Corporate Governance System
TasRail operates to a Corporate Governance System that is consistent with the eight principles of Good Corporate Governance, published by the ASX Corporate Governance Council.
1
Lay solid foundations for management and oversight.
2
Structure the Board to add value.
3
Promote ethical and responsible decision making.
4
Safeguard integrity in financial reporting.
5
Make timely and balanced disclosures.
6
Respect the rights of Shareholders.
7
Recognise and manage risk.
8
Remunerate fairly and responsibly.
In addition to the above Corporate Governance Principles TasRail complies with the Department of Treasury and Finance Governance Framework and Guidelines in relation to:
- Board appointments
- Director induction, education and training
- Assessing Board performance.
- TasRail complies with its obligations pursuant to the following Key Governance Documents:
- Corporations Act 2001
- Rail Company Act 2009
- Shareholder Members’ Letter of Expectations
- Treasurer’s Instructions
- Guidelines for Tasmanian Government Businesses
- Tasmanian Railway Pty Limited Directors’ Code of Conduct.
Treasury Management Policy
TasRail has a framework in place in relation to the identification, quantification, assessment and management of all financial risks associated with its Treasury functions. This treasury management control framework complies with arrangements set out in:
- Rail Company Act 2009;
- Corporations Act 2001; and
- Treasurers Instructions / Guidelines
It defines the responsibilties and accountabilities of key parties involved in the Treasury management function including the Board, relevant Board Committees, CEO, CFO and key Finance staff. The policy is reviewed periodically and updated as required.
TasRail has two Shareholder Members:
- The Tasmanian Treasurer, the Hon. Guy Barnett MP
- Minister for Infrastructure, the Hon. Kerry Vincent MLC.
The Company is managed by a Shareholder‑appointed Board of five Directors that meets monthly. The Chairman and Directors are independent Non‑Executive.