121 / 132
(a) Ultimate controlling entity
ARTC is the ultimate Australian parent entity
within the Group and the ultimate controlling
entity of the Group is the Commonwealth
Government.
(b) Directors
A Director related entity includes any legal,
administrative or fiduciary arrangement,
organisational structure or other party,
including a person, having the capacity to
deploy equity instruments in order to achieve
objectives. The entity must be under joint
or overall control of significant influence
of a Director or his/her related parties.
Other than those listed below, there were
no other related party transactions with
Directors at year end (2016: $ nil).
ARTC Chairman, Dr Helen Nugent was a
Director of Origin Energy Ltd during the
financial year. ARTC has a commercial
relationship with Origin Energy Ltd as an
access holder in the Hunter Valley. As a
Non-Executive Director, she had no direct
involvement in the negotiation of the Access
Holder Agreement with ARTC (2016: nil).
Additionally, Dr Nugent was the Independent
Chairman of Ausgrid during the financial year.
ARTC has a commercial relationship with
Ausgrid pursuant to a Master Access Deed
for utility services on the ARTC corridor.
As a Non-Executive Director, she had no
involvement in the negotiation of the
Master Access Deed with ARTC.
ARTC Director, Mr Chris Barlow was a
Director of Asciano Ltd during the financial
year, a freight logistics company with which
the Group has a commercial relationship.
As a Non-Executive Director he had no
direct involvement with the Group’s dealings
with Asciano Ltd, of which Pacific National
is a subsidiary company. The Group deals
with Asciano Ltd under normal commercial
terms and conditions. Mr Barlow received
no information nor did he participate in any
discussions relating to Asciano or any of its
competitors (2016: nil). Mr Barlow retired
from Asciano when the company was sold
on 19 August 2016.
There were no loans to Directors at year
end (2016: nil).
On 14 August 2017, Aurizon announced its
intention to exit its Intermodal business
through a combination of closure and sale.
Subject to regulatory approval, Aurizon
has signed a binding agreement with a
consortium of Pacific National and Linfox to
sell its Queensland Intermodal business, and
a separate binding agreement with Pacific
National to sell its Acacia Ridge Intermodal
Terminal. The sale transaction is expected to
be completed by June 2018. The remainder
of Aurizon’s Intermodal business (outside of
Queensland) will be closed by 31 December
2017. The possible implications for ARTC of
the Aurizon decisions are unclear but will be
closely monitored.
No other events have occurred after the
balance sheet date that should be brought
to account or disclosed in the year ended
30 June 2017 financial statements.
119
NOTE 17
RELATED PARTY DISCLOSURES
NOTE 18
SIGNIFICANT EVENTS AFTER THE BALANCE DATE