Page 1117 - Week 04 - Wednesday, 20 March 2013

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whether the additional amount that was declared yesterday was performance bonus, short or long-term performance bonus, or salary. That is not yet clear, and that is why I indicated yesterday that I would be providing the Assembly with further information.

But I am certainly aware that the managing director’s package involves components of base salary, superannuation and long and short-term benefits that include performance bonuses. The board make determinations of those performance bonuses against the criteria that they set.

MADAM ACTING SPEAKER: Supplementary question, Mr Smyth.

MR SMYTH: Treasurer, what external benchmarking does the ACTEW Corporation board consider in assessing and approving the managing director’s remuneration package?

MR BARR: As I indicated in my response to an earlier question, they undertook a benchmarking exercise against other utilities and also against other similarly sized companies around Australia. I understand also that they looked at the context of similar executive level positions within this marketplace here in the ACT. That work was presented to the board’s remuneration committee before entering into an arrangement with the managing director.

ACTEW Corporation Ltd—managing director

MR SMYTH: My question is to the Treasurer. Treasurer, did ACTEW’s chairman and managing director sign a transmittal letter dated 21 September 2011 addressed to you and accompanying the corporation’s 2010-11 annual report for government, and did they state in that letter:

To the best of our knowledge and belief, the Annual Report is an honest and accurate account of the operations of the company for the period 1 July 2010 to 30 June 2011 and that all material information has been included.

MR BARR: That sounds very much like the letter that they would have written to me. I will dig out the records just to check that it has been accurately quoted by the shadow treasurer, but that does sound to be the standard text that would be sent as part of a transmission of an annual report to a minister. I will double check the letter from that particular time, but that would appear to be what they would have signed off to me.

MADAM ACTING SPEAKER: Supplementary, Mr Smyth.

MR SMYTH: Treasurer, what assessment have you made as to how the corporation could make a fundamental error in the annual report in which the managing director’s remuneration was understated by almost one-third of the total cost?

MR BARR: The shareholders, the Chief Minister and I, have met with the chair of the board to discuss those particular matters and seek explanations in relation to what occurred. The chairman of the board has provided some information back to

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