Coal Services and its subsidiaries are private companies, created by statute (the Coal Industry Act 2001 (NSW)) with statutory responsibilities which are administered by the Minister for Natural Resources.
As a result of this combination there are in effect two regulatory regimes that Coal Services is required to adhere to.
- Coal Services Pty Limited (Coal Services), Coal Mines Insurance Pty Ltd (CMI) and Mines Rescue Pty Limited (Mines Rescue), collectively known as the Coal Services Group, are appropriately registered with the Australian Securities and Investment Commission (ASIC). Therefore, all three companies are subject to the Corporations Act 2001 (Cth) and all of the regulatory provisions in connection with that Act. Risk management and compliance with regulations (including the Corporations Act 2001 (Cth) and the Coal Industry Act 2001 (NSW)) is enabled through the Board-approved Risk Management Policy, Enterprise Risk Management Framework and Risk Appetite Statement. These Risk Management documents set out the key activities, roles and responsibilities for how risk and compliance matters are managed and monitored. The Board is supported by Risk & Compliance and Internal Audit functions which report to the Board on the extent to which the Coal Services Group is achieving its Risk Management and Risk Appetite objectives. The Coal Services Group also operates under the Shareholders Agreement 2012.This is a tripartite agreement between Coal Services, the NSW Minerals Council and the Mining & Energy Union and articulates Shareholder objectives in relation to Coal Services and sets out agreed terms for activities and management of Coal Services.
- Coal Services is also subject to regulation by the NSW Government, represented by the Minister for Natural Resources, who is responsible for the oversight of the Coal Services Group operations in respect of its statutory functions. There are three statutory instruments that operate to regulate the legislated functions of the three approved companies. There is the Coal Industry Act 2001 (NSW) which through its operation gives the Minister power to regulate and direct Coal Services Group operations. The Coal Industry Regulation 2011 which operates to direct the approved companies regarding the provision of information and the material to be included in the Operating Plan. The conditions attached to the Notice of Approval for each company, through Schedule 2 of the Notice. The Notice directs the behaviour of the companies to align with the principles included in the ASX Corporate Governance Principles and Recommendations. CMI adheres to the regulatory guidelines that it is required to comply with pursuant to the terms of workers compensation legislation. Work Health and Safety legislation forms a key component of the Coal Services Group compliance regime. The Coal Services Group Board ensures that the governance regime is strictly adhered to as administered by the Managing Director/CEO, Company Secretary and the General Management Team of the company.