Governance and risk
Directors' Report
Financial statements
Assurance statements
Security holder information
Introduction Business performance Stakeholders Sustainability
Contents
Transurban Board FY26 areas of focus During the year, the Board provided strategic guidance and effective oversight of management in its implementation of Transurban’s strategy.
Delivery of major projects, asset management and performance Ongoing oversight of the performance of Transurban’s infrastructure assets, and delivery of major projects including: the West Gate Tunnel Project in Melbourne; the M7-M12 Integration Project in Sydney; and the 495 Express Lanes Northern Extension in the Greater Washington area, and oversight of the focus on optimising the financial performance of existing North American assets. Risk Approval of further enhancements to the Enterprise Risk Management Framework. Oversight of a program to continue to strengthen risk management practices supporting our employees to achieve, operate and innovate within the prescribed risk appetite, including in the context of Transurban’s adoption of artificial intelligence (AI) and the dynamic macroeconomic and geopolitical environment during the period. Capital management Oversight and approval of raising more than $7.8 billion in debt facilities (bank debt inclusive of letters of credit and capital market issuances), comprising refinancing activity across the Transurban Group. People, culture and remuneration governance Oversight of people, culture and remuneration matters; continued focus on leadership, skills and talent required to support the Group’s strategy and future growth ambition; ongoing review of the effectiveness of the remuneration framework including alignment between executive remuneration outcomes, performance and the experience of stakeholders; and focus on fostering an inclusive, Oversight and review of emerging opportunities including: the progression of the 95 Express Lanes Bi-Directional Project in North America including entry into a Development Framework Agreement with the Virginia Department of Transportation to assess an enhanced project; potential asset enhancements in the regions in which Transurban operates; growth opportunities in North America and New Zealand and new adjacent opportunities, including innovation in customer experience. Artificial intelligence Continued oversight of Transurban’s AI strategy and governance, and oversight of the adoption of various operational AI use cases across the business and the rollout of Everyday AI for Transurban’s people. respectful and safe workplace for our diverse talent. Emerging and growth opportunities
Key strategic, governance and oversight activities for the year included: Strategy Together with management, evolving the strategic direction of the business and providing guidance and oversight in relation to the strategic objectives; oversight in relation to embedding our refreshed purpose and values; approving the annual financial budget; and monitoring corporate performance including in the context of the dynamic macroeconomic and geopolitical environment in which we operate. Customer experience, value and trust Oversight of the delivery of greater everyday customer value through an expanded Linkt Rewards program and intuitive digital upgrades to the Linkt web and app platforms along with ongoing efforts to deepen customer engagement and trust. Oversight of targeted operational improvements and enhanced incident response capabilities to provide safer, more reliable journeys across our network. Oversight of the strengthening of our commitment to customers experiencing financial pressure by simplifying our hardship processes and expanding flexible Oversight of Transurban’s HSE and Road Safety Action Plans and the implementation of initiatives to reduce common crash types on our roads. Oversight of the delivery of Transurban’s HSE policy objectives and the continued embedment of our HSE management system and the road safety ‘Safe System’ approach, including environmental compliance, psychosocial risk management and assurance of critical risk controls. Oversight of Transurban’s continued efforts to reduce serious injury crashes on all its assets. Oversight of the delivery of the inaugural Sustainability Report (Climate Statements) including reviewing our approach to climate-related physical risk and transition planning activities, along with monitoring progress against our greenhouse gas (GHG) emission reduction targets. NSW toll reform Oversight of Transurban’s participation in the NSW toll reform process, which resulted in the Direct Deal being finalised with the NSW Government on a comprehensive proposed toll reform package that is expected to modernise Sydney's motorway system, to deliver a simpler and more efficient network, while protecting the $36 billion investment Transurban and its partners have made in the Sydney road network. Implementation of these reforms is subject to definitive agreements and a range of approvals. 1 payment options to provide highly tailored support. HSE, sustainability and road safety
1 Subject to the parties entering formal documentation, and the satisfaction of conditions precedent under those agreements, including financier consents and regulatory approvals. Final Government and concession holder approvals and execution of formal transaction documents are expected by the second half of 2026
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