AGL Energy Limited Annual Report 2012 appointment of, and for reviewing the  independence of, the external auditor. The external auditor is precluded from  providing any services that might threaten  their independence, or conflict with their  assurance and compliance role. Reports on the provision of auditing and  related services are provided to the  Committee. The Directors have concluded  that non-audit services provided did not  compromise the external auditor’s  independence requirements under the  Corporations Act. AGL’s Auditor Independence Policy is  published on AGL’s website. The Market Disclosure Committee  comprises the CEO, the Company  Secretary (the nominated Continuous  Disclosure Officer), the CFO and the Head  of Capital Markets. It is responsible for  monitoring compliance with the Market  Disclosure Policy. The Head of Capital  Markets is the convenor of meetings of  the Committee. The Committee is responsible for ensuring  that all AGL announcements are made in a  timely fashion, contain material information  that is both objective and factual, and are  clearly written to allow investors to assess  the effect of information on their  investment decisions. The Committee is  also responsible for recommending  changes to the Market Disclosure Policy. The Company Secretary reports to the  Board quarterly on matters that were either  notified or not notified to the ASX. Directors  receive copies of all announcements  immediately after notification to the ASX.  All ASX announcements are available in the  Media centre on the AGL website. AGL’s website allows shareholders to view  all ASX and media releases since at least  December 2007; various investor  presentations; a copy of the most recent  Annual Report and Annual Reports for at  least the two previous financial years; and  the notice of meeting and accompanying  explanatory material for the most recent  Annual General Meeting and the Annual  General Meetings for at least the two  previous financial years. Shareholders have the option of electing  to receive all shareholder communications,  including dividend statements, by email.  AGL provides a printed copy of the Annual  Report to only those shareholders who  have specifically elected to receive a  printed copy. Other shareholders are  advised that the Annual Report is available  on the AGL website. communication policy AGL has not established a formal  shareholder communications policy, but it  does take appropriate measures to keep  shareholders informed about its activities. The substantive content of all market  presentations about the half year and full  year financial results, and all statements  relating to AGL’s future earnings  performance, must be referred to and  approved by the Board before they are  disclosed to the market. Communication with the financial market is  the responsibility of the CEO, CFO and  Head of Capital Markets. Communication  with the media is the responsibility of the  CEO, the Company Secretary, and the Head  of Corporate Communications. The Market  Disclosure Policy covers briefings to  institutional investors and stockbroking  analysts, general briefings, one-on-one  briefings, blackout periods, compliance and  review as well as media briefings. The  Market Disclosure Plan provides further  guidance on how to give effect to the  Market Disclosure Policy. All AGL Executives confirm in writing to the  Board, on a quarterly basis, that matters  which might need to be disclosed have  been brought to the attention of the  Continuous Disclosure Officer for review. All announcements made to the ASX are  available to shareholders by email  notification when a shareholder provides  the AGL Share Registry with their email  address and elects to be notified of all AGL  ASX announcements. Shareholder meetings are webcast and  analyst/media briefings in relation to  half-year and full year financial results and  other significant events can be heard  by teleconference. Notices of meeting sent to AGL’s  shareholders comply with the “Guidelines  for notices of meeting” issued by the ASX in  August 2007. Shareholders are invited to  submit questions before the meeting and,  at the meeting, the Chairman attempts to  answer as many of these as is practical.  Almost 100 shareholders took the  opportunity to submit questions in advance  of the 2011 Annual General Meeting. The Chairman also encourages shareholders  at the meeting to ask questions and make  comments about AGL’s operations and the  performance of the Board and senior  management. The Chairman may respond  directly to questions or, at his discretion,  may refer a question to another Director, the  CEO or a member of the Executive Team. New Directors or Directors seeking  re-election are given the opportunity to  address the meeting and to answer  questions from shareholders. AGL has adopted the practice of  conducting a poll on each motion being  considered at the meeting. Shareholders in  attendance at the meeting are also given  the opportunity to vote by a show of hands  before the poll is conducted. The external auditor attends AGL’s Annual  General Meeting. Shareholders may submit  written questions to the auditor to be  considered at the meeting in relation to the  conduct of the audit and the preparation  and content of the Independent Audit  Report by providing the questions to AGL  at least five business days before the day of  the meeting. No questions were sent to the  auditor in advance of the 2011 Annual  General Meeting. Shareholders are also  given a reasonable opportunity at the  meeting to ask the auditor questions  relevant to the conduct of the audit, the  Independent Audit Report, the accounting  policies adopted by AGL and the  independence of the auditor. 39 Meetings Financial market communications Principle 5: Make timely and balanced  disclosure Recommendation 5.1  – Companies should  establish continuous disclosure policies and  ensure compliance with those policies Market Disclosure AGL’s Market Disclosure Policy describes  AGL’s continuous disclosure obligations and  how they are managed by AGL, as well as  how AGL communicates with financial  markets. The Policy is complemented by  the Market Disclosure Plan that gives  effect to the Policy. The Market Disclosure  Policy was reviewed during the year. Both  the Market Disclosure Policy and the  Market Disclosure Plan are published on  AGL’s website. Principle 6: Respect the rights of  shareholders Recommendation 6.1  – Companies  should establish a shareholder  Electronic Communication Accountability