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Corporate governance

As a Queensland Government-Owned Corporation we have a responsibility to our shareholder to do business legally, ethically and responsibly. We are committed to achieving high standards of conduct and performance in everything we do.

Our governance framework

CS Energy was established in 1997 under the Government Owned Corporations Act 1993 (GOC Act). CS Energy is also a registered public company incorporated under, and subject to, the Corporations Act 2001 (Cth).

Two Queensland Government Ministers (shareholding Ministers) hold shares in CS Energy on behalf of the people of Queensland:

  • The Hon. Cameron Dick MP, Deputy Premier, Treasurer and Minister for Trade and Investment
  • The Hon. Mick de Brenni MP, Minister for Energy and Clean Economy Jobs

The CS Energy Board is accountable to our shareholding Ministers for CS Energy’s performance and corporate governance. The Board has delegated specific power and authority to Board Committees and the Chief Executive Officer.

The Chief Executive Officer is responsible for the day-to-day management of CS Energy.

Our Governance Framework Standard sets out how we comply with the Corporate Governance Guidelines for Government Owned Corporations and the eight principles outlined in those guidelines and The ASX Corporate Governance Principles and Recommendations.

Below is general information about our approach to corporate governance. For additional information, please refer to the All reports and publications page or the Right to Information page of this website.

Principle 1: Foundations of management and oversight

Our Board is accountable for ensuring we act with integrity in all of our corporate governance practices. 

The Board’s role and accountabilities are set out in the Board Charter and include:

  • setting CS Energy’s strategic direction (with the agreement of shareholding Ministers) 
  • monitoring corporate performance and progress towards achievement of strategic objectives 
  • risk management oversight 
  • establishing and demonstrating appropriate standards of behaviour as expressed in CS Energy’s Code of Conduct 
  • stakeholder reporting and communication.

The Board conducts periodic evaluations of its performance against its role and accountabilities. 



There are three Board committees to assist the Board in the execution of its duties and to consider key business issues.

Committee Membership
Finance, Risk and Assurance Committee Maurice Brennan (Chair)
Adam Aspinall
Kellie Charlesworth
Mark Carkeet
Safety and Environment Committee Adam Aspinall (Chair)
Stephen Harty
Jacqueline King
Kimberley Swords
Performance and Investment Committee Stephen Harty (Chair)
Kellie Charlesworth
Kimberley Swords
Maurice Brennan

Each Committee’s role, accountabilities and authority are set out in a committee charter that is reviewed annually. 

The Board committees regularly review their performance in conjunction with formal Board evaluation reviews.  

Principle 2: Structure the board to add value

The CS Energy Board comprises six independent, non-executive directors appointed by the Governor in Council. Given the process for selection of Directors is under the GOC Act, CS Energy has not established a Board Nominations committee.

The Board evaluates its performance, the performance of individual directors, the Chairman and the Board committees at regular periods, not exceeding two years.


The Board regularly reviews and assesses the independence of directors and the relationship each director and the director’s associates have with CS Energy.

Directors’ access to advice and training

Directors may seek independent professional advice on matters before the Board, after receiving approval from the Chair. CS Energy bears the cost of this external advice.

Each director has access to the Chief Executive Officer and Executive General Managers in the event that the director requires additional information. Each director is encouraged to contact the Company Secretary prior to Board meetings to discuss any matters that require clarification.

Principle 3: Promote ethical and responsible decision making

CS Energy is committed to conducting all business activities with integrity, honesty and in compliance with relevant laws and standards. 

Our key governance policies to promote ethical and responsible decision making include a Code of Conduct and Equal Employment Opportunity Standard, as well as various policies to ensure compliance with the Corporations Act and to manage conflicts of interest.

The Code of Conduct is the overarching document for all CS Energy policies and procedures and covers seven key areas including safety, respecting others and managing conflicts of interest. It clearly articulates the standards of behaviour required of everyone at CS Energy.

The Board also adopted its own Directors' Code of Conduct in 2023.

A standing agenda item at monthly Board meetings requires directors to declare any conflicts of interest. Executives and other nominated employees are also required to make annual and contemporaneous declarations of interests that could give rise to a conflict of interest.

Our Share Trading Procedure provides guidance to directors, officers and employees in relation to their trading in securities.

Our EEO Standard provides guidance to protect our workforce from unlawful discrimination, workplace harassment, bullying and vilification.

