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Whitehaven Coal Limited : Annual Report 2009
38 14. INDEMNIFICATION AND INSURANCE OF OFFICERS 14.1 Indemnification The Company has agreed to indemnify all current and former directors of the Company against all liabilities to another person (other than the Company or a related body corporate) that may arise from their position as directors of the Company and its controlled entities, except where the liability arises out of conduct involving a lack of good faith. The agreement stipulates that the Company will meet the full amount of any such liabilities, including costs and expenses. 14.2 Insurance premiums During the financial year the Company has paid premiums in respect of directors' and officers' liability and legal expenses insurance contracts. Such insurance contracts insure against certain liability (subject to certain exclusions) persons who are or have been directors or officers of the Company or its controlled entities. The directors have not included details of the nature of the liabilities covered or the amount of the premium paid in respect of the directors' and officers' liability and legal expenses' insurance contracts, as such disclosure is prohibited under the terms of the contract. 15. ENVIRONMENTAL REGULATION The E PA prosecuted Werris Creek Coal Pty Ltd for a breach of condition of an environmental licence. Werris Creek Coal Pty Ltd pleaded guilty to the strict liability offence and was fined $49,000. This money is to be allocated to the local Quipolly Dam Regeneration Project. Werris Creek Coal Pty Ltd was also ordered to pay the prosecutors costs of $34,700 and put a notice in the Sydney Morning Herald and Australian Financial Review to publicise the offence to deter other offenders. The Judge found that the breach of licence was not foreseeable, that minor or no environmental harm was caused and Werris Creek Coal is only responsible because it is the licence holder. Sixty per cent of the costs and fine monies are recoverable under the Sale of Shares agreement. DIRECTORS' REPORT
Annual Report 2008
Annual Report 2010