This statement, which was approved by the Board on 30 August 2019, outlines WSA’s corporate governance framework and practices.
The Company is committed to maintaining high standards of corporate governance which it considers essential to the integrity, sustainability and performance of the Company and to acting in the best interests of its Shareholders.
WSA has established a robust governance framework, including policies and procedures, to achieve compliance with legal and regulatory obligations, reflect best practice and to meet probity requirements. As a Government Business Enterprise (GBE), the Company is also subject to Parliamentary scrutiny and is required to keep Shareholder Ministers informed of activities, issues and decisions affecting the Company.
WSA’s corporate governance framework has been developed with consideration given to government, regulatory and legislative requirements, as well as best market practice, including:
- The Public Governance, Performance and Accountability Act 2013 (Cth) (PGPA Act) and Public Governance, Performance and Accountability Rule 2014 (PGPA Rule).
- The Corporations Act 2001 (Cth).
- The Department of Finance issued Resource Management Guides.
- The Australian Securities Exchange (ASX) Corporate Governance Council’s Corporate Governance Principles and Recommendations, 4th Edition (ASX Principles) that WSA considers relevant to the Company.
- The Company’s Commercial Freedoms Framework, as approved by the Shareholder Ministers.
- Other resource management guides issued by the Department of Finance that apply to the Company.
As a GBE, WSA is wholly-owned by the Commonwealth of Australia, represented during the reporting period by the Minister for Finance, Senator the Hon Mathias Cormann, the then Minister for Urban Infrastructure and Cities, the Hon. Paul Fletcher MP (until 27 August 2018), and the Minister for Population, Cities and Urban Infrastructure, the Hon. Alan Tudge MP (from 28 August 2018).
WSA is a public company limited by shares and incorporated in Australia. As the Company is wholly-owned by the Commonwealth of Australia, pursuant to Section 250N(4) of the Corporations Act 2001 (Cth), it is not required to hold an Annual General Meeting.
The Company’s corporate governance framework voluntarily reflects the eight principles detailed in the ASX Principles, as relevant to WSA. The following table outlines where each ASX Principle is considered in this Corporate Governance Statement.