Australia Post maintains a comprehensive system of corporate governance practices designed
to provide appropriate levels of governance, disclosure and accountability.
These practices derive principally from the provisions of the Australian Postal Corporation Act 1989 (APC Act), the Public Governance, Performance and Accountability Act 2013, and the Commonwealth Government Business Enterprise Governance and Oversight Guidelines (2018).
Further details in relation to corporate governance at Australia Post, and information on how Australia Post’s corporate governance arrangements align to the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations 3rd Edition, is published on Australia Post’s website at www.auspost.com.au.
The Australia Post Board is responsible for the governance of Australia Post. The role of the Board is to decide the objectives, strategies and policies to be followed by Australia Post and ensure that Australia Post performs its functions in a manner that is proper, efficient and, as far as practicable, consistent with sound commercial practice. The Board derives its authority from section 23 of the APC Act.
The Board has established three Committees – the Audit & Risk Committee, the People & Sustainability Committee (formerly the People, Safety & Culture Committee) and the Nomination & Remuneration Committee. More information on the functions and responsibilities of the Board and its Committees is contained in the Charters and Corporate Governance Statement on Australia Post’s website, including details of the number of meetings held by the Board and its Committees in financial year 2018/19, and attendance by directors.
Non-executive directors are appointed by the Governor-General on the nomination of the portfolio Minister. Australia Post seeks to maintain a Board of Directors with a broad range of skills, experience and knowledge relevant to overseeing the business of a global eCommerce organisation. Diversity of the Board, including through gender, age, ethnicity and geography, is also a consideration for new appointees.
Australia Post considers a director to be independent if the director is free of any interest, position, association or relationship that might influence, or reasonably be perceived to influence, his or her capacity to bring an independent judgement to bear on issues before the Board and to act in the best interests of the entity and its Shareholder. The Board has determined that each non-executive director is, and was throughout the entirety of the financial year, independent.
The Board regularly reviews its own performance and the performance of individual directors. An independent review of the performance of the Board is conducted every two years, while an internal review is conducted in the intervening years.
The Board has delegated to the Group Chief Executive Officer and Managing Director responsibility for implementing Australia Post’s strategic priorities and for managing Australia Post’s day-to-day operations.
Australia Post has established a formal Shareholder Communication Program that records the arrangements in place that facilitate effective communication between Australia Post and its Shareholder Ministers and Shareholder Departments. The Shareholder Communication Program is published on Australia Post’s website.
Australia Post has a Group Risk Management Framework in place that describes the core strategies and processes that support our business in effectively managing risks, along with also providing clarity on the roles and responsibilities for those managing risk.
Australia Post has a code of conduct, Our Ethics, that applies to Australia Post and its directors, employees, licensees, contractors and other third parties performing services for or on behalf of the Australia Post Group (all of which are referred to as “our workforce participants” in Our Ethics). Our Ethics is available on Australia Post’s website.