Audit & Risk Committee (Kāhui tātari kaute me tūraru).
The Audit & Risk Committee is responsible for ensuring that management has established a risk management framework that includes policy, procedures and assessment methodologies that enable Transpower to effectively manage and monitor organisational risks. It also recommends the appointment of internal auditors and manages the internal and external audit process (including for financial matters), including reviewing, monitoring, and approving internal and external audit reviews, annual audit plans and internal and external audit and management reports.
This Committee directs internal and external audit activities or material to the Health, Safety and Wellbeing Committee, People and Performance Committee or System Operator Committee where the subject matter is within the expertise of the respective committee. The primary objective of these internal audits and external audits is to assist the Board and executive team in exercising good governance by providing independent assurance.
This committee is also responsible for monitoring the financial performance and reporting of Transpower and its subsidiaries, emsTradepoint Limited and Risk Reinsurance Limited. It reviews the appointment of external auditors (subject to the authority of the Auditor-General), noting the external auditor is subject to the independence rules of the Auditor-General. The Auditor- General has appointed Sam Nicolle of EY (formerly Ernst & Young) to carry out the audit on his behalf.
Membership (as at 30 June 2024): Michele Embling (Chair), Owen Coppage, Vanessa Oakley, Heather Simpson and Keith Turner.
People & Performance Committee (Kāhui whakahaere tangata me te mahi)
This Committee performs the functions of a remuneration committee. It oversees Transpower’s culture and performance and approves recruitment, remuneration, retention and termination decisions, and policies and procedures regarding executive management. It reviews and recommends to the Board the Chief Executive’s remuneration, terms, annual key performance indicators and performance recommendations.
Membership (as at 30 June 2024): Heather Simpson (Chair), Whaimutu Dewes, Parekawhia McLean, and Keith Turner.
Health, Safety & Wellbeing Committee (Kāhui hauora me te marutau)
This committee is responsible for reviewing health, safety and wellbeing matters on the Board’s behalf and for ensuring that management has established a management and assurance framework that includes policy, procedures and assessment methodologies that enable Transpower to effectively manage and monitor health, safety and wellbeing risks. The Health, Safety and Wellbeing Committee also oversees the three levels of Transpower’s assurance system for health, safety and wellbeing.
Membership (as at 30 June 2024): Whaimutu Dewes (Chair), Michele Embling, Parekawhia McLean, and Keith Turner.
System Operator Committee (Kāhui whakamahi pūnaha)
This committee oversees and provides guidance on all business activities related to Transpower’s role as System Operator and reporting requirements to the Electricity Authority.
Membership (as at 30 June 2024): Owen Coppage (Chair), Vanessa Oakley, Heather Simpson and Keith Turner.