Creating Value
As part of improving our reporting practices we provide information aligned with principles in the Integrated Reporting (IR) Framework released by the International Integrated Reporting Council. The framework approaches corporate reporting by explaining how we create value over time. The framework is based around forms of capitals. For the purposes of our reporting we have identified these capitals as key resources and relationships that are inputs to our business. The business model reflects the achievement of our Aspiration through Keeping WA Moving, our strategic direction, which in turn drives the delivery of our services to the community resulting in the value we create through our activities.
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Key Resources and Relationships
The International Integrated Reporting Council has introduced the concept of six capitals, indicating that an organisation relies on more than just financial and human resources to deliver value to its customers. As outlined in the Business Model we refer to the capitals we use as ‘key resources and relationships’. The following table shows the alignment between the capitals identified in the Integrated Reporting Framework:
| Resource | Referred to in report | Capitals | What it means for our business |
|---|---|---|---|
| Our people | Our People and Know-how | Human | Strong leadership of a diverse and inclusive values-driven workforce that is operating in a safe environment and has the right skills, capability and training |
| Know-how | Intellectual | A strong culture that recognises and cultivates innovation taking up the challenges ahead | |
| Assets | Achieving Government Goals | Manufactured | A well-maintained road-based transport network that is safe, reliable and sustainable centred on what our customers need and value |
| Network performance | Improving the mobility of people and the efficiency of freight through a well-managed and reliable road network | ||
| Natural resources | Managing the environment | Natural | The environmental resources used in delivering our services |
| Financial capital | Financial Overview and Financial statements | Financial | Sources of funding and appropriations utilised |
| Customers | Improving Customer Experience | Social and relationship | Putting the customer and their experience at the centre of everything that we do |
Essence of our Business Model
Our business model recognises that we operate across diverse geographical locations servicing the State of Western Australia. Through our strategic direction identified as part of Keeping WA Moving our four strategic areas create a focus on delivering value beyond the status quo. This is achieved through our outcome-based framework and using a Program Management approach to deliver six services aligned to the State Government’s Goals. The seventh element in the Business Model recognises activities from within the business that support the delivery of our services. Each of the services and support activities have their own section within this report.
Results
Results listed in the model recognise value created and directly relate to the key resources and relationships. Measures that reflect the value creation process exist for each of our services and business activities. This reporting will be refined further over the coming year as we seek stronger customer input into understanding what is valued.
Future Direction
We will continue to work with our customers and the leadership team to further refine and evolve our thinking around adopting and using the IR Framework. We support adopting the framework as it provides guidance on reporting how we interact with the external environment, our key resources and key relationships to create value over time.