Page 2191 - Week 06 - Monday, 11 May 2009
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which was $15.1m higher than prior year. While increased water and wastewater tariff charges contributed, this increase was partially offset by higher water operational costs and higher income tax expense resulting from higher current year profits plus lower prior year tax expense from a tax adjustment.
ACTEW’s profits were not to be quarantined for infrastructure projects and as highlighted on page 46 of the Annual Report, ACTEW declared a dividend of $75.9m which is 100% of Net Profit after Tax.
(2) As highlighted in part one, the dividend paid by ACTEW is 100% of net profit after tax in accordance with the policy of the shareholders. Therefore the increase in dividend was due to the increase in profit as discussed above. Prices in 2007 08 did not include any allowances for the Water Security Major Projects.
Actew—board selection process
(Question No 112)
Mrs Dunne asked the Treasurer, upon notice, on 24 March 2009:
In relation to the ACTEW Corporation’s 2007-08 annual report, what selection process was used in the appointment of the new chair of the ACTEW Corporation board from 1 July 2008.
Ms Gallagher: The answer to the member’s question is as follows:
The Voting Shareholders are responsible for the appointment of the directors of a Territory owned Corporation, including the Chair, after consultation with the relevant committee, which in this case was the Standing Committee on Public Accounts.
In this instance the selection process included initial consultation by the Voting Shareholders with the former Chair of ACTEW and the Office for Women.
The Voting Shareholders considered the new Chair to be an ideal candidate based on his demonstrated skills and expertise during his former roles as Chief Executive of ACTEW and then ActewAGL.
The process followed was in accordance with Section 12 of the Territory owned Corporations Act 1990.
Actew—Cotter reservoir
(Question No 113)
Mrs Dunne asked the Treasurer, upon notice, on 24 March 2009 (redirected to the Minister for the Environment, Climate Change and Water):
(1) In relation to the ACTEW Corporation’s 2007-08 annual report, given that page 10 of the annual report states that “over the past five years we have … brought the Cotter Reserve back into service”, why and for how long was Cotter Reservoir out of service.
(2) What difference would it have made to supply to the ACT had the Cotter Reserve been in service during the drought period and what did the re-commissioning cost.
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