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Overview

This statement, which the Board approved on 26 August 2021, outlines our corporate governance framework and practices.

We are committed to maintaining high standards of corporate governance, which is essential to the integrity, sustainability and performance of our company and in the best interests of our shareholders.

We have established a robust governance framework that includes policies and procedures to comply with our legal and regulatory obligations, as well as reflect best practice and meet probity requirements. As a Government Business Enterprise (GBE), we are also subject to parliamentary scrutiny and are required to keep shareholder ministers informed of activities, issues and decisions affecting our company.

Our corporate governance framework considers 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 Resource Management Guides
  • our Commercial Freedoms Framework, approved by our shareholder ministers
  • the Australian Securities Exchange (ASX) Corporate Governance Council’s Corporate Governance Principles and Recommendations, 4th Edition (ASX Principles) that WSA consider relevant to the company.

We are wholly owned by the Commonwealth of Australia, represented by the following shareholder ministers.

Responsible ministers

Shareholder minister

Period

The then Minister for Finance, Senator the Hon. Mathias Cormann

1 July 2020 – 30 October 2020

The then Minister for Population, Cities and Urban Infrastructure, the Hon. Alan Tudge MP

1 July 2020 – 22 December 2020

The Minister for Finance, Senator the Hon. Simon Birmingham

30 October 2020 – 30 June 2021

The Hon. Paul Fletcher MP, Minister for Communications, Urban Infrastructure, Cities and the Arts

22 December 2020 – 30 June 2021

We are a public company limited by shares and incorporated in Australia. As we are wholly owned by the Commonwealth of Australia, we are not required to hold an annual general meeting pursuant to section 250N(4) of the Corporations Act 2001 (Cth).

Our corporate governance framework voluntarily reflects the 8 ASX Principles. The following table shows where this statement considers each principle.

ASX Principles

ASX principle

Reference in this corporate governance statement

1. Lay solid foundations for management and oversight

The Board

Board committees

2. Structure the Board to be effective and add value

The Board

Board committees

3. Instil a culture of acting lawfully, ethically and responsibly

Lawful, ethical and responsible behaviour

4. Safeguard the integrity of corporate reports

Safeguard integrity in corporate reporting

5. Make timely and balanced disclosure

Interactions with the shareholder ministers

6. Respect the rights of security holders

Interactions with the shareholder ministers

7. Recognise and manage risk

Commitment to risk management

8. Remunerate fairly and responsibly

Remunerate fairly and responsibly