Good corporate governance is critical to CS Energy. We are committed to conducting all business activities honestly, legally, ethically, and transparently.
Sound corporate governance and risk management practices are promoted by the Board, and embraced by all levels of management throughout the company. The corporate governance framework is set out in the Corporate Governance Policy. The Charter is supported by specific compliance and risk management policies and procedures.
The Board
CS Energy’s Board comprises seven Directors, appointed in accordance with the Government Owned Corporations Act (1993). Under the Act, the directors are accountable to the company’s five Queensland Government shareholding Ministers.
The Directors are bound by a Code of Conduct.
The Board has established four additional sub-committees to assist with the management of particular areas, including Audit , Risk Management, Major Capital & Technical issues and Staff and Remuneration.
Reporting
The Board holds regular monthly meetings, and management reports are submitted for these meetings.
The Board is required to provide the shareholding Ministers with the following:
- Corporate Plan – outlining the company’s key strategies, objectives and performance measures for the next five years;
- Statement of Corporate Intent – outlining goals, objectives and performance measures for the coming year;
- Quarterly Reports – operational reports informing shareholding Ministers of the company’s progress against agreed performance measures outlined in the SCI; and
- Annual Report – to meet statutory reporting requirements for government owned corporations, and provides commentary on the company’s performance, key initiatives and future activities.
The Board strives for open and honest dialogue with its shareholders, and provides regular briefings and updates in addition to the formal reporting systems. The communication process is both direct to the voting shareholders and at officer level through the Office of Government Owned Corporations and Office of Energy.
Evaluation
Periodically the Board undertakes formal reviews of its performance. Reviews include a self assessment, led by the Chairman, and typically a workshop facilitated by an external corporate governance advisor.