We believe good corporate governance produces better operating results. Establishing strong relationships between our Board of Directors and TasNetworks Leadership Team, shareholders and other stakeholders is the key to good corporate governance.
We’re guided by the Members’ Statement of Expectations (PDF), which has been prepared by the Treasurer and the Minister for Energy (the Members) following consultation with us. It sets out the Tasmanian Government’s broad policy expectations and requirements.
The TasNetworks Statement of Corporate Intent (PDF) is our annual performance agreement with our Shareholders. It details the performance measures used to track our progress against our plans for the 2019-20 reporting period.
Evaluation of our Board
A key responsibility of our Board is to ensure our business performs in accordance with the expectations of our Shareholders. To achieve this, it’s important the Board has an understanding of the functions it must perform. We have processes that evaluate and report on the performance of our Board, our committees and individual directors.
Evaluations are held every year and the type of evaluation is adjusted as appropriate to the circumstances. For example, evaluation may take the form of a detailed questionnaire inviting a response on a number of areas, such as:
- Understanding and discharging director role and accountabilities
- Dynamics and composition of our Board or committee, as relevant – succession planning, open and honest discussions
- Capability and effectiveness
- Corporate governance – processes and whether meetings are effective and efficient, add value to the business
- Strategic alignment – vision, purpose, objectives and plans
- Contribution of individual directors and the Chair
An external review of our Board happens every three years, which may also incorporate one-to-one and full board sessions facilitated by an independent external party. The results of the questionnaires are collated by the Company Secretary and presented to our Board/committee. The Board may scrutinise the process and results of committee evaluations. Any actions resulting from the evaluations are agreed and implemented in the normal course.
The Remuneration Committee reviews the completed questionnaires to assist the Board succession planning process (also overseen by the Remuneration Committee). This review is designed to assist with deliberations regarding the Board’s diversity and effectiveness. For more information view the Remuneration Committee's Terms of Reference and Charter (PDF).
In addition, our Audit and Compliance Committee oversees and monitors our corporate reporting, audit and compliance obligations, and oversees TasNetworks’ internal control activities. For more information view the Audit and Compliance Committee Charter (PDF).
The Australian Energy Regulator has developed a Distribution Ring-fencing Guideline intended to prevent distribution network service providers (abbreviated to DNSPs, which is what we are for Tasmania) use their existing regulated business to hinder competition developing in related contestable electricity markets. This could be markets like smart metering and home battery systems. You can download our compliance plan from the Australian Energy Regulator’s website.
We own a subsidiary business called 42-24 that specialises in telecommunications, information technology services and data centres and adheres to the Distribution Ring-fencing Guideline.
Waivers, protocols and registers
- Waiver applications – The Australian Energy Regulator has approved a number of waivers that’ll help minimise impacts and costs for our customers during the transitional period to full compliance with the Distribution Ring-fencing Guideline
- Waiver register (PDF) – Details our approved waivers
- Information sharing protocol (PDF) – Outlines the circumstances of providing confidential information to other businesses providing contestable electricity services and the process for sharing that information
- Information sharing register (PDF) – Details the legal entities who have requested to be included on the information sharing register and any confidential information they have requested
- Shared staff register (PDF) – Details our shared team members providing contestable electricity services
- Shared office register (PDF) – Details all shared offices where we provide direct control services and contestable electricity services