2022 Corporate Report

Corporate Report for the year ended 30 June 2022

Introduction and overview

Business performance

Governance and risk

Directors’ report

Remuneration report

Financial statements

Sustainability supplement

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.

Read more on page 36

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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