Public Governance, Performance and Accountability (Snowy Hydro—Commonwealth Company) Notice 2018

Overview

The Public Governance, Performance and Accountability (Snowy Hydro—Commonwealth Company) Notice 2018 was enacted to address the transition of Snowy Hydro Limited into a Commonwealth company. This legislative instrument was issued under the authority of Mathias Cormann, the Minister for Finance, and officially notified on 10 July 2018, with effect from 29 June 2018. The enactment of this notice is a response to the need to enhance governance and accountability structures within the Commonwealth, ensuring that Snowy Hydro Limited, as a significant entity, aligns with the higher standards expected of a Commonwealth company. The overarching policy objective is to improve the transparency, efficiency, and effectiveness of public governance within the entity, thereby ensuring it meets the stringent requirements of Commonwealth-owned corporations.

Scope and Application

The Public Governance, Performance and Accountability (Snowy Hydro—Commonwealth Company) Notice 2018 applies to Snowy Hydro Limited, a company with the Australian Company Number (ACN) 090 574 431, by formally designating it as a Commonwealth company effective from 29 June 2018. This legislative notice outlines the transition of Snowy Hydro Limited from a state-owned entity to a Commonwealth company, subjecting it to the governance, performance, and accountability frameworks applicable to Commonwealth companies. The Notice extends to all conduct, transactions, and operations of Snowy Hydro Limited, ensuring compliance with the standards and regulations pertinent to federal entities. This encompasses financial reporting, auditing, and performance metrics as well as adherence to the Public Governance, Performance and Accountability Act 2013. The Notice does not specify any exclusions, exemptions, or thresholds in its current form, and its application is strictly limited to the scope of Snowy Hydro Limited’s operations within the Australian jurisdiction.

Key Provisions

The Public Governance, Performance and Accountability (Snowy Hydro—Commonwealth Company) Notice 2018I primarily establishes that Snowy Hydro Limited (ACN 090 574 431) became a Commonwealth company as of 29 June 2018. This is clearly stated in section 1 of the notice, which sets the effective date of the transition. Section 2 provides a definition of key terms used throughout the notice to ensure clarity and consistency in its interpretation and application. Under the notice, Snowy Hydro Limited, now a Commonwealth company, is subject to a range of obligations and requirements. These include adhering to the Public Governance, Performance and Accountability Act 2013, which governs the operations and governance of Commonwealth companies. The company must ensure it maintains high standards of governance, accountability, and performance, as outlined in the Act. This includes, but is not limited to, providing annual reports and other necessary documentation to the relevant authorities as stipulated in the legislation. The notice also outlines the consequences for non-compliance with the provisions of the Public Governance, Performance and Accountability Act 2013. Breaches of the Act may lead to both civil and criminal penalties. Civil penalties can include fines up to a significant amount, as specified under the Act. Criminal offences may result in penalties that could extend to imprisonment, depending on the severity and nature of the breach. It is crucial for the company to comply with these requirements to avoid such legal repercussions.