Remuneration report
Introduction from the Chair of the Remuneration, People and Culture Committee
FY24 business performance Within this context of substantial change, the business proved its resilience by continuing to deliver strongly for all stakeholders during FY24. Safety – both on and off the road – is a major priority for our business and in FY24 we were pleased to record a 13.5% decline in our Road Injury Crash Index, which is 10.4% below our threshold of 4.15 serious injury crashes per 100 million kilometres travelled. Our Linkt Rewards program continued to expand and we now have over one million members. We have introduced new partners including Booking.com and Europcar, and this year offered our frequent customers significant fuel discounts. The importance of diversity, equity and inclusion in shaping our culture is well understood at Transurban and remains an ongoing priority for the Board. During FY24, we continued to promote gender balance across our workforce and were ranked number one globally on gender equality performance in Equileap’s 2024 annual ranking program. We also maintained our position as an Employer of Choice by the Workplace Gender Equality Agency (WGEA) for the 2023-2025 period, making 2024 the 11th consecutive year to have held this recognition. Our gender pay gaps continue to reduce reflecting our ongoing focus on this important issue. As publicly reported by WGEA during the year, our median gaps are well below the national average. Furthermore, over 43% of employees currently identify as having culturally diverse backgrounds. We have also made good progress against our reconciliation action plan including the appointment of a First Nations Program Manager to ensure our reconciliation efforts are First Nations led. Significant progress has also been made in our work around Environmental, Social and Governance (ESG) and sustainability initiatives including preparing for increasingly
On behalf of the Board, I am pleased to present Transurban’s remuneration report for the year ended 30 June 2024. FY24 has been a significant year for the business as we prepare for the next phase of growth under a new executive team. Leadership and organisation changes As announced in August 2023, the Board confirmed the appointment of Michelle Jablko as Chief Executive Officer (CEO) and Managing Director of Transurban, commencing in October to replace Scott Charlton. Previously Chief Financial Officer (CFO), Michelle’s appointment led to Henry Byrne, formerly Group Executive Victoria and Strategy, taking over the CFO role. A smooth leadership transition has been a key priority for the Board and we are pleased that the business has continued its growth momentum and focus on creating value for stakeholders for years to come. Transurban is an exceptional business with world-class infrastructure serving more than 10.5 million customers. Increasing populations and advances in technology will present further opportunities for growth. However, we also recognise that customer, community and government expectations are evolving, as are solutions to meet mobility and transport needs. In response, we have undertaken a review of how we operate to ensure the business is structured in the most effective way to continue to deliver real and clear value to all of our stakeholders. In May 2024, we announced a new operating model with changes to the Executive Committee and key management personnel (KMP). The changes aim to simplify our structure, increase alignment and drive efficiencies across the Group to support our strategic growth agenda (see page 93 for KMP changes).
sophisticated regulatory and voluntary disclosure requirements. We achieved a 30% absolute reduction in our scope 1 and 2 greenhouse gas emissions and continued to promote the benefits of electric vehicles through community campaigns and support for the Parliamentary Friends of Electric Vehicles and Future Fuels Transport Group. In NSW, we continue to engage with the government and its appointed Independent Toll Review to create a more efficient, fairer, simpler and more transparent tolling system for motorists. We share the NSW Government’s focus on an approach that better suits the needs of Sydney motorists. Group traffic grew in all markets in FY24, up 1.7% for the year. Growth in North America was particularly strong with ADT increasing by 5.5% to 157,000 trips. This flowed through to proportional toll revenue growth of 6.7% and proportional EBITDA growth of 7.5%. We also achieved a number of milestones across our major projects including beginning construction to widen Sydney’s M7 motorway. In Melbourne, the West Gate Tunnel Project is on schedule to open in 2025 and the 95 Express Lanes extension opened in the US. We also recently announced a partnership with the Queensland state government to develop plans to widen the eastern section of the Logan Motorway. Our workforce Our success also relies on our ability to attract and retain talented people, offering meaningful work and the opportunity to learn and grow within an inclusive and collaborative culture. This includes ensuring our workplace experience is safe and engaging, where our people are inspired to do their best work. Given the substantial organisational change over the past year, we have increased our focus on two-way communication with the CEO so employees can get to know Michelle and to provide context for our strategic
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