Notes to the financial statements (continued)
B. Key management personnel compensation Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of an entity, either directly or indirectly. Western Power’s key management personnel has been determined to be the State’s Cabinet Ministers, and the directors and executive officers of Western Power. Total compensation to Western Power’s key management personnel (excluding State Cabinet Ministers), for the reporting years presented, is shown in table 55 below. For more detailed Western Power remuneration disclosures refer to the ‘Remuneration’ section of the directors’ report within this financial report. Total compensation to the State’s Cabinet Ministers is not disclosed because there is no obligation for Western Power to reimburse this amount. Details however, can be found in the 2024/25 Annual Report on State Finances’ published on the Western Australian Department of Treasury’s website. C. Transactions with related parties i. Key management personnel Western Power’s key management personnel and their related parties, conduct transactions with Western Power within normal employee and customer relationships. The terms and conditions are no different to those it is reasonable to expect Western Power would adopt if dealing with the Cabinet Minister, director, executive officer and/ or their related party in an arm’s length transaction in similar circumstances. Western Power is not aware of material related party transactions with the State’s Cabinet Ministers, the directors and executive officers of Western Power and/or their close family members or entities controlled or jointly controlled by them.
In this section This section presents other information that must be disclosed in compliance with Australian accounting standards and other AASB pronouncements, but that are not immediately related to individual line items in the financial statements.
Section 5: Other information 25. Related party transactions
A. Owner Although Western Power operates as a corporatised enterprise under the GTE Act, it is accountable to and controlled by the Western Australian State Government, via the Minister for Energy, as Western Power’s sole owner and shareholder. Related parties of Western Power include: • all Cabinet Ministers of the Western Australian State Government ( Cabinet Ministers ) and their close family members, and entities controlled or jointly controlled by them • all Western Power directors and executive officers (unless employed for a limited period during the reporting year – generally three months or less) and their close family members, and entities controlled or jointly controlled by them • other Western Australian statutory authorities and departments, including their related bodies, that are included in the State’s whole of government consolidated financial statements • associates and joint ventures of any entities that are included in the State’s whole of government consolidated financial statements • the Government Employees Superannuation Board ( GESB ).
Table 55: Key management personnel compensation
2024/25 $’000
2023/24 $’000
Short-term employee benefits Post-employment superannuation benefits Other long-term benefits
4,310 309 91 4,710
3,962 267 81 4,310
Western Power Annual Report 2025
129
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