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Significant changes in the state of affairs
On 29 June 2018, the Commonwealth of Australia completed the acquisition of the 58% and 29% shares of the Company previously owned by the New South Wales and Victorian governments respectively. The Company continues to operate as a Corporations Act company with an independent Board of Directors.
On 1 July 2018, Snowy Hydro became a GBE, subject to the Commonwealth Government Business Enterprises - Governance and Oversight Guidelines (GBE guidelines). The 2019 Annual Report includes additional disclosures as required by the PGPA Act and GBE guidelines.
On 2 July 2018, the share transfer to the Commonwealth of Australia was registered, and it became the sole owner under the Company's Constitution.
In the opinion of the Directors there were no other significant changes in the state of affairs of Snowy Hydro that occurred during the financial year other than those included in this Directors’ Report.