Energy Consumers Australia supports the need for the regular assessment and evolution of the ASX Corporate Governance Council’s Principles and Recommendations to ensure that they continue to align with companies’ corporate social licence to operate, community expectations and emerging issues in corporate governance, values and culture. The Hayne Royal Commission and the Australian Prudential Regulator Authority’s (APRA) recent report into the Commonwealth Bank of Australia reinforce the importance of these issues, not only in respect of the financial services industry but across other sectors including, in our view, the energy sector.
We welcome the Review and its recommendations, both in its application broadly to ASX-listed Australian companies but also due to its impact in providing guiderails for best practice corporate governance practices across all companies including in the energy sector. We also look forward to working with energy companies to better align with community expectations and focus on better consumer outcomes through such mechanisms, in line with the policy objectives of the National Energy Objectives.
The full submission can be read here.