QR Corporate

QR’s Statement of Corporate Intent (SCI) is prepared each financial year in accordance with the requirements of Part 8 of the Government Owned Corporations Act 1993 (GOC Act).

The SCI is the formal statement of intentions, key policies and the performance agreement between the Board of QR and its Shareholding Ministers, the Deputy Premier, Treasurer and Minister for Infrastructure and the Minister for Transport and Main Roads. It is consistent with QR’s five year Corporate Plan.

» QR’s Capital Structure, Dividend Policy and Financial Risk
» Transport Services Contracts funding
» Employment and Industrial Relations Plan
» Performance Monitoring

QR’s Capital Structure, Dividend Policy and Financial Risk

The SCI includes details of policies for capital structure, dividend payout and the management of financial risk.

Transport Services Contracts funding

QR is contracted by the Queensland Government to provide the following service outputs:

Citytrain
parts of Traveltrain
some freight services
some network infrastructure (for agreed rail infrastructure network standards and capacity).

The SCI outlines the funding of the above services, which provides for Government’s Transport Services Contracts. Additionally, the SCI outlines the principles for developing:

clear and transparent contracts (Transport Services Contracts) for providing these services
separation of this funding from any subsidies associated with shareholder interest in objectives other than transport outcomes.

Employment and Industrial Relations Plan

This plan guides QR in developing and maintaining conditions of employment for employees, including labour market-based remuneration. The Employment and Industrial Relations Plan contains information relating to:

staff profile (by employment type)
workforce management and industrial relations strategies
training and development
staff performance management
employment policies and strategies
remuneration arrangements
superannuation details
equity and anti-discrimination strategies
obligations under employment legislation.

Performance Monitoring

The SCI contains a framework for performance monitoring that ensures the QR Board is accountable to its Shareholding Ministers for QR’s performance. The SCI requires the following reports to be provided to the Minister for Transport and Main Roads and the Deputy Premier, Treasurer and Minister for Infrastructure:

Quarterly reports:
Throughout the year QR provided quarterly information on the performance indicators outlined in Section 9 of the 2005/06 SCI to Shareholding Ministers. Quarterly profit and loss information was reported on a responsibility basis. Divergences from forecast results were reported on an exception basis.

Annual Report to Shareholding Ministers:
Throughout the year QR provided annual information on the performance indicators outlined in Section 9 of the 2005/06 SCI to the Shareholding Ministers.

Performance Forecasts:
The SCI requires QR to report on a number of financial and non-financial performance indicators to present a balanced perspective on QR’s overall performance. These financial and non-financial performance indicators are also reported in the Quarterly Report to Shareholding Ministers.

Examples of financial indicators include: