Operational Reporting - Essential Energy

CORPORATE GOVERNANCE
Audit and Risk Committee
The primary objective of the Committee is
to assist the Board of Directors in fulfilling
its responsibilities relating to accounting
and reporting practices of the company and
each of its subsidiaries.
In addition, the Committee will:
to risk management policy and strategy,
debt management policy and strategy, licence
and legal compliance policy and strategy
quality of the audits conducted by both the
company’s external and internal auditors
open lines of communication among the
Board, the internal and the external auditors
to exchange views and information, as well
as confirm their respective authority and
responsibilities
to review the financial information submitted
by management to the Board for issue to
shareholders, regulatory authorities and the
general public
accounting controls of the company
performance against the Terms of Reference
on an annual basis.
Safety and Environment Committee
The primary objective of the Committee is
to assist the Board of Directors in fulfilling
its responsibilities relating to Occupational
Health Safety and Environment practices of the
company and each of its subsidiaries.
In addition, the Committee will advise and
report to the Board on policy, strategy, initiatives
and achievements, in relation to:
accredited service providers in any area
of relevance to Country Energy’s activities,
where reasonably under the control of
Country Energy
the environment, and the achievement of
ecologically sustainable development
Committee to be of relevance to the
Committee’s objectives.
Delegations to management
A comprehensive set of delegations has been
issued to the Managing Director, including the
power to sub-delegate, to allow management
to conduct the business of the Corporation.
Notwithstanding these delegations, specific
rules have been put in place in critical areas
such as energy trading, retail sales and
environmental determinations to ensure the
Board is directly involved in decisions above
predetermined thresholds.
Ethical standards
Our Board has adopted policies addressing the
Country Energy Code of Conduct, conflicts of
interest, gifts, protected disclosures, privacy
and other ethical standards. These policies
apply equally to the Board, management,
employees and contractors.
Code of Conduct
Country Energy has developed a Directors’
Code of Conduct and Board Charter. These
documents form part of Country Energy’s
corporate governance manual. Other documents
included in the governance manual include the
Directors’ Induction Kit and the Committee
Terms of Reference.
Legislative changes
As a New South Wales State Owned
Corporation, Country Energy is generally subject
to the same statutory and legal requirements
as other businesses, with the notable exception
of the Corporations Act 2001 (Cth). The following
are the main legislative and regulatory changes
made during the reporting period that impact on
Country Energy as an energy services corporation
in relation to gas, electricity and water.
Commonwealth
Australian Energy Market Amendment
(Gas Legislation) Act 2007 (Cth)
The Australian Energy Market Amendment
(Gas Legislation) Act 2007 (Cth) amends
the Australian Energy Market Act 2004 and
establishes a new national gas regime
regulating access to gas pipelines, by adopting
the National Gas Law set out in the National
Gas (South Australia) Act 2007 (SA) and
formalising taxation exemptions.
Ozone Protection and Synthetic Greenhouse
Gas Management Amendment Regulation
2006 (Cth)
The Ozone Protection and Synthetic Greenhouse
Gas Management Amendment Regulation
2006 (Cth) makes minor amendments to the
existing arrangements for licence fee waivers,
the publication of licences and the operation of
methyl bromide and fire protection regulations
and allows for the discharge of scheduled
substances (other than methyl bromide) if the
substance is being used as feedstock.
Renewable Energy (Electricity) Amendment
Regulations 2007 (Cth)
The Renewable Energy (Electricity) Amendment
Regulations 2007 (Cth) amends the Renewable
Energy (Electricity) Regulations 2001 (Cth)
and updates the renewable power percentage
and the list of equipment that is eligible for
renewable energy certificates, clarifies the
meaning of what are and what are not eligible
energy sources and simplifies the general formula
for calculating the amount of electricity generated
by an accredited power station in a year.
Australian Capital Territory
Electricity (Greenhouse Gas Emissions)
Amendment Act 2007 (ACT)
The Electricity (Greenhouse Gas Emissions)
Amendment Act 2007 (ACT) amends the
Electricity (Greenhouse Gas Emissions) Act 2004
(ACT) and extends the date to achieve the
target benchmark for carbon dioxide equivalent
of greenhouse gas emissions to 2020.
Gas Safety (Provision of Compliance Indicator
and Certificate of Compliance) Code of
Practice 2008
The Gas Safety (Provision of Compliance
Indicator and Certificate of Compliance) Code
of Practice 2008 is made under the Gas
Safety Act 2000 (ACT) and requires that, as
soon as practicable after gas fitting work is
completed, the responsible gasfitter must
attach a compliance indicator to the relevant
consumer piping system and give a certificate
of compliance to the owner or occupier and a
copy of the certificate of compliance to the ACT
Planning and Land Authority.
National Gas (ACT) Act 2008 (ACT)
The National Gas (ACT) Act 2008 (ACT) adopts
the National Gas Law set out in the National
Gas (South Australia) Act 2007 (SA).
Statute Law Amendment Act 2007 (ACT)
The Statute Law Amendment Act 2007 (ACT)
amends the Electricity Safety Act 1971 (ACT)
and the Independent Competition and Regulatory
Commission Act 1997 (ACT) and limits the
Planning and Land Authority’s liability in relation
to public safety warnings and publication of
serious electrical accidents that are issued
honestly and without recklessness and also
provides for minor administrative amendments
and also limits the Commission’s liability.
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