Corporate Report for the year ended 30 June 2022
Introduction and overview
Governance and risk
Security holder information
We conducted a listening exercise across all stakeholder groups in Australia and North America to align our future direction with their needs.
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Business partners and suppliers
Government and industry
• State/federal government and agency inquiry submissions. • Industry partnerships, memberships, and event participation. • Partnering on shared issues (for example, road safety). • Official and regulator meetings; research and business updates; MP engagement on initiatives, grants and competitions; asset milestones and event attendance. • Future-ready infrastructure: innovative and sustainable transport solutions and population growth alignment; electric vehicle (EV) uptake/education; road-user charging. • Environmental initiatives: emissions- reduction targets; sustainable construction practices. • Data-led economic insights: urban mobility trends. • Community support: road safety; supporting vulnerable communities including COVID-19 pandemic and flood impacts and responses. • Future-ready infrastructure: progressed seven major infrastructure projects with governments; provided data to and attended public hearings on NSW Parliament Inquiry into Road Tolling Regimes; worked with government and industry to advance trials on connected transport technology and EVs. • Environmental initiatives: renewable energy agreements; ventilation optimisation; energy-efficient lighting; sustainable construction initiatives. • Data-led economic insights: shared research insights on mobility trends, economic activity and sustainability initiatives. • Community support: consulted with government on Transurban Road Safety Centre research; delivered customer hardship initiatives; supported Australian Government vaccine rollout via competition incentives.
• Major long-term partner shared-objective setting; pipeline and future works’ scope engagement; supplier working groups/ workshops. • Dedicated relationship managers. • Engagement on disadvantaged group employment barriers. • Decarbonisation and climate change mitigation actions. • Sustainability: supply chain engagement; decarbonisation performance; social procurement. • Industry leadership: major project learnings; supply chain risks (modern slavery, conflict-zone disruptions). • Partner engagement: long-term pipeline visibility; supplier confidence; relationship quality.
• Institutional and retail investor engagement; one-on-one meetings; twice-yearly surveys. • Results briefings (half and full year); hybrid annual Investor Day event; virtual Annual General Meeting (AGM); quarterly traffic releases; investor centre website; digital Investor Day Hub. • West Gate Tunnel Project tour. • Proxy adviser and ESG engagement. • WestConnex capital raising engagement. • Performance: distribution growth; project and asset performance; current and emerging risks, including broader economic conditions; ESG performance and initiatives. • Strategy and future: development opportunities; capital management; long-term value creation; long-term mobility trends. • Governance: organisational capability including Executive Committee and Board. • Performance: distribution growth supported by improvement in Free Cash; maintained a strong balance sheet; asset quality/diversification; demonstrated inflation benefit with near-term interest rate protection through inflation-linked toll escalation and debt hedging profile; maintained ESG leadership status and continued progress in key ESG areas. • Strategy and future: executed strategic initiatives and created longer-term value for security holders; increased WestConnex proportional ownership to 50% with strategically aligned partners;
• Sustainability: continued our Sustainable Procurement Program and supplier engagement activities. • Industry leadership: worked with suppliers and multi-stakeholder organisations to advance our Modern Slavery Act 2018 (Cth) response and reporting. • Partner engagement: implemented shared-value initiatives with key suppliers; halved payment terms for flood-impacted QLD small businesses; worked with suppliers to deliver on expected work pipeline.
ensured balance sheet capacity to fund existing near-term growth opportunities.
• Governance: continued focus on strengthening leadership capability; formal leadership programs; embedded Executive Committee and operating model.
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