Corporate governance

Governance Statement

Australia Post maintains a comprehensive system of corporate governance practices designed to provide appropriate levels of disclosure and accountability. You can view a detailed Corporate Governance Statement in our Annual Report.

Governance Framework

As a Government Business Enterprise (GBE), we are subject to the requirements of:

More on our governance framework

Shareholder Ministers

Within the Australian Government, the Minister for Communications has portfolio responsibility for Australia Post. Under a dual shareholder model, overall responsibility is shared with the Minister for Finance.

The Board

The Board of Australia Post comprises up to 9 directors. With the exception of the Managing Director & Group CEO, all serve in a non-executive capacity.

Non-executive directors are nominated by the portfolio minister and appointed by the Governor-General for a period of up to 5 years. Reappointment is permissible. In practice, terms of appointment are generally 3 years.

The Board is accountable for Australia Post's overall performance. It sets our key objectives and strategies through a rolling 4-year Corporate Plan, which is submitted annually to shareholder ministers. Progress against the Plan is reported quarterly. Ministers and their departments are also kept informed on a regular basis about developments of significance.

Profiles of our Board members can be found in our Annual Report.

Board Committees Click to expand Click to collapse

Three permanent committees - the Audit and Risk Committee, the Human Resources Committee and the Nominations and Remuneration Committee - assist the Board in the discharge of its responsibilities:

Audit and Risk Committee

  • In conducting its activities the committee focuses on the areas of financial reporting, enterprise risk management and internal controls. Among other duties, it reviews:

    • the financial reports before their consideration and adoption by the Board

    • the clarity and quality of the corporation's policies, practices and disclosures

    • internal and external auditor plans, reports and performance

    • significant existing and emerging risks and mitigation activities

    • the adequacy and effectiveness of internal controls

    • compliance with laws and regulations

    • progress of delivery of major programs

  • More on our Audit & Risk Committee Charter 2014 (167kb)

    Human Resources Committee

    The Human Resources Committee provides a governance framework for the consideration of strategic matters relating to Australia Post's people and culture. Key matters that the committee particularly addresses and makes recommendations to the Board about, as appropriate, are:

    • occupational health and safety
    • culture, ethics and enterprise engagement
    • organisational structure
    • performance management
    • learning and development
    • recruitment, selection and succession planning
    • terms and conditions of employment

    More on our Human Resources Committee Charter (75kb)

    Nomination and Remuneration Committee

  • The Nomination and Remuneration committee provides shareholder ministers with recommendations on Board composition and membership, and performance and succession management for the Managing Director and Group CEO. Specifically, the role of the committee is to:

    • provide a recommendation to shareholder ministers on Board composition and membership

    • develop an annual Board plan

    • undertake a Board effectiveness review every 2 years

    • inform shareholder ministers prior to any Board / Managing Director & Group CEO vacancies

    • review and make recommendation to the Board in relation to Managing Director & Group CEO remuneration

    • establish and maintain succession arrangements for the Managing Director & Group CEO

    • consider the Managing Director & Groups CEO's recommendations around recruitment, performance, remuneration and succession planning for executive general managers

  • More on our Nomination and Remuneration Committee Charter (46kb)

    Remuneration Click to expand Click to collapse

    Remuneration for Australia Post's non-executive directors is determined by the Commonwealth Remuneration Tribunal.

    The Board is responsible for setting the remuneration arrangements for the Managing Director & Group CEO. In doing so, it follows a set of principles approved by the Commonwealth Remuneration Tribunal which are designed to link the level of remuneration with the financial and non-financial performance of the corporation.

    Remuneration arrangements for other senior executives are reviewed and determined by the Managing Director & Group CEO within parameters set by the Human Resources Committee and the Nomination and Remuneration Committee.

    External Audit Click to expand Click to collapse

    Under section 43 of the Public Governance, Performance and Accountability Act, the Auditor-General is responsible for auditing the financial statements of Australia Post and its subsidiaries.

    The Auditor-General is also responsible for auditing compliance with the performance standards prescribed for Australia Post under section 28C of the Australian Postal Corporation Act. Performance against these standards is detailed each year in our Annual Report.

    Risk Management and Internal Control Framework Click to expand Click to collapse

    The board has established a comprehensive Risk Management Policy.

    The Policy provides guidance on risk management practices and adds clarity to the management and director roles and responsibilities, both for developing and administering the Policy, and for implementing risk management processes. This Policy and any associated processes are consistent with the principles of the International Standard for Risk Management (AS/NZS ISO 31000:2009), the Australian Standard on Compliance Programs (AS 3806:2006), and the ASX Corporate Governance Principles and Recommendations (Principle 7: Recognise and Manage Risk).

    The Policy describes a 3-lines of defence principles based approach to risk management at Australia Post to ensure consistency with frameworks and processes as stated in the Annual Report. Specific details concerning the core risk management components are set-out in the Australia Post Risk Management Framework.

    Our Internal Control Framework (170kb) includes strategic, financial, operational, and compliance elements established across multiple internal control layers.

    Ethics Click to expand Click to collapse

    At Australia Post, we conduct our business as a good corporate citizen. We respect our stakeholders and conduct ourselves with integrity in compliance with all relevant laws, regulations, codes corporate policies and procedures. Everything we do can have social, environmental and economic impacts. It is imperative that all representatives of Australia Post act in an ethical way so we continue to preserve and grow the trust that Australians have in our brand.

    The Australia Post Our Ethics (1,431kb) booklet details the ethical standards of expected behaviour that help guide us through possible ethical dilemmas and lead by example in our dealings with customers, suppliers, the Corporation and each other.

    Our Annual Report

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