8. Likely Developments 9. Directors’ and Senior Executives’ Remuneration 10. Indemnification 11. Rounding The remuneration policies and practices of the Company, (including th compensation arrangements for executive Directors and senior management), the Company’s superannuation arrangements, the fees for non-executive m embers of the Board (within the aggregate amount approved by shareholders), the Company’s employee share and option plans and executive and senior management performance review and succession planning are matters referred to and considered by the Remuneration Committee of th e Board, which has access to independent advice and comparative studies on the appropriateness of remuneration arrangements. Details of th e Company’s remuneration policies and the nature and amount of the remuneration of the Directors and Specified Executives are set out on pag es 31 and 37 to 40 of this Annual Report and in Notes 18 and 26 to the financial statements. Article 177 of the Company’s Constitution provides that the Company ind emnifies each person who is or who has been an “officer” (as defined in  the Corporations Act) of the Company against any liability to another person (other than the Company or a related body corporate) arising from their position as such officer, unless the liability arises out of conduct involvin a lack of good faith. The Company has insured against amounts which it is liable to pay pursuant to Article 177 or which it otherwise agrees to pay by way of indemnity. Article 177 also provides for an indemnity in favour of an officer or auditor (KPMG) in relation to costs incurred in defending pr oceedings in which judgement is given in their favour, or in which they are acquitted or the Court grants relief. In conformity with Article 177, the Company is party to Deeds of Indemnityin favour of each of the Directors referred to in this report who held office during the year and certain executives of the consolidated entity, bein g indemnities to the full extent permitted by law. There is no monetary limit to the extent of the indemnity under those Deeds and no liability has arisen thereunder during or since the financial year.  During the year, the Company paid premiums in respect of Directors' and Offi cers' Liability and Legal Expenses insurance contracts for the year ending 31 December 2004 and since the end of the year the Company has paid, or agreed to pay, premiums in respect of such contracts for the year ending 31 December 2005. The insurance contracts insure against certain liability (subject to exclusions) persons who are or have been directors or officers of the Company and controlled entities. A condition of the contracts is that the nature of the liability indemnified and the premium payable not be disclosed. Australian Securities and Investments Commission Class Order 98/100, dated 10 July 1998, applies to the Company and accordingly amounts have been rounded off in accordance with that Class Order, unless otherwise indi cated. This report is made on 23 February, 2005 in accordance with a resolution of  the Directors. Director Director 23 February, 2005 Ch — El. Xe Annual Report 2004 49 Certain likely developments in the operations of the consolidated entity an d the expected results of those operations in future financial years are referred to at pages 2 to 7, 11 to 12, 16 to 23 and 26 to 28 of this Annu al Report. Further information about likely developments in the operations of the consolidated entity and the expected results of those operation in future financial years has not been included in this report because disclosure of the information would be likely to result in unreasonable prejudi ce to the consolidated entity.