Corporate governance

Our corporate governance framework incorporates policies, systems and processes that enable us to operate responsibly in accordance with legal and regulatory requirements.

Ownership

In December 2015, the NSW Electricity Networks Consortium acquired the Transgrid assets from the NSW State Government by way of a 99-year lease and a Sale and Purchase Agreement.

The current security holders are leading financial and strategic investors with the following stakes in Transgrid:

Leadership and oversight

Our board of directors and executive team establish our corporate governance framework and provide ongoing leadership, direction and advice. They have a wealth of combined experience across the energy industry and other markets.

Board Safety & Sustainability Committee

The Board Safety & Sustainability Committee advises the board on Health, Safety & Environment (HSE) matters and specific Sustainability aspects such as climate change. The Committee is accountable to the Board for its performance. The committee considers specific HSE and Sustainability matters at the board’s request or where the committee itself feels that additional attention will benefit in the governance of HSE and Sustainability risks and/or impacts governance. The committee reports its findings to the board.

Board Audit and Risk Committee

The Board Audit and Risk Committee helps the board fulfil its statutory and oversight responsibilities relating to our:

• risk management processes and determination of the risk appetite
• financial reporting processes
• overall audit process
• systems of internal control which management and the board of directors have established
• process for monitoring compliance with compliance obligations and the Code of Conduct.

Board People and Performance Committee

The Board People and Performance Committee supports the board in fulfilling its obligations relating to people matters and non-enterprise agreement remuneration.

Board Regulation & Stakeholder Engagement Committee

The Board Regulation & Stakeholder Engagement Committee provides oversight on our activities in relation to regulatory changes and/or regulatory decisions arising from the National Electricity Law, National Electricity Rules and Regulations or other processes affecting the framework of economic regulation for the business.  The committee also assists the board in reviewing and verifying Transgrid’s revenue proposals to the Australian Energy Regulator, and guiding engagement with the regulator and other stakeholders until the regulator’s final determination or the end of an appeal process.

Ethics and conduct

We support and encourage our people to act in the best interests of our colleagues, business partners, shareholders and the broader community. 

Our Code of Ethics and Conduct and Guide to Business Ethics outline our commitment to maintaining high ethical standards. We expect our employees, contractors and everyone we do business with to adhere to these standards when working with us.

Whistleblower service

Our compliance framework encourages the open reporting of concerns about conduct and potential non-compliance. This will allow us to act on issues promptly and learn to prevent re-occurrence.

A third-party operated whistleblower service provides protections and anonymity in reporting. Anyone with reasonable grounds to suspect that Transgrid is not meeting its ethical standards or obligations under law can raise concerns anonymously via this service.

In line with our values, we will treat anyone who reports issues, or anyone who is the subject of a report, with respect and dignity.