Participation Agreement

 

 

 

(Section 30A South-East Queensland Water (Distribution and Retail Restructuring) Act 2009)

Summary of Unitywater's Participation Agreement 

A Participation Agreement for Unitywater was made on 25 June 2010.

The parties to the Agreement are Unitywater (by its statutory name), the Sunshine Coast Regional Council, the Moreton Bay Regional Council and the Noosa Shire Council (together referred to as “the Participants”).

Internal Management

The Participants have established a Board, consisting of five Members, who are responsible for ensuring the proper and efficient management of Unitywater.

Right to Participate in Profits

The Participants, as the holders of participation rights, have the right to participate in any profit distribution in proportion to the percentage of total participation rights held by them.

Approval of Profit Distribution (for section 43)

The Board may approve the payment of a Participation Return and fix the amount of the payment, which may only be paid out of the net profit of Unitywater.

Corporate Planning

The Participants have established a three-tiered framework of corporate planning required to be undertaken for Unitywater. The three tiers are:

  1. Statement of Obligations:  This plan is set by the Participants and reviewed every five years;
  2. Strategic Plan:  This plan is prepared by Unitywater in accordance with the Statement of Obligations and includes the strategic objectives of the business;
  3. Water Netserv Plan: This plan is prepared by Unitywater in accordance with the Restructuring Act.

Reporting to Participants

Unitywater provides to the Participants a half yearly and an annual report, together with a copy of the audited accounts of Unitywater for each financial year.

Proportionate Distribution of Tax Equivalents

Tax equivalents are apportioned to the participants in proportion to their participation rights.

 

Download: Unitywater Participation Agreement (PDF)

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