Details of the Group’s material subsidiaries at the end of the reporting period are as follows:
(i) The Northern Land Council (NLC) has the power to control the North Australia Aboriginal Corporation (NAAC) by virtue of having the right to appoint Executive Council members to the Board of NAAC.
(ii) Northern Aboriginal Investment Corporation Pty Ltd (NAIC) was incorporated in Australia in 1987 and is the corporate trustee for the Northern Australian Aboriginal Charitable Trust (NAACT). The trustee company has no other assets or liabilities and has no operations other than in its capacity as trustee. The NLC holds 75% of the 100 ordinary shares of $1 each of NAIC. The company which holds the remaining 25% shareholding was deregistered in 2002. The NAIC is in the process of cancelling the 25% shareholding and NLC will effectively hold 100% of the shares in NAIC.
(iii) Per (ii) above, NLC effectively fully controls and holds 100% of the voting rights of NAIC and therefore the ownership and voting power held by the Group in NAACT is 100%.
Refer to note 1.4 for the list of subsidiaries that are not consolidated as part of the Group’s financial statements as they are immaterial to the Group.