Operational Reporting - Essential Energy

CORPORATE GOVERNANCE
Executive remuneration
At the end of 2007– 08, Country Energy
employed 91 employees with total remuneration
packages equal to or exceeding the New South
Wales Senior Executive Service Level 1, compared
to 95 in the previous year. This includes 14
females, the same number as last year.
The following executive officers received a total
remuneration package equal to or exceeding
New South Wales Senior Executive Service
Level 5:
Infrastructure, Ken Stonestreet $375,266
Operations, Justin De Lorenzo $370,000
$352,340
Terri Benson $360,000
Gary Humphreys $366,000
Bill Frewen $360,000.
All executives are subject to formal annual
performance assessments.
Craig Murray – Has been in this role for the
full reporting period. Each year the Board
assesses the Managing Director’s performance.
This includes a review of performance
against objectives established for Safety,
Financial Performance, Stakeholder Relations,
Operational Excellence, and Human Resources.
In 2007–08, Craig delivered strong overall
performance across all dashboard indicators.
Ken Stonestreet – Has been in this role for
the full reporting period. Each year executive
performance agreements are established and
objectives set against dashboard responsibility
areas as well as personal objectives. In 2007– 08,
Ken delivered on corporate dashboard targets
including Safety, Financial Performance, Customer
Satisfaction, Operational Excellence and Human
Resources.
Justin De Lorenzo – Has been in this role for
the full reporting period. Each year executive
performance agreements are established and
objectives set against dashboard responsibility
areas as well as personal objectives. In
2007–08, Justin delivered on corporate
dashboard targets including Safety, Financial
Performance, Customer Satisfaction,
Operational Excellence and Human Resources.
John Adams – Has been in this role for the
full reporting period. Each year executive
performance agreements are established and
objectives set against dashboard responsibility
areas as well as personal objectives. In
2007–08, John delivered on corporate
dashboard targets including Safety, Financial
Performance, Customer Satisfaction,
Operational Excellence and Human Resources.
Terri Benson – Has been in this role for the
full reporting period. Each year executive
performance agreements are established and
objectives set against dashboard responsibility
areas as well as personal objectives. In
2007–08, Terri delivered on corporate
dashboard targets including Safety, Financial
Performance, Customer Satisfaction,
Operational Excellence and Human Resources.
Gary Humphreys – Has been in this role for
the full reporting period. Each year executive
performance agreements are established and
objectives set against dashboard responsibility
areas as well as personal objectives. In
2007–08, Gary delivered on corporate dashboard
targets including Safety, Financial Performance,
Customer Satisfaction, Operational Excellence
and Human Resources.
Bill Frewen – Has been in this role for the
full reporting period. Each year executive
performance agreements are established and
objectives set against dashboard responsibility
areas as well as personal objectives. In
2007–08, Bill delivered on corporate dashboard
targets including Safety, Financial Performance,
Customer Satisfaction, Operational Excellence
and Human Resources.
Terry Miller ceased employment with Country
Energy on 31 March 2008. His remuneration for
the 2007–08 financial year was $341,775.
The executive remuneration policy for the 2007–
08 year excludes bonus and ‘at risk’ payments.
No bonus payments were paid to
any employee in relation to this reporting year.
Establishment
Country Energy is a statutory State Owned
Corporation (SOC) under the State Owned
Corporations Act 1989, established by the
Energy Services Corporations Act 1995. Under
this Act, the principal objectives of Country
Energy are:
(a) to be a successful business and, to this
end, to:
I. operate at least as efficiently as any
comparable businesses
II. maximise the net worth of the state’s
investment in it
III. exhibit a sense of social responsibility
by having regard to the interests of the
community in which it operates
(b) to protect the environment by conducting its
operations in compliance with the principles
of ecologically sustainable development
contained in section 6 (2) of the Protection
of the Environment Administration Act 1991
(c) to exhibit a sense of responsibility towards
regional development and decentralisation in
the way in which it operates
(d) to operate efficient, safe and reliable
facilities for the distribution of electricity and
other forms of energy
(e) to be an efficient and responsible supplier
of electricity and other forms of energy
and of services relating to the use and
conservation of electricity and other forms
of energy
(f) to be a successful participant in the
wholesale and retail markets for electricity
and other forms of energy and for services
relating to the use and conservation of
electricity and other forms of energy.
A statutory SOC is declared to be an excluded
matter for the purposes of section 5F of
the Corporations Act 2001 (Cth) in relation
to the whole of the Corporations Law other
than certain provisions relating to financial
products, or as may be otherwise declared,
in the Regulations under the State Owned
Corporations Act 1989.
Shareholders
In accordance with the provisions of the State
Owned Corporations Act 1989 and the Energy
Services Corporations Act 1995, Country Energy
has two shareholders, each holding one share
of $1. The shareholders in 2007–08 were the
Treasurer of New South Wales and the Deputy
Premier and Minister for Finance. Shares in an
energy services corporation may not be sold
or otherwise disposed of, except to eligible
ministers.
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