FirstChoice Wholesale Investments - Colonial First State

COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS8. RELATED PARTIES DISCLOSURESNOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 30 JUNE 2011(a)Responsible EntityThe Responsible Entity of the Funds is Colonial First State Investments Limited. The ultimate holding company is theCommonwealth Bank of Australia (the Bank).The Responsible Entity is incorporated and domiciled in Australia and has its registered office at Ground Floor Tower 1,201 Sussex Street, Sydney, New South Wales, 2000.(b)(i)Details of Key Management PersonnelKey Management PersonnelThe Directors of Colonial First State Investments Limited are considered to be Key Management Personnel. TheDirectors of the Responsible Entity in office during the year and up to the date of the report are:Grahame Anthony PetersenLynette Elizabeth CobleyBrian Vincent BissakerMichael John Venter Appointed on 4 July 2011.Peter Robert WinneyBradley Brian MasseyGregg Johnston Resigned on 4 July 2011.(ii)Compensation of Key Management PersonnelNo amounts are paid by the Funds directly to the Directors of the Responsible Entity of the Funds.The Directors of the Responsible Entity receive compensation in their capacity as Directors of the ResponsibleEntity. Directors are employed as executives of the Commonwealth Bank of Australia, and in that capacity, part oftheir role is to act as a Director of the Responsible Entity. Consequently, no compensation as defined in AASB 124:Related Parties is paid by the Funds to the Directors as Key Management Personnel.(c)Responsible Entity's Management FeesUnder the terms of the Constitutions, the Responsible Entity is entitled to receive monthly management fees whichare expressed as a percentage of the total assets of each Fund (i.e. excluding liabilities). Management fees are paiddirectly by the Funds. The table below shows the current fee rates charged.Where monies are invested into other funds managed by the Responsible Entity the management fees are calculated afterrebating fees charged in the underlying funds. As a consequence, the amounts shown in the Statements ofComprehensive Income reflect only the amount of fees charged directly to the respective Funds.The management fees rate charged for the period are as follows:2011 2010Management ManagementFeesFees% %FirstChoice Wholesale Defensive 0.85 0.85FirstChoice Wholesale Conservative 0.90 0.90FirstChoice Wholesale Balanced 0.98 0.98FirstChoice Wholesale Growth 1.00 1.00FirstChoice Wholesale High Growth 1.10 1.10FirstChoice Wholesale Geared Growth Plus 1.10 1.10Page 85