The operations and relevant strategies of each of these areas were then examined by the independent consultants to make a determination on performance. AWI's performance was deemed as either: l Completed against criteria -- criteria have been met and there are no recommendations other than AWI continue to implement activities already in place lIn progress against criteria -- criteria will be met by 2012 once existing improvements are completed and all relevant activities continue to be implemented by AWI lPartial against criteria -- work in progress and recommendations to meet criteria by 2012 identified. The Review is a snapshot of AWI's performance over the 2010/11 twelve month period. Consequently a "completed" rating doesn't mean AWI has no further work AREA OF AWI'S OPERATIONS ASSESSMENT FOCUS ASSESSMENT Strategy Strategic direction Completed against criteria Strategy setting process In progress against criteria Internal structures for planning and evaluation Completed against criteria Operations Stakeholder engagement Partial against criteria Sta performance management In progress against criteria Governance Board governance Completed against criteria Appointment of directors In progress against criteria Risk, fraud and intellectual property In progress against criteria Monitoring and Evaluation Monitoring and evaluation framework Partial against criteria to do in that area, but rather the actions AWI set out to deliver over the past twelve months to improve performance in the specific area were completed. The cycle of improvement is ongoing and dynamic, with senior management already beginning the task of scoping areas where further progress can be made. These plans will be incorporated into AWI's annual planning and consultation cycle and implemented across the business. This Review and these ongoing improvements demonstrate how we are determined to continually monitor and weigh up every decision and investment made on your behalf, to ensure it maximises returns to woolgrowers. While I'm extremely proud of the improvement in the businesses performance in the past 12 months, my hope is that we meet your expectations. Stuart McCullough Chief Executive Officer Australian Wool Innovation