Snowy Hydro is a government business enterprise that is committed to achieving best practice corporate governance and benchmarks its approach against the ASX Corporate Governance Principles.
Snowy Hydro is committed to achieving best practice corporate governance. Snowy Hydro’s corporate governance framework and practices have been developed with regard to the provisions of the Corporations Act, the PGPA Act, GBE Guidelines, the Statement of Expectations issued by our Shareholder Ministers, and the ASX Corporate Governance Principles. Snowy Hydro’s independent Board is responsible for the corporate governance of the Company. The core purpose and responsibilities of the Board are set out in the Board Charter.
Directors are appointed to the Board taking into account the relevant skills, experience and organisational needs. The Company’s Constitution allows for up to nine Directors to be appointed to the Board.
The Board is supported by five dedicated subcommittees, each chaired by a Non-Executive Director, which assist the Board in discharging its governance responsibilities. These are:
• Audit and Compliance Committee: Provides advice on risks relating to audit, financial reporting, financial and business risk management, corporate management frameworks and certain compliance matters.
• Portfolio Risk Committee: Provides advice on risks pertaining to the Company’s energy trading activities (including credit risk management), treasury functions, trading operations and corporate and strategic activities.
• Safety, Operations and Environment Risk Committee: Provides advice on risks pertaining to the operations of the generation, hydraulic and communication assets of the Company, workplace health and safety and environmental practices, including water release obligations.
• People and Culture Committee: Provides advice on risks pertaining to the Company’s human resources. This includes remuneration and performance measurement policy, organisational development practices, succession planning and the remuneration of the Chief Executive Officer.
The Company has established Executive Governance Committees which mirror the responsibilities of the subcommittees outlined above.
The Company’s risk management framework is aligned with ISO 31000 and relies upon an assessment of the potential likelihood and consequence of particular risk events in accordance with an established corporating risk ratings matrix. Each Executive is formally responsible for risk management within their areas of accountability
Corporate Governance Documents and Policies
The Snowy Hydro Corporate Governance framework is supported by key corporate policies and documents tabled below: