7. Indemnification and insurance of officers
AGL’s constitution indemnifies, to the extent permitted by law, officers of the consolidated entity when acting in their capacity in respect of:
- liability to third parties (other than related entities) when acting in good faith; and
- costs and expenses of successfully defending legal proceedings and ancillary matters.
The Directors named earlier in this Report and the Company Secretaries, have the benefit of the indemnity, together with any other person concerned in or who takes part in the management of the consolidated entity.
During the year, AGL paid premiums in respect of contracts insuring all Directors of AGL as listed earlier, all Directors of related bodies corporate of AGL, secretaries and other officers of the consolidated entity against liabilities incurred in their capacity as Director or Officer, as the case may be, of the consolidated entity.
The contract prohibits disclosure of the nature of the liabilities covered and the amount of premium.