How board appointments work for NSW Government businesses
The Treasurer appoints directors to the boards of State Owned Corporations (SOCs), Public Financial Corporations (PFCs) and retained interest corporations.
We advise the Treasurer on board appointments. The TPG23-06 Board Appointments for State Owned Corporations and Other Commercial Government Businesses (PDF 823.21KB) outlines the framework and guidelines for the appointment process. It provides clear information for stakeholders and board candidates.
The TPG23-22 icare nominee director guidelines (PDF 475.49KB) explain the eligibility criteria and process for nominating and appointing directors to icare boards.
If you have the skills and motivation to support the governance of SOCs and PFCs in NSW, we encourage you to register on the NSW Boards and Committees Register.
Gender diversity targets for NSW major government business boards
In April 2022, the NSW Government introduced gender diversity targets for the boards of State Owned Corporations (SOCs) and Public Financial Corporations (PFCs).
NSW major government businesses play a key role in creating equal employment opportunities for women. Improving gender diversity in boardrooms helps shape better decisions and stronger business direction.
The targets for SOC and PFC boards are:
- At least 40% of board director positions on each SOC and PFC board must be held by women.
- Across all SOC and PFC boards combined, women must hold at least 50% of all board director positions.
Overview of SOC and PFC board composition
This table shows the gender composition of State Owned Corporations (SOCs) and Public Financial Corporations (PFCs) boards as at 30 June 2024.
State Owned Corporations (SOCs) | Number of women | Number of | Number of filled positions | Percentage of women |
| Essential Energy | 2 | 4 | 6 | 33% |
| Forestry Corporation of NSW | 1 | 2 | 3 | 33% |
| Hunter Water Corporation | 4 | 3 | 7 | 57% |
| Landcom | 3 | 2 | 5 | 60% |
| Port Authority of NSW | 2 | 3 | 5 | 40% |
| Sydney Water Corporation | 3 | 4 | 7 | 43% |
| Transport Asset Holding Entity of NSW (TAHE) | 3 | 3 | 6 | 50% |
| Water NSW | 3 | 5 | 8 | 38% |
Public Financial Corporations (PFCs) | Number of women | Number of | Number of filled positions | Percentage of women |
| Insurance and Care NSW (iCare) | 4 | 4 | 8 | 50% |
| NSW Treasury Corporation (TCorp) | 4 | 6 | 10 | 40% |
| SAS Trustee Corporation (STC)# | 4 | 5 | 9 | 44% |
Total combined SOCs and PFCs | 33 | 41 | 74 | 45% |
# The STC board is comprised of 9 board directors, 5 of which are appointed on nomination of the Treasurer as employer representatives (included in the table) and 4 of which are appointed on nomination of Unions NSW.