The Governance Arrangements set out the broader policy framework under which GBEs operate and shapes the relationship between the company and the Shareholder Ministers. Key documents to be submitted by NBN Co over a yearly reporting period include: Annual Report and Statement of Corporate Intent, which are tabled in Parliament; and the Corporate Plan and Progress Reports which are commercially sensitive documents provided to Shareholder Ministers.
NBN Co maintains regular reporting to its Shareholder Ministers and as a Government-owned entity, it is publicly accountable and subject to Parliamentary scrutiny through Senate Committees and audit by the Auditor General.
NBN Co is committed to meeting high standards of corporate governance while meeting its obligations to its Shareholder Ministers and compliance requirements under the CAC Act and Governance Arrangements. NBN Co is developing its governance structures and processes having regard to the ASX Corporate Governance Principles and Recommendations (2nd Edition, August 2007).
To demonstrate and effect NBN Co's commitment to risk management, a Risk Management Policy, consistent with Australian/New Zealand Standard ISO 31000:2009, an international benchmark for implementation of enterprise-wide risk management has been adopted. Furthermore, NBN Co's Risk Management framework has been has been implemented throughout the NBN Co group of companies. NBN Co also has an internal auditor that works to a program approved by the Audit Committee.
The above measures all contribute to a sound system of risk oversight, management and internal control and associated culture, processes and structures to support achievement of NBN Co's business objectives.