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Board and subcommittees

Our Board operates in accordance with the Admin Act and accompanying legislation and, as a corporate Commonwealth entity, is subject to the Public Governance, Performance and Accountability Act 2013 (PGPA Act).

Performance of the Board, subcommittees and independent advisers is regularly reviewed. In 2018–19 the performance review process was facilitated by the Remuneration Committee, utilising a 360-degree assessment approach. The results of this review are being used to inform and further define the education schedule for the Board.

We have continued to enhance our competency framework for directors during the reporting period. This framework defines the knowledge, skills and attributes required for the roles and is a key component of informing the director education program.

The Board maintains a high level of corporate governance through its subcommittees. The subcommittees of the Board meet regularly during the year in line with governance responsibilities.

Audit, Risk Management and Compliance Committee (ARCC)

The ARCC’s main functions include: review of financial reporting; performance reporting; risk oversight and management systems; internal control systems; accounting policies; business policies and practices; compliance with applicable laws and regulations; and overseeing governance issues. Members of the ARCC include Board members Christina Langby and Anne Donnellan, and Independent Chair Martin Matthews.

Investment Committee (IC)

The IC provides a forum for discussion on investment strategy, initiatives and market insights. Its key objectives include ongoing assessment of performance against strategy and overseeing the performance of investment managers, asset consultants and master custodian. Members of the IC include Board members Christina Langby, Anne Donnellan and Mark Klasen, and Independent Chair Dr Jon Glass.

Technical Compliance Committee (TCC)

The TCC provides a forum for directors to consider and evaluate applications for recognition of service and calculation of long service leave. Members of the TCC include Board members Brad Neven, Jennifer Short and Chair Mark Klasen.

Remuneration Committee (RC)

The RC provides a forum for directors to discuss the framework and policy for remuneration, conditions of employment, succession and appointment and review of the Chief Executive Officer and independent advisers. Members of the RC include Board members Brad Neven and Grahame Kelly, and Independent Chair Martin Aicken.

Coal LSL Board meeting attendance 2018-19