Coal Services and its subsidiaries are private companies, created by statute (the Coal Industry Act 2001) with statutory responsibilities, which are administered by the Minister for Regional New South Wales, Industry and Trade.
As a result of this combination there are in effect two regulatory regimes that Coal Services is required to adhere to.
- Coal Services, Coal Mines Insurance (CMI) and Mines Rescue are Pty Limited companies, appropriately registered with the Australian Securities and Investment Commission (ASIC). Coal Services is, therefore, registered under the Corporations Act 2001 (Cth) and subject to all of the regulatory provisions of that Act. Compliance with ASIC’s regulations and directions is therefore mandatory regarding the operation of Coal Services, CMI and Mines Rescue. In order to properly comply with the regulations Coal Services engages both internal (co-sourced arrangement with Protiviti) and external (KPMG) auditors to ensure rigorous analysis and investigation of Coal Services’ operations both in relation to governance and prudential standards.
- Coal Services is also subject to regulation by the NSW Government, represented by the Minister for Resources and Energy who is responsible for the oversight of Coal Services’ operations in respect of its statutory functions. There are three statutory instruments that operate to regulate the legislated functions of Coal Services, CMI and Mines Rescue. There is the Coal Industry Act 2001 which through its operation gives the Minister power to regulate and direct Coal Services operations. The Coal Industry Regulation 2011 which operates to direct Coal Services, CMI and Mines Rescue regarding the provision of information and the material to be included in the Operating Plan. The conditions attached to the Notice of Approval for Coal Services, CMI and Mines Rescue, through Schedule 2 of the Notice. The Notice directs the behaviour of the companies in respect to the corporate governance principles in ASX Corporate Governance Principles and Recommendations and Australian Standard 8000-2003 Good Governance Principles. CMI also adheres to the regulatory guidelines of the State Insurance Regulatory Authority (SIRA). Work Health and Safety legislation forms a key component of Coal Services’ compliance regime. The Coal Services, CMI and Mines Rescue Boards ensure 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.
Board of DirectorsThe Board of Directors consists of seven people, including both nominees for the Construction, Forestry, Mining and Energy Union, and NSW Minerals Council.
General Management TeamThe General Management Team of Coal Services brings together expert knowledge in the fields of Insurance, Coal Mining, Health, Strategy, Finance and Legal.