CSL Ltd Annual Report 2020

CSL Limited Annual Report 2020 129 Other Notes Note 17: Related Party Transactions Ultimate controlling entity The ultimate controlling entity is CSL Limited, otherwise described as the parent company. Related party transactions The parent company entered into the following transactions during the year with related parties in the Group. Wholly owned subsidiaries • Loans were advanced and repayments received on the long term intercompany accounts. • Interest was charged on outstanding intercompany loan account balances. • Sales and purchases of products. • Licensing of intellectual property. • Provision of marketing services by controlled entities. • Management fees were received from a controlled entity. • Management fees were paid to a controlled entity. • R&D services were charged from and to controlled entities. The transactions were undertaken on commercial terms and conditions. Payment for intercompany transactions is through intercompany loan accounts and may be subject to extended payment terms. Ownership interests in related parties All transactions with subsidiaries have been eliminated on consolidation. Subsidiaries The following table lists the Group’s material subsidiaries. Percentage owned Company Country of Incorporation 2020 % 2019 % CSL Limited Australia Subsidiaries of CSL Limited: CSL Innovation Pty Ltd* Australia 100 100 CSL Behring (Australia) Pty Ltd Australia 100 100 CSL Behring LLC USA 100 100 CSL Plasma Inc USA 100 100 CSL Behring GmbH Germany 100 100 CSL Behring AG Switzerland 100 100 CSL Behring Lengnau AG Switzerland 100 100 Seqirus UK Limited UK 100 100 Seqirus Pty Ltd Australia 100 100 Seqirus Vaccines Limited UK 100 100 Seqirus Inc USA 100 100 * This entity was named Zenyth Therapeutics Pty Ltd until 1 June 2019 Key management personnel transactions with the Group The following transactions with key management personnel and their related entities have occurred during the financial year. These transactions occur as part of a normal supplier or partner relationship on “arm’s length” terms: CSL has entered into a number of contracts, including collaborative research agreements, with Monash University, of which Megan Clark is a member of Council. CSL has entered into a number of contracts, including collaborative research agreements, with the Walter and Eliza Hall Institute for Medical Research, of which Marie McDonald is a director. CSL has received advisory services from Flagstaff Partners, of which Marie McDonald is a Senior Advisor. CSL has entered into a research collaboration with Frazier Healthcare, of which Tadataka Yamada is a partner. CSL in Australia has a corporate account with Medibank Private Limited, of which Christine O’Reilly is a director. CSL has entered into a research collaboration with the Baker Heart and Diabetes Institute, of which Christine O’Reilly is a director. CSL has received financial services from Bank of America Merrill Lynch, of which Megan Clark is a member of the Australian Advisory Board. CSL has a commercial arrangement to acquire laboratory supplies from Agilent Technologies, of which Tadataka Yamada is a director. CSL has entered into a research collaboration with the Centre of Eye Research Australia, of which Andrew Cuthbertson is a director.