We are committed to best practice corporate governance that enhances our effectiveness and ensures accountability and transparency to stakeholders.
For us, governance is the system by which we are directed, managed and held to account. It incorporates the culture, structures and processes for decision making, accountability, control and behaviour.
It provides the framework within which:
As part of our commitment to best practice corporate governance, our Board has adopted a Charter that sets out the roles and responsibilities of the Board and management. The Board Handbook details the governance processes which apply specifically to the Board.
The Board has established two committees: the Audit and Risk Management Committee and the People and Safety Committee. These committees assist the Board in performing its role and allow in-depth consideration of complex issues.
An overview of our corporate governance framework is in our Annual Report.
We comply with the Corporate Governance Guidelines for Government Owned Corporations and the Code of Conduct and Conflict of Interest Best Practice Guide for Government Owned Corporations. We continually review our policies and procedures in light of corporate governance developments based on these guidelines.
We view effective risk management as a core part of our governance and operations. Our Business Resilience and Risk Management Policy assigns accountability to Executive General Managers for the management of risks for which they are functionally responsible. The Risk Management Framework clearly communicates the Board’s and management’s position on the process, terminology and tolerances for risk assessments and the requirements for risk reporting.
Our Compliance and Regulatory Management Policy outlines the principles and commitments with respect to managing legal and regulatory compliance risks. We have a Legal and Regulatory Compliance System, which ensures our employees are aware of their compliance obligations and responsibilities.
The Audit and Risk Management Committee assists the Board by regularly reviewing and overseeing the systems of risk management, internal control and legal and regulatory compliance.
We do regular reviews of our business interruption risks and implement planning to mitigate any risks. These plans are tested by periodic business continuity and disaster recovery exercises that are designed to provide a degree of resilience should we need to respond to and recover from a crisis while continuing to maintain business critical operations.