Governance And Fund Structure

Governance and Fund Structure

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Utilities of Australia Pty Ltd (“UoA”)

UoA is the Trustee of Utilities Trust of Australia (“UTA”) and is a special purpose company with shares owned by all investors and Morrison & Co Utilities Management (Australia) Pty Ltd.  The UTA Trustee Board currently comprises nine directors.

UTA Trustee Board responsibilities

The UTA Trustee Board’s responsibilities are to ensure that the UTA Trustee complies with its duties as set out in the UTA Trust Deed, the UTA Trustee constitution and at law. Its key responsibilities include acting in the best interests and protecting the rights of investors. The UTA Trustee Board discharges its responsibilities through independent governance and oversight of new investment decisions and related party transactions.

Operations of the UTA Trustee Board

The UTA Trustee Board meets frequently during the year and is provided with information on a timely basis to participate in an informed discussion of all agenda items. A number of committees have been established to further strengthen the Board’s rigorous governance. Presently, UTA has three committees that each comprise of a subset of the UTA Trustee Board:

  • Audit, Risk and Compliance Committee
  • Environmental, Social and Governance (“ESG”) Committee
  • Investor Relations Committee
Composition of the UTA Trustee Board

The UTA Trustee Board comprises six directors approved by investors (or a class of investors), up to two independent directors approved by the UTA Trustee Board of Directors and the Chair who is an independent director and is also approved by the UTA Trustee Board of Directors. The Directors may change from time to time in accordance with the UTA Trustee’s constitution.