Directors as Customers

G-MW directors Stephen Mills, Peter Fitzgerald, Claire Penniceard, Craig Cook and John Brooke are customers of the Corporation, enjoying the same terms and conditions as those applying to all G-MW customers in receipt of the similar services. It is a board policy that directors declare their interest as customers when information which may affect water pricing or delivery is discussed and decided upon by the board. The directors will either absent themselves during such discussions or warrant that they will not buy or sell water shares prior to such information becoming publicly available. It is also the board's policy to disclose water entitlements in the annual report and to post annual water entitlements on the G-MW website.

As at 30 June 2009, the following directors had the water entitlement listed against their name -

Stephen Mills

828.1 ML Murray HRWS

378.1 ML Murray LRWS

180 ML Drainage Diversion Agreement

 

Craig Cook

3 ML Catchment Dam

 

John Brooke OAM

385.4 ML Goulburn HRWS

176.6 ML Goulburn LRWS

 

Peter Fitzgerald

858.9 ML Goulburn HRWS

340 ML Goulburn LRWS

208.8 ML Drainage Diversion Agreement

381 ML Groundwater Licence

17 ML Catchment Dam

2 ML Private Right (Groundwater)

 

Claire Penniceard

40 ML Groundwater Licence

 

In accordance with its strong position on appropriate and transparent governance, the Board has adopted the following policy -

 "It is the responsibility of individual directors, officers and staff to avoid actual, potential and perceived conflicts of interest as this is fundamental to ensuring the highest levels of integrity and public trust in G-MW." 

In accordance with that policy  the Board has adopted an aproved procedure for water trading by Directors and staff.  With respect to water trading by Directors, the following applies (in addition to the Board's policy expressed above) -

  • a blackout period for water trading applies to Directors for 7 days after the release of confidential water sensitive information to the Board or until that information is made public, whichever is the earlier
  • Directors must advise the Corporate Secretary of every water trade they are involved in
  • at the time of advising the Corporate Secretary of a completed water trade, the Directors warrant that
    • they have not traded during a black out period,
    • the trade was not influenced by use of confidential information not available to the market and 
    • that the trade was undertaken in accordance with approved procedures applicable to Directors and staff.