ESA News

ESA Newsletter: November 2003

Minutes of the Annual General Meeting
of the Endocrine Society of Australia

5.3 Societies Investments
The investment in managed funds through Asgard, is still to generate an overall profit and therefore we are still a few years off utilizing investment profits in any specific new directions. Original ideas had been for further support of our younrer members such as in scholarships or fellowships in endocrine related research, international travel grants etc. Overall, the Asgard portfolio is down $6,318 over the last 12 months (a decrease of 1. 1 %) and $26 661 from original deposit of funds (or a total. 4.4%). Through the year there was a further decrease to a low of $562,325 at 31/12/2002, so a 6.28% total decrease. Yet this upward trend, particularly since May 2003, is a positive sign and hopefully a trend that will continue through the next financial year. The original strategy was for a 5 7 year timeframe, and so whilst no one wants to see a negative result for any period, hopefully the improvement will continue. For additional rrioney raised through the Societies activities, we have invested these additional funds in a term deposit. We currently have a Term Deposit about $158,000 invested in the National Australia Bank earning a rate of 4.3 )%. Whilst we could combine all. the investments into the Asgard portfolio, we have continued to maintain the original plan of investment of the $600,000 and additional monies to be transferred at appropriate intervals into a Term Deposit.

The portfolio has been benchmarked against other indexes performances over the past 2 years and past 5 years. Whilst Cash (ie fixed interest) would have been better over the past 2 years (generating approximately $36,000 in interest), it does not outperform a balanced (eg out, current portfolio, 33% cash/fixed interest, 13% property, 54% shares), a Growth (17% cash/fixed interest, 11 % property, 72% shares) or High Growth portfolio (80% shares) (ie those with increasing exposure to higher risk investments such as shares). For example, since May 2003 our portfolio has picked up approximately $44,000, and is continuing to strengthen, this would not be possible if we placed all the cash in fixed interest, when we can earn around 4%. which barely is above inflation.

5.4Travel Grants
The increase in the expenditure towards Travel grants is due to the co sponsorship of the Transpacific Symposium and the introduction of International Travel. Grants (a total of $ 10,000), rather than a specific change in the cost of travel grants awarded for travel. to the ASM, which is similar in 2002 and 2003.

Finally, it is important to note that the accounts have been audited and (will be) signed without qualification by the Endocrine Society of Australia's Auditor, Philip Gruchy B Ec (Hons) CPA, of P. Gruchy and Associates. In order to prevent any delay in sending these out prior to the AGM, the Treasurer, President and Auditor are in the process of signing the audited accounts.

Approval for the Treasurers Report was moved by Evan Sinipson and seconded by Ray Rodgers.

6. Medical Affairs Report
The Society has provided representation, assistance and advice to various govemment agencies concerning a range of health related matters:

1. To the National. Centre for Classification in Health Proposals with suggestions to modify to the International Statistical Classification of Diseases and Related Health Problems in the area of endocrinology and metabolism.
2. To the PBAC with advice on the listings for Acarbose, Nandrolone, Pamidronate, Clodronate and Zoledronic Acid.

7. Reports on 2002 ESA Meeting Seminars, Clinical Weekend ASM

2003 ASM
Leon Bach, POC Chairman, stated that the programme was good and excellent speakers attended. He thanked all the members of the POC. Rob McLachlan, LOC Chairman, stated that 540 to date have registered for this meeting. The corporate sponsorship was good and there will. be a modest profit.

Clinical Weekend, Erskine Resort on the Beach,VIC
Duncan Topliss, convenor, stated that 131 attended this meeting. The organising committee would like to thank the professional conference organiser, Australian Science Network, in particular Mike Pickford and Sheridan Wright, for their friendly and expert management. Duncan also thanked the organising committee Deepak Dutta, Christine Rodda and Rosemary Wong.

Seminar Meeting 2003 Noosa Lakes Resort, QLD
Trish Crock stated that this successful meeting was attended by 202 delegates and thanked all the senior clinicians for allowing them to attend. The total profit for the last 3 Seminar meetings was $16600. Trish thanked Bruce King and Shaun McGrath for their enormous effort in raising sponsorship. She also thanked organiser, Lyndell Wills, and Martin Epstein, Roger Smith and John Burgess who helped with the programme.

8. Future Meetings

ASM 2004, Sydney, 21 25 August
This meeting will be held at the Sydney Convention Centre. The LOC is in the process of being formed, it will include Chris O'Neil as chair of LOC.

The Clinical Weekend will be held at the Hunter Valley and committee will include: Michael Hooper, Chris White, with other members to be drawn from the Sydney region.

ASM 2005, Perth
Ben Canny indicated that the 2005 convention will be held in Perth, and that the combined societies of the ESA, SRB, ADS and ADEA had been successful in obtaining a grant from the Perth Convention Centre to provide seeds funds for this meeting. In their application, the societies had indicated that they would use the funds to support the travel of junior members of the societies to Perth.

9. Other business
Trish Crock asked if the society knew of any contingencies in place should there be the outbreak of worldwide conflict or terrorist insurgency that may threaten Australia's supplies of essential medications, such as insulin. Ben Canny agreed to write to the Chief Medical Officer of the Commonwealth, Prof Dick Smallwood, to ascertain the state of affairs.

The meeting noted that Mal tin Silink had recently been named the President Elect for the International Diabetes Federation (IDF). The ESA resolved to extend its congratulations to Professor Silink

10. Date of next meeting
23rd August 2004, Darling Harbour Convention Centre

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