We have reporting mechanisms in place for directors, employees, contractors and third parties to report activity that they suspect is illegal, unethical or breaches the Code of Conduct. 

Queensland Energy Class Action

We are continuing our defence of a class action relating to electricity prices. CS Energy has filed its defence in this matter and has undertaken significant discovery, while the parties continue to work through several procedural matters in relation to the litigation. A trial on liability has been listed for hearing commencing in June 2024.

We continue to reject the claims being made and will strongly defend this class action. CS Energy is committed to complying with all market rules and regulations and we have dedicated substantial resources to ensuring we meet our obligations. Our bidding activity is regulated under the National Electricity Law and the National Electricity Rules by the Australian Energy Regulator.


Principle 4: Safeguard integrity in financial reporting


The Finance, Risk and Assurance Committee assists the Board in discharging its responsibilities in relation to CS Energy’s financial risk management, corporate and financial reporting, and external and internal audit functions.


The Committee is also the primary point of reference for CS Energy’s external auditor, the Auditor-General of Queensland. The Committee accepts reports from representatives and overseas progress on implementing recommendations from those reports.


CS Energy’s assurance function provides independent, objective assurance to the Board and brings a systematic and disciplined approach to reviewing, evaluating and continuously improving the effectiveness of the company’s governance, risk management and internal controls.


Principle 5: Make timely and balanced disclosure

CS Energy aims to be open, transparent and accountable, while protecting information that is commercially sensitive.

Consistent with continuous disclosure obligations, our shareholding Ministers have access to information concerning our operations, performance, governance and financial position. In addition to the formal reports outlined in Principle 6, we also provide submissions, including regular briefing notes to our shareholding Ministers.

To ensure compliance with the openness measures in the Right to Information Act 2009 (Qld), a publication scheme is available on CS Energy’s website that shows the classes of information available, links to the information and company contact details for requesting access to additional information. 


Principle 6: Respect the rights of shareholders 

CS Energy provides regular reports to our shareholding Ministers to keep them informed about our business strategy, goals and performance. These include:

  • A Corporate Plan for the next five years.
  • A Statement of Corporate Intent (SCI) outlining goals and objectives for the next financial year.
  • Quarterly Reports on our progress towards meeting the goals and objectives in the SCI.
  • An Annual Report detailing our performance for the financial year and progress in meeting goals in both the SCI and Corporate Plan.


Principle 7: Recognise and manage risk

At CS Energy, the Board Finance, Risk and Assurance Committee monitors effective governance, risk and compliance frameworks. Ultimate responsibility for risk management and compliance resides with the Board. The Board has approved a framework for the organisational management of risk and compliance to ensure strong operational and financial performance.

The Risk and Compliance function implements the risk and compliance framework set by the Board to ensure risk and compliance management is embedded across the organisation and delivers organisational objectives. This includes the management of fraud. 

Management reports to the Board, through the Enterprise Risk Committee, on the effectiveness of CS Energy’s management of its material business risks.

Financial and compliance risks related to electricity trading and sales, such as credit and market risk are overseen by the Market Risk Committee, comprised of senior management and the Chief Executive Officer. This committee ensures the effective alignment of market and operational risk management.

Our Governance, Risk and Compliance Policy outlines how we seek to embed governance, risk and compliance management into everything that we do.

Cyber security and privacy

CS Energy collaborates with a range of external partners to effectively monitor and respond to emerging cyber security threats. In FY2023 we made significant progress in our cyber security risk reduction program, rolling out cyber security awareness training for all employees and investing in further improvements to our systems and toolsets. 


Principle 8: Remunerate fairly and responsibly

CS Energy is committed to attracting, retaining and developing high calibre employees at all levels by balancing a competitive remuneration package with employee benefits and leave options. This includes providing maternity and parental leave, study assistance, remote area allowances and relocation assistance.

Remuneration for Board directors is determined by the Governor in Council and advised to CS Energy. The Board, in consultation with the shareholding Ministers, approves the remuneration for the Chief Executive Officer and other senior executives. Remuneration paid to senior executives is disclosed in CS Energy’s Annual Report.

The Culture and Remuneration Committee oversees and provides advice to the Board on remuneration matters.

Assessing our performance

CS Energy sees corporate governance as a process of continual improvement. The Board is dedicated to the ongoing improvement of the Company’s corporate governance processes.

We review our corporate governance policies and procedures in response to new legislation, industry trends or particular issues as they arise.