The newly formed Net Zero Economy Authority Board (the Board) met for the first time on Thursday 12 December 2024 in Canberra. The focus of the meeting was on establishing foundational governance arrangements to allow the Authority to begin to operate independently, and to start discussion on the Authority’s business strategy. The meeting was attended by Dr Iain Ross (Chair), Mr Mike Mrdak, Ms Anna Skarbek, Ms Zoe Whitton, Mr Tony Maher and Prof Robynne Quiggin.
Governance of the Authority
The Board approved the Board Charter, reflecting best practice board governance principles. The Charter will be published on the Authority’s website.
The Board approved a Risk Management Policy and Framework, Fraud and Corruption Control Plan, and Interim Work Health and Safety Management System.
The Board approved arrangements to support proper financial resource management within the Authority, including Accountable Authority Instructions and a Financial Delegations Instrument.
The Board noted the Authority’s arrangements for information governance, and agreed the Authority should adopt a pro-disclosure approach.
The Board established an Audit and Risk Committee including the appointment of members.
Conflict of Interests
The Board also approved a Conflict of Interests Policy, setting out requirements and processes for disclosing and managing potential, actual and perceived conflicts of interest. The Policy applies to the Board, CEO, staff of the Authority, and third parties supporting the work of the Authority.
The Board established a Register of Interests, setting out the interests and (where relevant) associated management strategies for each Board member and the CEO. The Board agreed the Register will be published, and updated whenever there is a change in interests.
The Board considered whether any disclosed interests may conflict, or be perceived to conflict, with issues under discussion at this meeting. No conflicts were identified.
Authority Business Strategy
The Board approved a Memorandum of Understanding (MoU) with the Department of the Prime Minister and Cabinet setting out how the Department and Authority will work together while the Authority off-boards from the Department and becomes an operationally independent entity.
The Board had an initial discussion about the mission, strategies and priorities of the Authority. It resolved to continue the discussion at its first meeting in 2025, as part of developing a Corporate Plan and performance framework for the Authority.
The Board also discussed the potential role and membership of the Net Zero Economy Authority’s Stakeholder Panel, and agreed to work out-of-session so it can finalise the terms of reference at its next meeting.
The Board was briefed on the legislative requirements of the Energy Industry Jobs Plan, which commenced on 11 December 2024.
The Board received a report on the recently concluded first phase of a net zero information campaign and next steps. It noted the work is supported by administered funding provided by Government to the Authority for this purpose.
Board and Organisational Effectiveness
The Board agreed a workplan and forward agenda for Board meetings, including the intention to regularly hold meetings in priority regions. The Board agreed it will next meet in February 2025 in Collie.