Corporate Governance

Commerce's Corporate Governance framework consists of the following interrelated components:

Corporate objectives and values
Corporate goals, objectives and values were established in the Commerce Corporate Plan 2006-2011. Goals and objectives are detailed in the Results and Services Plan. The goals, objectives and values are aligned with the State Plan's priorities and targets.

Governance principles
Commerce's governance principles are:

Clear role and responsibilities
Transparent and accountable decision-making
Effective, efficient and ethical decision-making
Respect for the law and high probity standards.

Report back system
Commerce implemented a new reporting system in March 2007 to provide the Director-General and Executive with greater assurance of effective governance within the Department.

The objects of the system are to ensure the Executive:

is provided with the opportunity to proactively nominate topics that it would like to consider
regularly considers all significant governance issues
sets the strategic directions and policy for Commerce
determines directions for cross agency issues
gathers and shares business intelligence for Commerce.

Corporate governance framework
The objectives of the governance framework are to ensure that:

there are improved and consistent governance structures and mechanisms to provide information and assurance that Commerce is successfully performing to deliver results which are aligned with the Government's priorities
appropriate governance mechanisms are in place and there is clarity in reporting so that sound information is available for decision-making
roles and responsibilities of individuals and committees are clearly understood and there is identification of who is accountable for establishing, maintaining and reporting on key governance mechanisms
there is increased awareness by all staff of the meaning and importance of corporate governance and their individual governance roles and responsibilities
Commerce's values are more firmly embedded throughout the agency, leading to an improved ethical culture
there is improved compliance with statutory requirements and internal values
there is improved stakeholder confidence leading to greater trust in and acceptance of decision-making and willingness to engage and collaborate with Commerce.

The framework pulls together business unit initiatives and ensures the Executive is informed of key governance issues and projects through the new reporting arrangements.

During 2006/07 the Executive monitored the:

Conduct and Ethics Committee (established on 7 December 2005 - to ensure consistent decision making and cross referencing)
Code of Conduct training across the agency
Procurement Ethics Committee
Office of Industrial Relations research with Sydney University.

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Page last updated on: Wednesday, 9 January 2008