Governance and risk
Transurban Board FY24 areas of focus During the year, the Board provided strategic guidance and effective oversight of management in its implementation of Transurban’s strategy. Key strategic, governance and oversight activities for the year included: CEO succession and transition, and Board succession planning During the year, the Board was actively engaged in CEO succession and transition, and Board succession planning. In August 2023, the Board appointed Michelle Jablko as Transurban Group’s new CEO and Managing Director, effective from October 2023. In addition, as part of the Board’s coordinated and orderly succession planning, two new independent Non-executive Directors joined the Board during the year: Sarah Ryan in September 2023; and Gary Lennon in March 2024. Jane Wilson and Terence Bowen retired from the Board in October 2023. Strategy and growth Together with management, evolving the strategic direction of the business and providing guidance and oversight in relation to the key strategic focus areas; approving the annual financial budget; and monitoring corporate performance. Health, safety and environment (HSE) and road safety Transurban’s HSE and Road Safety Plan is centred on Transurban’s long term vision to achieve a future with zero life changing injuries for employees, contractors and customers, and minimising our impact on the environment. During the year there has been oversight of health and wellbeing initiatives, the HSE learning framework, the ongoing embedding of contractor management principles, and a focus on improvement in environmental management. This oversight also included Transurban’s efforts to reduce serious injury crashes on all its assets.
Customer, community and social licence Oversight of customer initiatives and expanded hardship programs providing ongoing support for customers and other members of the community, including through the Linkt Assist (Australia) and First Time Forgiveness (North America) programs, holistic support for vulnerable customers needing additional support beyond assistance with tolling debt (Australia), and participation in the ‘One Stop One Story Hub’ enabling victim-survivors of family violence and customers experiencing complex financial hardship to access hardship support from a range of companies through a single referral (Australia). Oversight of Transurban’s social licence framework, and the focus areas intended to address key social and environmental issues and opportunities relevant to our core business and meet the evolving expectations of our stakeholders. Risk Ongoing enhancements to the Enterprise Risk Management Framework have included updates to the risk appetite statements and oversight of the implementation of revised risk reporting and performance dashboarding (see Risk section on pages 79–86). Continued testing of our business response capabilities, based on identified key risks and business disruption scenarios, has also occurred. This has included exercising responses to significant weather events, system failures, cyber incidents and understanding the impact of supply chain and geopolitical disruptions. Capital management Oversight and approval of raising over $5.2 billion in debt facilities (bank debt and capital market issuances), comprising refinancing activity across the Transurban Group. 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; Rozelle Interchange (delivered by Transport for NSW and now operated by Transurban) and the M7-M12 Integration Project in Sydney; and the Fredericksburg Extension and 495 Express Lanes Northern Extension in North America.
NSW Independent Toll Review Oversight of Transurban’s response to the NSW Independent Toll Review Interim Report and potential opportunities in relation to NSW toll reform. Emerging opportunities Oversight and review of emerging opportunities including: the feasibility of the 95 Express Lanes Bi-Directional Project in North America; the proposed Logan Motorway west widening in Queensland; potential asset enhancements in the regions in which Transurban operates; growth opportunities in North America and new adjacent opportunities, including innovation in connected and autonomous vehicles, smart transport and customer experience. ESG & Sustainability Reviewing double materiality assessment to confirm material ESG topics to inform the ongoing review of the Sustainability Strategy. Monitoring the development of new and emerging sustainability reporting requirements, with a particular focus on ISSB and ASRS obligations. Reviewing our approach to climate-related physical risk and transition planning activities, along with monitoring progress towards our near-term 2030 and net zero 2050 GHG emission reduction targets, and climate change adaptation plan program. People, culture and remuneration governance Oversight of people, culture and remuneration matters including in relation to CEO transition and subsequent executive and organisational changes; continued investment in the leadership 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 supporting a diverse, inclusive and equitable workplace including active culture and governance reviews.
73
Made with FlippingBook Digital Publishing Software