Disclosure, reporting and communication with the Minister
Western Power is not a listed company and is not subject to disclosure obligations under the ASX Listing Rules. However, the Electricity Corporations Act imposes requirements on Western Power to report on a range of matters to the Minister.
Western Power is required to produce a strategic development plan (SDP) and a statement of corporate intent (SCI) each year. The SDP sets out Western Power’s five-year economic and financial objectives, strategic result areas and associated performance targets, as well as strategies. The SCI sets out Western Power’s scope of activities, objectives and performance targets for the coming financial year and is consistent with the SDP. The SCI is tabled in Parliament after it has been agreed with the Minister and has received the Treasurer’s endorsement.
Western Power is also required to provide written quarterly and annual reports to the Minister detailing its performance and progress made in fulfilling the agreed targets detailed in the SCI.
The Finance & Risk Committee monitors the systems and processes Western Power has in place to achieve compliance with, among other matters, its reporting requirements. The Board has approved a legislative & regulatory compliance policy which is designed to ensure that all Western Power employees are aware of its various legislative obligations, including those relating to disclosure and reporting. The policy establishes a framework that, when fully implemented, will:
- identify the relevant obligations and allocate responsibility for compliance;
- provide education for all affected staff to ensure that there is an awareness of the compliance requirement;
- ensure that compliance breaches are reported and remedial action is monitored; and
- review the effectiveness of the framework on a regular basis.
Western Power has also established a formal protocol for comprehensive and effective communication with the Minister and the Minister’s office. The protocol reflects the particular relationship between Western Power (being a statutory corporation) and the Government and recognises that the Minister must receive information to enable the Minister to discharge the Minister’s duties.