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.
As a Government Business Enterprise (GBE), we are subject to the requirements of:
- the Australian Postal Corporation Act 1989
- the Commonwealth Authorities and Companies Act 1997
- the Commonwealth Government Business Enterprise Governance and Oversight Guidelines (2011).
More on our governance framework
Within the Australian Government, the Minister for Broadband, Communications and the Digital Economy has portfolio responsibility for Australia Post. Under a dual shareholder model, overall responsibility is shared with the Minister for Finance and Deregulation.
The Board of Australia Post comprises up to 9 directors. With the exception of the Managing Director and 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
The committee focuses in particular on the areas of financial reporting, risk management and internal controls. Among other things, it reviews:
- the annual financial statements before their consideration and adoption by the Board
- the clarity and quality of our financial 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
More on our Audit & Risk Committee Charter 2011 (76kb)
Human Resources Committee
The Human Resources Committee provides a governance framework for the consideration of strategic matters relating to our people and culture. Matters that the committee particularly addresses and makes recommendations to the Board about, as appropriate, are:
- recruitment, selection and succession planning
- occupational health and safety
- culture and ethics
- learning and development
- terms and conditions of employment
- organisational structure
More on our Human Resources Committee Charter (15kb)
Nomination and Remuneration Committee
The committee provides shareholder ministers with recommendations on Board composition and membership, and performance and succession management for the Managing Director and 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, on a triennial basis
- inform shareholder ministers prior to any Board / Managing Director and CEO vacancies
- review and undertake recommendation to the Board in relation to Managing Director and CEO remuneration
- establish and maintain succession arrangements for the Managing Director and CEO
- consider the Managing Director and CEO's recommendations around recruitment, performance, remuneration and succession planning for executive general managers
Remuneration Click to expand Click to collapse
Remuneration for the 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 and CEO. In doing so, it follows a set of principles approve by the Commonwealth Remuneration Tribunal which are designed to link the level of remuneration with the financial and operational performance of the corporation.
Remuneration arrangements for other senior executives are reviewed and determined by the Managing Director and CEO within parameters set by the Nomination and Remuneration Committee.
External Audit Click to expand Click to collapse
Under Section 8 of the Commonwealth Authorities and Companies 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
We have a comprehensive Risk Management and Compliance Policy Framework (16kb) covering significant operational, strategic and compliance-related business risks.
Our Internal Control Framework (56kb) includes strategic, financial, operational, and compliance elements established across multiple internal control layers.
Ethics Click to expand Click to collapse
At Australia Post, everything we do can have social, environmental and economic impacts. As such, it is important that our people represent Australia Post in an ethical way by conducting business with integrity, honesty, fairness and in compliance with all relevant laws, regulations, codes and corporate policies and procedure
Our Ethics (1,431kb) details the minimum ethical standards of expected behaviour that help guide us through possible ethical dilemmas and for dealing with customers, suppliers, the Corporation and each other.
Our Annual Report
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