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ETSA Utilities is committed to demonstrating the highest standards of corporate governance. It is the method by which we are directed, administered and controlled, and its ultimate aim is to achieve, as near as possible, the best balance of outcomes for owners, customers, individuals and the community.
The Board is responsible for the overall corporate governance of ETSA Utilities, including approval of the strategic direction and values, monitoring financial and operational performance, ensuring adequate systems for the identification and management of risk and evaluating the performance and remuneration of senior management. For more information about our Board members, see our Board of Directors: profiles.
The Board has established three committees to assist in the discharge of its responsibilities:
The Audit Committee assists the Board with its responsibilities for financial reporting, maintaining an efficient system of internal control and promoting an ethical culture.
The Risk Management and Compliance Committee is responsible for reviewing the risk profile of the business and oversight of risk management processes and for ensuring the business has appropriate procedures to ensure it complies with its legal obligations.
The Remuneration Committee reviews and makes recommendations to the Board on remuneration arrangements for managers and staff.
ETSA Utilities has an internal audit function reporting directly to the Audit Committee. It is located within the Office of the CEO.
The function operates under a co-source arrangement with KPMG. Internal Audit undertakes independent appraisals and provides assurance on the adequacy and effectiveness of business controls. All internal audit work is undertaken in accordance with the International Standards for the Professional Practice of Internal Auditing provided by the Institute of Internal Auditors.
The business operates under an Environmental Policy. Environmental audits are conducted at operational sites to ensure compliance with the policy and legislative requirements.
The business has a formal Risk Management Policy that is consistent with the Australian Standard for Risk Management (AS 4360). An integrated risk management framework is in place that includes a quarterly review of the business’ risk exposures and a quarterly report to the Risk Management and Compliance Committee detailing the risk position and the controls and strategies implemented to minimise the risk.
Our Asset Management Policy is to: