Corporate Governance Statement

Aqwest's Board of Directors aspire to the highest level of effective corporate governance appropriate to an enterprise of Aqwest’s nature and standing. The Board of Directors take ultimate responsibility for corporate governance and act in accordance with the Water Corporations Act 1995, Water Services Act 2012, the Statutory Corporations (Liability of Directors) Act 1996 and other relevant legislation. Aqwest's Board Directors have adopted a Code of Conduct and Board Charter which sets out the principles and standards with which Directors are expected to comply. 

The key role of the Board of Directors is to provide the leadership and direction necessary to ensure the organisation achieves excellence in the provision of services to its customers, complete regulatory and statutory compliance and operates in a responsible and ethical manner both within the spirit of any relevant legislation and within the community it serves. 

The Board of Directors consisting of six or seven Directors is appointed by the Governor on the nomination of the Minister. Board Directors are appointed for a three year term with two directors going out of office by rotation each year. 

Procedures for the appointment of Board Directors are detailed in the Water Corporations Act 1995.

The Board of Directors approves and sets the remuneration of the senior executives and monitors their performance with regard to achievement of corporate objectives. 

The Board of Directors is responsible for the overall internal control framework and approval of an internal control system monitored by an Audit Committee appointed by the Board. The system is based on written procedures, policies and a program of internal and external audits. 

The Board of Directors has established and is represented on the following sub committees;

 

·         Risk Management Committee

·         Salary Review Committee.

·         Audit Committee

 

In accordance with the Act the Board of Director's role is to govern the Corporation and is responsible for;

 

·         Providing the overall strategic direction of the Corporation

·         Ensuring management implements approved strategic plans for the Corporation

·         Nomination and removal of the CEO

·         Approving remuneration and terms of employment for the CEO

·         Evaluating and providing feedback on the performance of the CEO

·         Approving operating budgets and the rates and charges

·         Approving Delegated Financial and Legal Authorisations

·         Providing oversight for the financial reporting process

·         Providing oversight to ensure risks facing the Corporation are identified, assessed and managed effectively

·         Oversight of the process for monitoring compliance with applicable laws and regulations

·         Acting within prudent commercial principles

·         Ensuring the Corporation is continuously and effectively operating commercially in the best interest of the shareholder, taking account of risk and maximising the long term value of the Corporation

·         After consultation with the Public Sector Commissioner, prepare and issue a code or codes of conduct for the Corporation’s staff setting out;

o    Minimum standards of conduct and integrity to the observed by members of staff; and

o    Minimum standards of merit, equity and probity applicable to the management of staff.

·         Policy formulation

·         Networking

·         Communication with key stakeholder groups

·         Effective governance

·         Developing and reviewing a Code of Conduct for Directors

 

Board meetings are to be conducted in a manner that ensures open communication, meaningful participation and timely resolution of issues. The Board of Directors will receive timely and accurate minutes, advance written agendas and clear and concise background material to prepare in advance of meetings to enable informed decision making. Board Directors are to be diligent, attend Board meetings and make themselves knowledgeable about the issues that require Board action.

Terms Of Use   .   Privacy Statement   .   Copyright 2007 :: Aqwest