Electricity Asset Management Plan 2019-2029
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Vector Limited://
BOARD OF DIRECTORS At the highest level, the Board of Directors operates under the Board Charter, and provides governance over all aspects of Vector’s asset management practices on behalf of Vector’s owners and the broader stakeholder community. While taking advice from Vector’s management, the board exercises oversight of the objectives of asset management, its strategic direction, investment approvals and the customer service level outcomes achieved by Vector’s electricity distribution network. Overall budgets, significant expenditures and asset investments are reviewed and approved at the board level. Vector’s Board of Directors maintains its asset management oversight through the implementation of governing policy, a delegated authorities framework, management reporting and periodic reviews including internal and external operational audits. The Board also receives performance reporting which among other things include reporting against key service levels and regulatory reliability targets. The Board Risk and Assurance Committee (BRAC) assists the board in fulfilling its responsibilities to protect the interests of shareholders, customers, employees and communities in which Vector operates. It provides strategic guidance on the development of the maturity of Vector’s Enterprise Risk Management framework, oversees the effective management of the company’s material risks, and ensures rigorous processes for internal control. Vector is committed to maintaining the highest standards of corporate governance, ensuring transparency and fairness, and recognising the interests of our shareholders and other stakeholders. Full details of Vector’s board members, the executive leadership team and our corporate governance structure are available in our Annual Report. GROUP CHIEF EXECUTIVE Under the delegated authorities’ framework, the approved strategic plan, approved annual budgets and the day to day operation of the business is the responsibility of the Group Chief Executive (GCE). The GCE maintains oversight of Vector’s asset management practices, including effective risk management (both strategic and operational), service level outcomes, strategic direction and investment approvals. To assist with this oversight the GCE receives performance reporting against key metrics and service levels which include reporting against regulatory reliability targets. All Vector’s activities are governed through the delegated authorities’ framework which links approved budgets to the authority to authorise or commit expenditure. Under this structure, the GCE has delegated responsibility for asset management to the Chief Networks Officer (CNO). CHIEF NETWORKS OFFICER Under delegation from the Board and GCE, the CNO also has full responsibility for Vector’s electricity asset management practice. This includes the establishment and enforcement of Vector’s Asset Management Policy, the overall performance of Vector’s electricity distribution network, development and implementation of the approved AMP, and budgetary control with the delegated authorities’ framework. Within the asset management context, the CNO is supported by the Chief Financial Officer, Chief Risk & Sustainability Officer, Chief People Officer and the Chief Digital Officer in ensuring that appropriate systems, policies and procedures are in place that support and enable asset management, as well as implementation of the management and governance practices required by the Board of Directors and GCE. The CNO role is responsible for compliance with the requirements of Vector’s risk management framework, delegated financial authorities, and in conjunction with the Chief Digital Officer, for ensuring that Vector’s Digital Strategy meets the needs of our asset management practice and enables our network vision. HEAD OF ASSET MANAGEMENT The Head of Asset Management reports to the CNO and has responsibility for Vector’s asset management practice. This position is responsible for asset performance, for ensuring that Vector’s Asset Management Policy is implemented, for monitoring the service level performance and quality of our assets, for the development of asset strategy, for the development of Vector’s AMPs (including maintenance standards) and for developing asset management practice. HEAD OF ENGINEERING The Head of Engineering reports to the CNO and is responsible for Network Planning, Engineering and Design Standards, Protection, Monitoring & Control as well as development and integration of new technology options. The primary focus of this role is planning and development of the assets to meet the forecasted demand and specified service levels. In particular, the Head of Engineering is responsible for network configuration, segmentation and automation, security
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