• Completed an annual Senior Leadership Program facilitated by INSEAD business school
  • Updated our Risk Appetite Statement and supporting framework
  • Continued Commitment to our Code of Conduct for ethics, governance, equal opportunity, anti-corruption and privacy
  • Maintained transparency in political events, with disclosure of all payments for attendance at political functions of US$94,900 in the USA and $35,475 in Australia
  • Continued transparency and compliance in our corporate tax profile, with Transurban rated by the ATO as a ‘lower risk’ and ‘lower consequence’ taxpayer, and an estimated $800 million collected on Transurban distributions to security holders since 2002

Transurban is committed to best-practice corporate governance, transparency and accountability. This is essential for the long-term performance and sustainability of the business, and to protect and enhance the interests of security holders and other stakeholders.

Detailed information about our performance and practices in these areas can be found within Transurban’s 2016 Corporate Governance Statement and throughout the 2016 Annual Report.

A summary of Transurban’s Board and Executive Leadership, and our Corporate Governance policies, are also available on Transurban’s corporate website.


Maintaining and developing strong leadership remains a focus across the business. We are committed to ensuring we create an environment in which leadership is something all employees have an opportunity to demonstrate.

In February 2016, the Executive Committee and Senior Leaders came together for the third annual Senior Leadership Program facilitated by international business school INSEAD.

The program continued to build on the overarching theme of building and sustaining high performance and a consistent approach to leadership across the business. The skill development exercises and workshops over the three days focused on:

  • Understanding unconscious biases in decision making both as individuals and as a group

  • Using group dynamics to improve team performance

  • Building communication for high performance

Learning is embedded via a High Performance webinar series with INSEAD whereby key learnings from previous programs are reviewed and extension topics introduced, as well as participation in a bi-annual strategy forum with the Executive Committee. The key themes from the Senior Leadership Program are cascaded to middle managers as part of a Leadership Development Program facilitated throughout the year by Melbourne Business School.

Leadership effectiveness is measured through the annual Employee Opinion Survey with the 2015 survey showing a slight increase from the previous year and above global norms.

Leadership programs are a core part of the development focus for employees and contribute to the range of skills training provided to all employees.

Code of Conduct

GRI G4 Indicators

  • Anti-corruption DMA
  • Public policy DMA
  • Anti-competitive behaviour DMA
  • Compliance (Society) DMA
  • Compliance (Product Responsibility) DMA
  • G4-14
  • G4-56
  • SO4
  • SO6

Code of Conduct

Our conduct as an organisation and as individuals is crucial to the integrity and performance of our business.

Transurban’s Code of Conduct helps guide our employees in making decisions that are consistent with our values and our overall approach as a business. The Code of Conduct is supported by a number of training programs and additional policies on ethical conduct, governance, equal opportunity, anti-corruption, workplace health and safety and privacy.

These policies set out how Transurban will respond to, and investigate, reports of misconduct, and outlines the protections available to those who make a report.

All employees and suppliers are encouraged to report any breaches of Transurban’s Code of Conduct and associated policies. To support this process, Transurban has established a Whistleblower Policy and implemented a confidential, anonymous externally-hosted whistleblower reporting service.

Transurban also has a separate Ethical Business Practices Policy spanning fraud and corruption prevention, that sets the standards required from employees and stakeholders working with Transurban. The scope of this Policy includes the establishment of a Fraud and Corruption Officer and processes for the prevention, detection and investigation of reports of fraudulent or corrupt activity.

Governance, anti-corruption and fraud risks are also included in our business-wide enterprise risk framework to help create a consistent and rigorous approach to identifying, analysing and evaluating risks. The framework is overseen by the Audit and Risk Committee and is actively managed by the Executive Committee, with outcomes reported to our Board.

Political event attendance

Transurban participates in public policy debate on issues that are relevant to our business. Accordingly, group policies permit payment for attending political functions to engage in such debate and discussion. In FY16, we paid US$94,900 to attend political events in the USA and $35,475 to attend events in Australia.

Corporate tax profile

Transurban delivers significant benefits to governments by funding critical infrastructure that connects communities to drive economic growth. This requires significant upfront investment and risk-taking by Transurban and its partners to deliver long-term infrastructure projects.

This capital investment is amortised over the life of the asset, typically a period of up to 40 years, in line with Australian accounting rules and taxation law. In addition, interest costs associated with the funding of the development of the network is treated as an expense and deductible for taxation purposes.

These amortisation and interest charges, together with initial lower traffic volumes and lower toll charges, give rise to accounting and tax losses through the early period of the concessions held by Transurban. This results in a lower effective tax rate in the early stages of the infrastructure project operation.

Transurban’s stapled security structure allows it to distribute dividends from the commencement of infrastructure development, allowing dividend distributions to be made to investors even during accounting and tax losses in the early years, with security holders then taxed on the distributions.

In this way, the Australian Tax Office (ATO) may collect tax earlier than would be the case under a corporate structure. Transurban’s security and corporate structures are not designed to avoid the payment of tax.

For FY16, we reported that:

  • Transurban’s network has required more than $23 billion of investment to develop, plus additional ongoing costs for operations and maintenance. International and Australian accounting and tax principles require amortisation of this capital investment
  • Transurban distributions are taxed in the hands of investors and we estimate that our security holders have paid more than $800 million in tax since 2002
  • Transurban maintains transparent and fully compliant tax practices, with no artificial transfer pricing to shift profits overseas and no entities located in tax havens. Transurban is rated by the ATO as a ‘lower risk’ and ‘lower consequence’ taxpayer, the lowest rating available

Transurban’s corporate tax profile is detailed on our website.