Annual Report 2021–2022, Power and Water Corporation
Tabled Paper 708
Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT
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Legislative Assembly of the Northern Territory
Legislative Assembly of the Northern Territory
60 Page 9 of 60 Power and Water Corporation Directors' report for the year ended 30 June 2022 In order to identify and manage financial risks arising from the pandemic, the Consolidated entity has: - Conducted financial scenario modelling and developed options to defer costs and minimise revenue loss; - Captured costs and sought cost recovery and grant opportunities; and - Monitored, analysed and reported the financial position and financial forecasts to enable proactive financial management of the event. Indemnification (i) Group Personal Accident Insurance (ii) Professional Indemnity Insurance (iii) Directors' and Officers' Liability. Rounding off Dated at Darwin this 29th day of September 2022 Peter Wilson Chair In the interval between the end of the financial year and the date of this report, the Corporation has commenced legal action against its principal gas supplier, Eni, in the Supreme Court of Western Australia. The action seeks a court declaration as to the Corporation's rights to inspect Eni records relating to a reduction in supply of gas from Eni's Blacktip field off the coast of northern Australia. Subsequent events Environmental regulation There have been no new or revised accounting standards or interpretations that are effective from the year beginning on or after 1 July 2021 which materially impact the financial results. Where applicable, comparative figures have been updated to reflect any changes in the current period. The ongoing COVID-19 pandemic has had a range of effects on the business. Most noticeably, travel restrictions to remote communities have led to delays in capital expenditure. The wellbeing and safety of employees, customers and contractors continues to be the highest priority. Amounts in the financial report have been rounded to the nearest thousand dollars ($'000), unless otherwise stated. This report is made in accordance with a resolution of Directors pursuant to s.298(2) of the Corporations Act 2001 . Insurance premiums Future developments Indemnification and insurance of directors and officers The consolidated entity will continue to pursue its vision of being a proud, trusted, modern multi-utility delivering value now and into the future and being respected in the community for making a difference to the lives of Territorians. The consolidated entity's operations are subject to significant statutory responsibilities under both Commonwealth and Northern Territory legislation. The Corporation has been issued with a Show Cause Letter from the Department of Agriculture, Water and the Environment (DAWE) in relation to a potential breach of conditions associated with the East Point Effluent Rising Main - Environment Protection and Biodiversity Conservation Act Approval (2009/5113). A formal response was provided to DAWE as per required timeframes, however as yet no formal determination received by DAWE regarding potential fines/penalties. No known regulatory breaches have occurred in IES Pty Ltd. The consolidated entity continues to pursue compliance with its statutory obligations and improve processes to meet its responsibilities in this area. Subsequent to the year end the Director's declared a final dividend of $10.0 million, payable by 30 November 2022. Other than the above, there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the Corporation, to affect significantly the operations of the consolidated entity, the results of those operations, or the state of the affairs of the consolidated entity, in future financial years. Coronavirus (COVID-19) pandemic Adoption of new and revised accounting standards The Northern Territory Government has indemnified the Directors of the Corporation from and against all liabilities incurred or arising out of conduct as a Director of the Corporation, acting in good faith in compliance with any direction or request made by the shareholding Minister or the portfolio Minister to the Corporation or the Board of the Corporation pursuant to the Government Owned Corporations Act 2001. The following insurance policies were purchased to cover the Directors and Officers of the entities in the consolidated group. In accordance with normal commercial practices, under the terms of the insurance contracts, the nature of the liabilities insured against and the amount of premiums paid are confidential. Director's report for the year ended 30 June 2022
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