Code of Conduct

Macquarie Generation has implemented a Code of Conduct for all employees and recognises the need for a commitment to good governance by all stakeholders. The Board of Directors has therefore implemented a Code of Conduct for Directors who will uphold the principles contained within this Code.

1. Directors will act honestly, in good faith and in the best interests of Macquarie Generation.
2. Directors have a duty to use due care and diligence in fulfilling the functions of office and exercising the powers attached to that office.
3. Directors will use the powers of office for a proper purpose, in the best interests of Macquarie Generation.
4. Directors will recognise that the primary responsibility of the role is to the Corporation's shareholders but will, where appropriate, have regard for the interests of all stakeholders of the business.
5. Directors will not make improper use of information acquired as a Director of Macquarie Generation.
6. Directors will not take improper advantage of the position of Director of Macquarie Generation.
7. Directors have an obligation to disclose any material changes in interests in a timely manner and will not allow personal interests, or the interests of any associated person, to conflict with the interests of the Corporation.
8. Directors have an obligation to be independent in judgement and actions and to take all reasonable steps to be satisfied as to the soundness of all decisions taken by the Board.
9. Directors will not engage in conduct likely to bring discredit upon the Corporation.
10. All Directors of Macquarie Generation have an obligation, at all times, to comply with the spirit, as well as the letter, of the law and with the principles of this Code.
11. Directors have a responsibility to ensure they maintain sufficient knowledge of issues relevant to the Corporation's operations and to record those activities in the Training Register provided for this purpose.