The Canberra Times has the bombshell news that John Mackay is quitting amidst the extraordinary scenes brought on by the under reporting of Mark Sullivans salary to run Actew Water.
When we get official statements we’ll add them in here.
UPDATE 15/04/13 16:27: Katy Gallagher and Andrew Barr’s statement is now available:
Outcomes from the meeting are detailed below:
1. Remuneration of Managing Director
The Shareholders raised concerns with the level and complexity of the remuneration package paid to the Managing Director of ACTEW. Shareholders reaffirmed their view that the Board should set the salary arrangements and that there should be rigor to support the negotiated salary. Shareholders also raised concern with the lack of transparency in the setting of executive remuneration at ACTEW and the role and appropriateness of bonuses.
2. Role for Remuneration Tribunal in setting Executive salaries at ACTEW
Shareholders requested that the Board seek the advice of the Remuneration Tribunal in setting future executive remuneration at ACTEW.
3. Improvements in transparency and reporting between ACTEW and the Shareholders
It was agreed that work will commence on improved disclosure in the Statement of Corporate Intent to ensure the highest standard of transparency and reporting between ACTEW and the community.
4. The ICRC’s draft price determination
Shareholders informed ACTEW of the ACT Government submission to the ICRC draft determination on water pricing. The ACT Government supports a price decrease on water for ACT households with a few provisos.
The ACT Government’s submission can be found here:
http://www.icrc.act.gov.au/__data/assets/pdf_file/0003/264630/Submission_23_12_April_
2013_Andrew_Barr_MLA.pdf5. Structural Review
Shareholders will be commissioning a detailed review of the structural arrangements of ACTEW to ensure that the ACT community’s water and sewerage requirements are delivered within the most efficient and effective arrangements 13 years after the creation of ACTEW. This review will be made public on its completion.
6. Review into Governance and integrity processes
It was agreed that the Board and Shareholders will meet again to discuss the outcome of the Board’s current governance review being undertaken by PwC. The review is expected to be finalised shortly. The Shareholders encouraged the Board to make the report publicly available on its completion.
7. Resignation of Chair of ACTEW
The Chair of ACTEW, John Mackay, informed the Shareholders of his intention to resign his position as Chair on the 30th June 2013. Shareholders thanked Mr Mackay for his contribution to ACTEW.
UPDATE 15/04/13 17:42: Actew’s statement is now up:
ACTEW’s Board today held a productive meeting with our Shareholders, the Chief Minister and the Treasurer, which has helped us to take significant steps forward on the much reported issues of the last few weeks.
At this meeting ACTEW Corporation Chairman, John Mackay freely tendered his resignation.
That resignation was accepted by the Board and by our Shareholders who in turn thanked him for his outstanding contribution to the organisation over the last 15 years. That resignation is effective from the 30th of June.
John has helped to transform ACTEW, ActewAGL and TransACT into some of the most highly regarded businesses not only in the ACT, but across Australia. He has led us through some difficult times, including the bushfires which ravaged our community a decade ago, and shown us how important it is that we continue to transform the water industry across the ACT for the benefit of our customers.
We wish John well in all his future ventures, which will certainly be to the benefit of the Canberra community.
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