Government businesses in NSW
The NSW Government owns and manages a range of businesses that provide essential services and help grow the state’s economy. These include State Owned Corporations (SOCs) and Public Financial Corporations (PFCs), which operate in areas like:
- energy
- forestry
- ports
- water
- insurance
- investment management.
We monitor how these businesses perform on behalf of the responsible Ministers. This helps make sure they meet their goals, manage risks and deliver value for the people of NSW.
State Owned Corporations (SOCs)
The NSW Government owns several commercial businesses. These are called State Owned Corporations (SOCs).
The Government set up these businesses on behalf of the people of NSW because they deliver essential services and support the state’s economy and infrastructure.
There are 8 SOCs in NSW. Each one was created under the State Owned Corporations Act 1989 and must follow the rules in this Act. Each SOC also has its own enabling law.
| Entity | Shareholder minister | Enabling legislation | Portfolio minister |
|---|---|---|---|
| Essential Energy | Treasurer and Minister for Finance | Energy Services Corporations Act 1995 | Minister for Energy and Minister for Climate Change |
| Forestry Corporation of NSW | Treasurer and Minister for Finance | Forestry Act 2012 | Minister for Agriculture |
| Hunter Water | Treasurer and Minister for Finance | Hunter Water Act 1991 | Minister for Water |
| Landcom | Treasurer and Minister for Finance | Landcom Corporation Act 2001 | Minister for Planning and Public Spaces |
| Port Authority of NSW | Treasurer and Minister for Finance | Ports and Maritime Administration Act 1995 | Minister for Transport |
| Sydney Water | Treasurer and Minister for Finance | Sydney Water Act 1994 | Minister for Water |
| Transport Asset Holding Entity of NSW (TAHE) | Treasurer and Minister for Finance | Transport Administration Act 1988 Part 2 Transport Asset Holding Entity | Minister for Transport |
| Water NSW | Treasurer and Minister for Finance | Water NSW Act 2014 | Minister for Water |
We monitor the performance of State Owned Corporations (SOCs) on behalf of the Treasurer and the Minister for Finance, who act as their Shareholding Ministers.
We are responsible for:
- negotiating each SOC’s annual Statement of Corporate Intent and business plans, and monitoring their performance throughout the year
- assessing major investment proposals
- advising Portfolio and Shareholding Ministers about critical current and emerging issues that may affect the businesses
- managing the process for board appointments.
Shareholding Ministers must table each SOC’s Annual Report and Statement of Corporate Intent in the NSW Parliament. You can find these documents on the Parliament of NSW website.
Public Financial Corporations (PFCs)
Public Financial Corporations (PFCs) deliver financial services such as insurance, lending and investment management.
Two PFCs operate in NSW. The Minister for Work Health and Safety and the NSW Treasurer are the responsible ministers for these corporations.
| Entity | Responsible minister | Enabling legislation |
|---|---|---|
| icare | Minister for Work Health and Safety | State Insurance and Care Governance Act 2015 |
| TCorp | Treasurer | Treasury Corporation Act 1983 |
We monitor and manage the performance of Public Financial Corporations (PFCs) in a similar way to State Owned Corporations (SOCs).
This includes:
- negotiating each PFC’s annual Statement of Business Intent and business plans, and monitoring their performance throughout the year
- advising the responsible Ministers about critical current and emerging issues that may affect the businesses
- managing the process for board appointments.
Responsible Ministers must table each PFC’s Annual Report in the NSW Parliament. You can find these reports on the Parliament of NSW website.