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Finance and Directors' Report → FFINANCIALSFINANCIALSINANCIALS FINANCE AND DIREctors’ REPORT > 44 FINANCE AND DIRECTORS’ REPORT > TRANSGRID ANNUAL REPORT 2008 FINANCE AND DIRECTORS’ Report CHarter Board Charter TransGrid was established as a State-owned Corporation on The principal objectives and functions of TransGrid and the 14 December 1998, by and under the Energy Services Corporations structure and composition of the TransGrid Board are laid out in the Act 1998. Energy Services Corporations Act 1995 No. 95; the State Owned Corporations Act 1989 No. 134 and TransGrid’s Constitution. Section 6C of the Energy Services Corporations Act gives TransGrid, as an energy transmission operator, two principal TransGrid’s Board operates in accordance with the broad principles functions, viz. set out in our Board Charter. This charter details the Board’s structure and responsibilities and is reviewed on an annual basis. a) to establish, maintain and operate facilities for the transmission In addition the Board has a Code of Conduct to which all directors of electricity and other forms of energy, and must adhere and which is also reviewed on an annual basis. b) to provide services for the transmission of electricity and other forms of energy in accordance with the relevant regulatory regime. Board Structure The Energy Services Corporations Act 1995 provides for the Board The Section also empowers TransGrid to utilise and develop our of TransGrid to consist of: electricity transmission facilities to carry out telecommunications services. a. the Managing Director The principal legislation TransGrid operates under is the Energy b. one director to be appointed by the voting shareholders on the Services Corporations Act 1995, the Electricity Supply Act 1995 recommendation of a selection committee comprising: and the State Owned Corporations Act 1998. i. two persons nominated by the Portfolio Minister; ii. two persons nominated by the Labor Council of New South LEGislatiVE CHANGE Wales, each being a person selected by the committee from Electricity Supply Amendment (Offences) Act 2008 a panel of three persons nominated by the Labor Council; The object of this Bill is to amend the Electricity Supply Act 1995: and (a) to increase the maximum term of imprisonment for the offence of c. at least two and not more than five other directors to be theft of electricity from 2 years to 5 years and to provide for the appointed by the voting shareholders at their discretion. offence to be an indictable offence if committed by an individual, The period of appointment of Non-Executive Directors is at the and discretion of the shareholders. (b) to create a new offence of entering, climbing or being on electricity works (as defined in that Act). One director is to be appointed Chairperson of the Board. The Bill also makes a consequential amendment to the Criminal Board Responsibilities Procedure Act 1986 to provide for the summary disposal of the The responsibilities of the Board are outlined in the Board Charter. offence of theft of electricity. The main responsibilities include: Electricity Industry Restructuring Bill 2008 > Providing strategic guidance and direction to the Corporation The introduction of this Bill into parliament is a relevant legislative including contributing to the development of and approving the development which is already indirectly impacting on TransGrid. It corporate strategy. will be voted on by the NSW parliament later this year. > Reviewing and approving business plans, the annual budget and financial plans including capital expenditure initiatives. The object of this Bill is to provide for the restructuring of part of the State’s electricity industry by authorising and facilitating any of the > Overseeing and monitoring: following transfers of assets to the private sector: – organisational performance and achievement of strategic goals and objectives. (a) the lease of the power stations of an electricity generator and the transfer of the rest of its business, – compliance with the Corporation’s Code of Ethics and Conduct. (b) the transfer of the retail business of an electricity distributor, – progress on major capital expenditure and other significant corporate projects. (c) the transfer by initial public offer of the business of an electricity generator (including power stations). > Monitoring financial performance. > Ensuring that an effective system of corporate governance exists. The Bill specifically provides that the distribution and transmission > Ensuring effective management processes including executive assets (the “poles and wires”) of an electricity distributor must development and succession planning. remain in public ownership. MINISTER Chairman and Managing Director From 1 July 2007 to 30 June 2008, TransGrid formed part of the The Board Charter outlines the role of the Chairman and Managing portfolio of the Hon. Ian MacDonald, MLC; Minister for Primary Director. Industries, Minister for Energy, Minister for Mineral Resources, and The Chairman is to provide leadership and promote the Minister for State Development. cohesiveness and effectiveness of