With this in mind, I can announce the Company has an audited global carbon footprint of 16,463 tonnes of CO2 equivalent. This is extremely low compared to those of businesses in other industries although it will not divert the Company from seeking ways to improve.
Billabong is now analyzing its emissions data as part of the Company's ongoing environmental initiatives and I anticipate some recommendations will flow out of that process.
Turning now to general governance issues, you will have noted recently that new legislation allowed the Company to ask shareholders to opt-in to receive a printed copy of the Full Financial Report and the Shareholder Review.
I thank many of you for accepting this new form of delivery as it simplifies the reporting process, delivers some modest cost savings and helps to reduce the Company's environmental impact.
You will also have noted that we have replaced the old Concise Annual Report with a Shareholder Review. Again, this is designed to simplify the reporting process and provide investors with a basic snapshot of the business performance. For those seeking a complete overview of the Company's business, all relevant information is available on the corporate website.
During the 2006-07 year our founding Chairman, Gary Pemberton, retired from his role as a non-executive Director of Billabong International Limited.
This saw the Company scale back the number of Directors from eight to seven while a strategic review was undertaken to ascertain the required skill set of a new Director to complement the Board and the future needs of the Company.
I am pleased to announce that, in response to the review, the Board has identified an outstanding candidate. Tony Froggatt, a non executive Director of Brambles and the current Chief Executive Officer of the Scotland-based brewer, Scottish and Newcastle PLC, has accepted an invitation to join the Board of Billabong in February 2008.
Tony has extensive experience with branded international businesses, working with companies including the Gillette Company, HJ Heinz, Diageo, Seagram and Rothschild in territories including Europe, the USA, South East Asia and Australia.
He has recently announced he is standing down as the CEO of Scottish and Newcastle and returning to his native Australia during 2008.
Tony brings to the Billabong Board a proven track record as a high profile CEO as well as an ideal balance of strategic leadership and international experience in both developed and emerging markets. I take this early opportunity to welcome Tony to the Board and look forward to his future contributions.
Finally, I would like to thank all of our staff globally for their continued contribution to the success of this business. This Company has some of the most outstanding talent in the boardsport sector. Their dedication and commitment in driving performance while maintaining the unique culture of the business is both appreciated and respected.
Billabong International Limited
marketing@alchempro.com
