This is the second-highest ranked issue, as a result of the Banking Royal Commission strongly influencing stakeholder sentiment in Australia.
Downer’s approach to sustainability is underpinned by a robust corporate governance framework. This framework provides the platform from which Downer’s Board provides strategic direction for the responsible and sustainable growth of the company. It also drives a culture that promotes high ethical standards and personal integrity.
Under our governance framework, Downer’s management is accountable to the Board, and the Board is accountable to shareholders for the operations, performance and growth of the company.
The primary goal the Board has set for management is to focus on enhancing shareholder value, which includes responsibility for Downer’s economic, environmental and social performance.
Our Board recognises the need for the highest standards of behaviour and, as such, endorses the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (ASX Principles). Our Corporate Governance Statement for the year ending 30 June 2019 is included in our Annual Report.
Ensuring our governance and ethical standards are adhered to by our diverse supply chain remains a challenge, particularly around issues such as human rights and modern slavery, and data security.
In the 2019 financial year, Downer committed to achieving the following governance targets and objectives:
- Board structure – maintain a balance of skill, experience, expertise and diversity represented on our Board
- Strengthen internal audit and risk framework
- Review Standards of Business Conduct policy
- Financial and corporate governance self-assessment – achieve 100 per cent completion rate among senior management
- Zero breaches of disclosures relating to market sensitive information
- Zero breaches of anti-bribery and corruption policy
- Zero breaches of securities trading policy (insider trading)
- Zero instances of anti-competitive behaviour
- Improve supply chain management processes
- Progress Downer‘s Modern Slavery Statement.
The performance information in this section includes Transport and lnfrastructure; Mining, Energy and Industrial; Spotless; and New Zealand (including Hawkins) but excludes contractors and joint ventures.