Endeavour Energy Annual Performance Report - Parliament of New ...
Endeavour Energy Annual Performance Report - Parliament of New ...
Endeavour Energy Annual Performance Report - Parliament of New ...
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Australian Financial<br />
Services Licence<br />
Prior to the retail sale, Integral <strong>Energy</strong><br />
held an Australian Financial Services<br />
Licence effective from 1 July 2005.<br />
The licence authorised Integral <strong>Energy</strong><br />
to provide financial advice, deal and/<br />
or make a market in financial products<br />
and miscellaneous financial products<br />
to wholesale clients.<br />
Oversight <strong>of</strong> licence compliance was<br />
conducted by the Financial Services<br />
Governance Committee, which reported<br />
to the Retail Risk Board Committee<br />
monthly. The Committee met eleven<br />
times in 2010–11 and reported ongoing<br />
licence compliance to the Retail Risk<br />
Board Committee. Other statutory<br />
responsibilities included:<br />
• Compliance by the organisation<br />
with the licence conditions and to<br />
inform the Australian Securities<br />
and Investments Commission<br />
<strong>of</strong> any reportable breaches <strong>of</strong><br />
the licence conditions within<br />
ten working days. No potential<br />
licence breaches were identified<br />
during 2010–11.<br />
• Oversight by the Financial Services<br />
Governance Committee <strong>of</strong><br />
compliance with the organisation’s<br />
Anti-Money Laundering and<br />
Counter-Terrorism Financing<br />
Program as required under<br />
Commonwealth legislation.<br />
The impact <strong>of</strong> the retail sale meant<br />
that <strong>Endeavour</strong> <strong>Energy</strong> was no longer<br />
required to hold an Australian Financial<br />
Services Licence. An agreement was<br />
entered into with Origin <strong>Energy</strong> to<br />
act as intermediary for the purpose<br />
<strong>of</strong> undertaking residual financial<br />
services activities relating to energy<br />
derivatives. The Australian Securities and<br />
Investments Commission on 30 June 2011<br />
approved <strong>Endeavour</strong> <strong>Energy</strong>’s<br />
application to cancel the licence.<br />
Similarly, the ongoing requirement<br />
for <strong>Endeavour</strong> <strong>Energy</strong> to maintain its<br />
Anti-Money Laundering and Counter-<br />
Terrorism Financing Program ceased on 1<br />
March 2011. This was because <strong>Endeavour</strong><br />
<strong>Energy</strong> ceased to be in the business <strong>of</strong><br />
issuing derivatives and therefore was<br />
no longer a <strong>Report</strong>ing Entity under<br />
Commonwealth requirements.<br />
Community grants<br />
<strong>Endeavour</strong> <strong>Energy</strong> does not grant funds<br />
to non-government organisations.<br />
Instead, the organisation lends support<br />
to selected community organisations that<br />
reflect <strong>Endeavour</strong> <strong>Energy</strong>’s obligations as<br />
a state-owned corporation and align to<br />
<strong>Endeavour</strong> <strong>Energy</strong>’s Corporate Plan.<br />
The organisation’s community<br />
partnership strategy and criteria are<br />
available at www.endeavourenergy.com.<br />
au. Examples <strong>of</strong> the organisations that<br />
met the criteria in 2010–11 can be found<br />
on page 34.<br />
Credit card certification<br />
<strong>Endeavour</strong> <strong>Energy</strong>’s corporate and<br />
purchasing card program is governed<br />
by approved policies and procedures<br />
that were developed having regard to<br />
the Treasury Circular 05/06 Credit card<br />
Use – Best Practice Guide published<br />
in August 2005 (originally published in<br />
1999), Treasurer directions and Premier’s<br />
memoranda.<br />
Consultants<br />
In 2010–11, <strong>Endeavour</strong> <strong>Energy</strong> engaged four consultants for major projects (equal to or greater than $50,000) totalling $1.74 million,<br />
as detailed below:<br />
Consultant Purpose Cost $m<br />
KPMG<br />
McLachlan Lister Pty Limited<br />
Langdale Consultants Pty<br />
To provide technical consulting on the strategic procurement review;<br />
To provide technical consulting on the Time & Attendance improvement<br />
project and payroll review 1.18<br />
To provide technical support in the network organisational review to facilitate<br />
delivery <strong>of</strong> the Strategic Asset Management Program (SAMP) 0.38<br />
To provide technical consulting on the delivery <strong>of</strong> the Network Technology<br />
Strategy IT project 0.10<br />
CECG Pty Limited To undertake a Capital Structure Review 0.08<br />
TOTAL 1.74<br />
<strong>Endeavour</strong> <strong>Energy</strong> also engaged five consultants less than $50,000 during 2010–11 for a total cost <strong>of</strong> $67,000. The consultants were<br />
engaged to undertake projects for managerial, operational and economic advice.<br />
<strong>Endeavour</strong> <strong>Energy</strong> <strong>Annual</strong> <strong>Performance</strong> <strong>Report</strong> 2010–11<br />
95