On 6 June 2017, The Honourable Curtis Pitt MP, Treasurer and Minister for Trade and Investment and The Honourable Mark Bailey MP, Minister for Main Roads, Road Safety and Ports and Minister for Energy, Biofuels and Water Supply issued a direction pursuant to Section 257 of the Electricity Act 1993 requiring Stanwell, during the Direction period:
• to offer to the Australian Energy Market Operator the Directed Offer Volume at bid bands of no greater than the Directed amount; and
• to consult with the Under Treasurer and Director-General Energy and Water Supply on Stanwell’s strategy to comply with the Direction and to keep them reasonably informed on progress. On 13 June 2017, The Honourable Curtis Pitt MP, Treasurer and Minister for Trade and Investment and The Honourable Mark Bailey MP, Minister for Main Roads, Road Safety and Ports and Minister for Energy, Biofuels and Water Supply issued a direction pursuant to Section 131(3)(b) of the Government Owned Corporations Act 1993 requiring Stanwell and its Board to pay a dividend to shareholders being 100 per cent of adjusted net profit after tax less $100,000,000 (one hundred million) in respect of the 2016/17 financial year.
Dividend Policy Stanwell’s Dividend Policy takes into account the return that shareholders expect from their investment and the cash requirements of the business.
On 3 May 2017, the Board of Stanwell recommended to shareholders a dividend amount equivalent to 100 per cent of Stanwell’s net profit after tax adjusted for:
• unrealised gains on the revaluation of derivative financial instruments;
• asset impairments resulting from the testing of asset carrying values; and
• year-end adjustments relating to rehabilitation and other provisions. As detailed above, Stanwell and its Board have been directed to pay a dividend to shareholders being 100 per cent of adjusted net profit after tax less $100,000,000 (one hundred million) in respect of the 2016/17 financial year.
Overseas travel During the 2016/17 financial year:
• the Manager Hydros attended the Hydro Power Engineering Exchange Conference in New Zealand to collaborate and share learnings with a wide range of hydro operators with generating units of the same age as the Barron Gorge and Kareeya units; and
• the Chief Operating Officer attended the Power Gen Board meeting in Thailand to gain exposure to key industry leaders from the Asia Pacific region and knowledge on the integration of renewable technologies and current technologies for energy optimisation.
Corporate entertainment and hospitality (individual events over $5,000) EVENT
Energy Trading and Commercial Strategy Annual Charity Fundraising Bowls Day DATE
24/11/2016 COST ($)
5,887
STANWELL ANNUAL REPORT 2016/17 | CORPORATE GOVERNANCE
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