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Owner's Expectations Manual

5.6 Reporting to shareholders

5.6.1 Quarterly reports

  • Quarterly reports are an effective mechanism for a board to communicate with shareholding Ministers on the company's performance.
  • Although not required under the SOE Act, shareholding Ministers expect each SOE's SCI to specify that quarterly reports will be provided to shareholding Ministers no later than the end of the month following each quarter. This is a standard reporting expectation that applies to all Crown-owned companies. Quarterly reports are confidential to shareholding Ministers and officials and are not made public, although Cabinet receives a summary report on each SOE's performance and outlook prepared by COMU.
  • The shareholding Ministers expect the performance information and commentary in each SOE's quarterly report to fully and accurately summarise the company's performance against plan, company's outlook of its performance for the end of the year, identify the cause of major variances, signal any potential developing issues, highlight major achievements for the quarter and a forward view of key results. This report is expected to include:
    • a statement of financial performance, a statement of financial position and a statement of cash flows
    • more detailed financial information covering the SOE's component parts
    • non-financial information, especially key performance indicators for the business
    • any other performance measures shareholding Ministers have requested information on
    • commentary on what the projected outcomes for the full year will be, how confident the board is that the outcomes can be met and what the key issues affecting meeting planned performance levels are as well as key opportunities, threats and management plans
    • commentary on the progress of any ongoing projects which meet the threshold for ministerial consultation. This should include a general summary of progress including significant changes to either budget or planned date of completion
    • full-time equivalent staff numbers, and
    • more specifically, gentailers publish non-financial (operational) performance measures/indicators that are reported on a quarterly basis. Other SOEs are encouraged to do the same.
  • Quarterly information should be provided on a current quarter and year-to-date basis, with a comparison against budget for each. SOEs may want to include comparative (trend) information for the relevant period in the previous year(s) to give a fuller picture of long-term progress.
  • More recently, as part of the quarterly reporting process, SOEs need to upload their financial information to the Crown Financial Information System (CFISnet). Additionally, SOEs need to provide hard copies of their quarterly reports to the responsible Minister's office and COMU.
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