Remuneration report | Contents
FY25 CEO Performance Priority
Performance
Strategy and Stakeholders
• Directed culture, strategy and investment towards the customer and partnerships as foundations for future growth. • Strengthened the customer value proposition and digital experience, including travel time savings feature in Linkt App, expansion of customer rewards program and growing rewards membership. • Continued constructive engagement with government, joint venture and construction partners (e.g. on NSW toll reform and West Gate Tunnel Project) with a focus on building long term trusted partnerships. • Progress on development pipeline in existing and new markets, with foundations also set to bring value to future projects. • Strong proactive safety focus and effective management of key risks maintained. • Continued focus on major road and technology projects (e.g., Opitz Boulevard project; West Gate Tunnel Project; customer billings platform upgrade). • • Executive committee appointments completed in H1 FY25. • Group-wide operating model changes, leadership alignment, refreshed purpose and values (anchored to strategy) to enable culture, capability and operational effectiveness for growth, and to deliver sustained value to investors. • Continued focus on gender diversity, achieving organisational gender representation and gender pay parity targets, and number one ranking on Equileap’s Gender Equality Global Report for the second consecutive year. • Disciplined cost management, simplification and efficiencies to improve financial performance and enable reinvestment into initiatives that will support our future growth and performance. • FY25 distribution of 65.0 cents per stapled security was up 4.8% on FY24, and 99.5% covered by Free Cash. • Proportional toll revenue and proportional EBITDA increased by 5.6% and 1.0% respectively, whilst total operating costs remained flat. Proportional Operating EBITDA was up 7.4%. • The balance sheet has remained strong with robust debt covenants, credit ratings and liquidity levels. The Group’s weighted average cost of AUD debt is 4.5%.
Operations
People
Finance and Business Optimisation 1
The Board considers that as CEO, Michelle Jablko has made a significant mark on Transurban and our stakeholders in the FY25 performance year, positioning Transurban for long term growth. Michelle has led the business with fortitude, vision and integrity to orient Transurban’s culture, capability and strategy towards sustainable value creation for customers, stakeholders and Transurban. Under Michelle’s leadership, the Group’s FY25 performance reflects continued project delivery, disciplined management of costs and efficiencies, innovation in customer and technology, and an adaptable, skilled and values-oriented workforce. Having aligned the organisation through purpose, values, strategy, operating model and leadership in FY25, Transurban heads into FY26 with the foundations set for growth, renewed ambition and focus, a healthy development pipeline, and a number of major projects scheduled to open. The Board assessed the CEO’s performance against the overall Group results as well as her individual KPIs, with a view to aligning outcomes with the experience and expectations of Transurban’s security holders and other stakeholders. This has resulted in a final STI outcome of 108% of her target opportunity (or 72% of her maximum opportunity).
West Gate Tunnel Project, Melbourne
M7-M12 Integration Project, Sydney
1 This section contains non-IFRS measures
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