The following definitions were adopted for the purposes of NZ IAS 24, Related Party Disclosures:
(a) For the trading entities, a 'director' is a director, an alternate director and a 'director' who resigns during the period of the company or the parent entity(ies);
(b) For the Council, a councillor will be a 'director';
(c) For the Council, all members of the senior management team be included in the definition of 'key management personnel';
(d) Recommend to the trading entities, based on the advice received from the Office of the Auditor-General, that they resolve with their auditors whether all members of the senior management team fall in the definition of 'key management personnel';
(e) Reliance be placed on the use of declarations by affected individuals, complemented by appropriate education, to ensure that all material transactions are recorded. Declarations will be supplemented by readily available information from other sources.
Approved by Audit and Risk Management Subcommittee (delegated decision), 5 December 2005