the Board. Key roles to be SHAREHOLDERS performed by the Chairman include: TransGrid’s Board of Directors is responsible and accountable to > Assisting the Board to develop good relationships with the the voting shareholders, being the New South Wales Treasurer and Shareholding Ministers and Portfolio Minister, with the Managing the Minister for Finance, who each hold one share for and on behalf Director and with other key stakeholders and interested parties. of the New South Wales Government in accordance with the State > Assisting individual directors, and the Board as a whole, to Owned Corporations Act 1989. understand their role, responsibilities and accountabilities. BOARD OF DIRECTORS > Helping directors understand their risks and liabilities as The Board is responsible for providing effective guidance individual members and as a Board. and direction; independence in decision making; an effective > Ensuring a comprehensive agenda is presented to each meeting system of corporate governance; and executive development of the Board. and succession planning. TRANSGRID ANNUAL REPORT 2008 > FINANCE AND DIRECTORS’ REPORT 45 FINANCE AND DIRECTORS’ Report continued Section 20L (2) of the State Owned Corporations Act 1989 and Commitment Article 16.7 (a) of TransGrid’s Constitution provide that the Managing Eleven Board Meetings and one additional Board and Executive Director is responsible for the day to day management of operations Corporate Planning Session were held in the year ended 30 June of TransGrid in accordance with the general policies and specific 2008. Of the eleven Board Meetings, one was held at the Orange directions of the Board. Regional Office in May 2008 to coincide with the official opening of the new Regional Depot at this site. Terms of Office and Remuneration In accordance with Schedule 8, Clause 5 of the State Owned Conflict of Interest Corporations Act 1989, a Director may be appointed to hold office The Board Code of Conduct stipulates that a director must disclose for a period not exceeding five years. interests to the Board (which includes positions and pecuniary interests) in corporations, partnerships or other businesses that The remuneration of each Non-Executive Director is paid out of may be relevant to the activities of the Board or an associated TransGrid funds, and is determined by the shareholders. The total Committee. A register of such interests is maintained by TransGrid. income received, or due receivable, by all directors of TransGrid is listed in the Notes to the Financial Statements (Note 28). The There have been no conflicts of interest declared for the year ended Managing Director is not entitled to any additional remuneration for 30 June 2008. being an Executive Director. Independent Professional Advice Remuneration Paid Directors and Board Committees have the right, in connection with Non-Executive Director/Acting Chairman – Bruce Foy $75,028 their duties and responsibilities, to seek independent professional Chairman (former)# – Peter Dodd $52,150 advice at TransGrid’s expense. Non-Executive Director – Matina Papathanasiou $58,820 Non-Executive Director** – John Price $22,147 Meetings of the Board Non-Executive Director – Neville Betts $50,500 The number of meetings of the Board of Directors held during the Non-Executive Director* – Brian Langton $31,885 year ended 30 June 2008, and the number of meetings attended by each director is disclosed below. # Tenure ceased on 2 February 2008 * Tenure ceased on 14 December 2007 ** Appointed on 5 February 2008 Board Committee – The Board Audit and Remuneration and Board Regulatory Name TransGrid Board Risk Committee Structure Committee Meetings Meetings Meetings Meetings Meetings Meetings Meetings Meetings Attended Entitled to Attended Entitled to Attended Entitled to Attended Entitled to Attend Attend Attend Attend Mr B E Foy 11 11 5 5 4 4 2 2 Mr K N Murray 11 11 4 5 4 4 5 5 Ms M Papathanasiou 11 11 5 5 1 1 5 5 Mr N Betts 8 11 – – – – 4 5 The Hon. J Price** 4 4 1 1 2 2 – – Dr P Dodd# 6 6 – – 2 2 3 3 The Hon B J Langton* 6 6 3 3 2 2 – – # Tenure ceased on 2 February 2008 * Tenure ceased on 14 December 2007 ** Appointed on 5 February 2008 Board Committees The Board Audit Committee, the Board Committee – Remuneration To assist the Board in fulfilling its corporate governance and Structure and the Board Regulatory Committee meet on at responsibilities, the Board utilises the Executive Board Committee, least a quarterly basis or at such times as considered appropriate. the Board Audit Committee, the Board Committee – Remuneration The Executive Board Committee meets as and when required. and Structure and the Board Regulatory Committee. A charter governs these committees and the Board delegates specific powers Non Executive Directors chair the Board Committees. The and procedures. Each charter details the committee’s primary Managing Director is also a member of the Board Committees function, structure and responsibilities. Each charter is reviewed on (except the Board Audit and Risk Committee). Senior executives an annual basis. and management may be invited to attend committee meetings.
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