Corporate governance framework
NBN Co is:
- a Commonwealth company (as defined in Section 89(1) of the Public Governance, Performance and Accountability (PGPA) Act 2013 (Cth));
- a Commonwealth Government Business Enterprise (GBE) subject to the Corporations Act 2001;
- wholly-owned by the Commonwealth of Australia.
NBN Co's governance framework is regularly reviewed to ensure it aligns to regulatory and legislative requirements and, best market practice. nbn’s governance practices continue to evolve having regard to a range of Commonwealth legislation, the GBE guidelines and, those ASX principles and recommendations relevant to nbn.
nbn regularly reports to its Shareholder Ministers (the Minister for Communications and the Arts and, the Minister for Finance) who are publicly accountable. nbn is also subject to Parliamentary scrutiny through Parliamentary Committees. nbn keeps its Shareholder Ministers and their departments informed of any significant developments on an ongoing basis.