Corporate Governance

WaterSecure is the Queensland Manufacture Water Authority, a Queensland Government authority established under the South East Queensland Water (Restructuring) Act 2007.

On 1 September 2008, WaterSecure became the sole shareholder of Western Corridor Recycled Water Pty Ltd and acquired a 50 per cent share in South East Queensland (Gold Coast) Desalination Company. The remaining half was acquired on 1 October 2008, making WaterSecure the sole shareholder.

At WaterSecure, we believe good corporate governance should encourage performance, innovation and value, yet provide high levels of accountability and risk management. As WaterSecure has been established we have developed and refined our governance processes and policies to reflect increasing levels of management accountability, efficiency and effectiveness.

Reporting to the Queensland Government
WaterSecure is responsible to two Ministers:

• Andrew Fraser, Treasurer and Minister for Employment and Economic Development
• Stephen Robertson, Minister for Natural Resources, Mines and Energy and Minister for Trade.

We report on our performance to the Ministers’ offices on a regular basis through quarterly reports and monthly meetings, as well as the annual report. Adhoc briefings are also supplied to the Ministers as required.

Leadership and management structure
The WaterSecure Board sets the strategic direction for the organisation and ensures we achieve and act in accordance with our Strategic and Operational Plans.

Meet our Board members and find out more about how our Board operates including its Committees.

WaterSecure’s Chief Executive Officer, Keith Davies is supported by the Executive Management Team and respective leadership groups for the two subsidiaries. The Scheme Operator, Veolia Water Australia, interacts with head office primarily through the Chief Operating Officer.

Meet our Executive Management Team.

Board Performance Evaluation Process
In late 2009 the WaterSecure Board undertook its first formal performance assessment. The assessment considered overall board effectiveness, including the contribution of Board sub-committees to overall Board performance.

The assessment was facilitated by the Chairman and utilised the KPMG Board Advisory Services Board Effectiveness Survey tool. The survey enabled for the WaterSecure Board performance to be rated and benchmarked against other company boards. A number of best practice statements were posed to Directors and key Executive Management Team members via an on line survey. They then responded autonomously to the statements and also had the opportunity to input free form comments and suggestions for improvement. 

The survey results were very positive. They were openly discussed with Board and Executive Management and areas for development identified. In future years, it is intended to extend the assessment process to include a more detailed evaluation of each Board sub-committee’s effectiveness and the effectiveness of individual Board members.

Audit and Risk Management
WaterSecure has developed a Risk Management Policy and Framework and established a Audit, Risk and Remuneration Committee. Our risk management approach is to identify, prioritise and manage all our risks, including strategic, operational and project risks. Our definition of and approach to risk is aligned with the International Risk Standard ISO31000:2009.

An Internal Audit Charter has been developed to define Internal Audit’s objectives. The Charter sets out the purpose of the Internal Audit function, including authority, responsibility and objectives. The internal audit function has been outsourced to Ernst & Young, and provides the Board and Committees with independent analysis, advice and recommendations concerning WaterSecure’s operations and processes.

For more information on Audit and Risk Management please read WaterSecure’s 2008-09 Annual Report.

Compliance
WaterSecure appointed a Compliance Manager in March 2010 to work with line managers to establish a compliance framework aligned with the Australian Standard AS3806:2006 - Compliance Programs. 

The Compliance Manager reports to an internal Compliance Committee and to the Audit, Risk and Remuneration Committee.  A compliance policy has been endorsed by the Board with a compliance charter and program currently under development.

Our commitment to compliance is currently focused on ensuring we understand and comply with our mandatory legal obligations, however the intention is to establish a framework that is imbedded as part of our business processes and adds value in delivering performance outcomes.

Code of Conduct
WaterSecure has developed a Code of Conduct that outlines how we work; our expectations and the standard of behaviour expect of employees. Together with our values, the code helps us to understand our personal responsibilities and obligations, and guides us if we face an ethical dilemma or conflict of interest in our work. The Code of Conduct applies to everyone at WaterSecure.

View the WaterSecure Code of Conduct.

WaterSecure has also developed a Conflict of Interest Policy which, amongst other things, deals with potential conflicts due to trading and investments of Officers and Senior Management. 

View the Conflict of Interest Policy.