PESGB November 2004
A View from the Treasurer
After nearly two years of service, I am perhaps a little tardy in putting pen to paper, but then over that period of time my co-council members have managed to accurately reflect my views on Exploration and the state of our industry in general. I thought I might just take a moment of your time to reflect on the Society as I see it and without wanting to berate fellow members more than is necessary, highlight a statistic that does none of us any credit but is very simple to change.
Those that read the annual report or attend the annual meeting will know that the society is financially, in rude good health. It would be quite wrong of me to claim responsibility for that position; rather it is due to the prudence and foresight of previous councils. I highlighted at the last annual meeting that, because of that position, the society, is entering a new phase in its development. We now have a reserve policy in which we justify keeping some funds in case the society should hit hard times and an investment policy that, through an independent financial advisor, guides the
placement of that reserve in suitable, low risk investments. The income from PETEX and I hope, from future Prospect Expos, now places a different responsibility on the council. We are a charity and as such have responsibility, to utilise the money that we raise in excess of the reserve, on our objectives. These are set out on the web site or the directory and essentially say that we must promote for the public benefit, education in the technical aspects of Petroleum Exploration i.e. that we cannot just spend our money on ourselves. This year’s council has set up a sub-committee to consider proposals on how to do this on a sustainable basis and we would hope to have the first of these established before the year is out. With an increasingly healthy financial position comes increasing responsibility.
However, I must share with you the somewhat astonishing statistic that over the past 3 years, council has been elected by, on average, less than 5% of the membership. It is, I know, tempting to look at the excellent candidates and decide that any of them could do a worthwhile job, but I would ask you to take a little time and vote for each position. In that manner, the council members can at least feel that they have a proper mandate from the membership to take whatever action they feel is appropriate.
Finally, to what is important to a large number of you: our Presidents Evening is on December 3rd this year, please book now and I hope to see you there!