Corporate governance

Board

ACTEW's Board comprises seven Directors: one executive Director and six non-executive Directors who are appointed by the Voting Shareholders, the Chief Minister and Deputy Chief Minister of the ACT. Procedures for the appointment of Directors are outlined in the Territory Owned Corporations Act 1990 and the Company's Constitution. The Voting Shareholders determine the terms of appointment and remuneration paid to Directors.

ACTEW has agreed business goals with the Voting Shareholders. These goals are outlined in the Statement of Corporate Intent which is provided annually to the Voting Shareholders and tabled in the ACT Legislative Assembly.

Audit and risk management committee

The role of the committee is to assist the Board fulfil its legal responsibilities and to strengthen the objectivity and credibility of financial reporting, the management of its business risks, the independence of the audit functions and the effectiveness of internal control systems.

ACTEW's internal audit activities are coordinated by ActewAGL's Audit Services. PricewaterhouseCoopers provides external audit services to the Corporation. Other independent auditors are engaged as appropriate. The Corporation's auditor is the Auditor-General for the Australian Capital Territory.

Remuneration committee

The objective of the committee is to set the remuneration and terms and conditions for the Managing Director and to consult with the Managing Director on the annual review of performance appraisals and remuneration of Corporation staff. The Committee also liaises with the Voting Shareholders and ACT Remuneration Tribunal on matters relating to Directors' remuneration.

Code of conduct

The ACTEW Code of Conduct aims to establish a culture which respects and values each individual's contribution, promotes and rewards creativity and initiative, eliminates discrimination, and encourages maximum productivity. In order to achieve these aims, employees are required to abide by the Code of Conduct.